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SEP
30

Thirteen people charged following SFC and Police joint operation against ramp-and-dump syndicate

SEP
30

Thirteen people charged following SFC and Police joint operation against ramp-and-dump syndicate

SEP
29

SFC welcomes appointment of Executive Directors

SEP
29

SFAT affirms SFC decision to suspend hedge fund manager Christopher James Aarons

SEP
28

Court dismisses challenge to SFC’s power of issuing restriction notices

SEP
27

SFC-HKMA’s joint product survey shows increasing participation of intermediaries and investors

SEP
08

Court sets pre-trial review date for unlicensed activities prosecution

SEP
07

Takeovers Panel rules on the price for the mandatory general offer for Suncity Group Holdings Limited

NOV
14

SFC bans Ma Sin Chi for life

14 Nov 2019

The Securities and Futures Commission (SFC) has banned Mr Ma Sin Chi, a former responsible officer of Deutsche Securities Asia Limited (DSAL), from re-entering the industry for life (Note 1).   

In February 2018, the Court of First Instance convicted Ma of accepting bribes of around $6.4 million from his client as rewards for providing information and assistance to the client and the client’s family in their trading of Deutsche Bank AKTIENGESELLSCHAFT-issued derivative warrants with DSAL being the liquidity provider (Notes 2 & 3).

The SFC considers that Ma was guilty of misconduct and is not a fit and proper person to be licensed to carry on regulated activities.

End

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NOV
11

SFC reprimands and fines UBS HK$400 million for overcharging clients and related internal control failures

11 Nov 2019

The Securities and Futures Commission (SFC) has reprimanded and fined UBS AG (UBS) HK$400 million for overcharging its clients over a ten-year period and for related serious systemic internal control failures (Note 1).

UBS has also undertaken to compensate the affected clients by repaying them the full value of the overcharged amount together with interest. The total repayment amount is approximately HK$200 million and covers overcharges made through post-trade spread increases and charges in excess of standard disclosures or rates between 2008 and 2017. The overcharge practices affected about 5,000 Hong Kong-managed client accounts in about 28,700 transactions (Note 2).

The SFC considers that UBS not only failed to observe the fundamental and overarching duty to act in its clients’ best interests but also abused the trust of unsuspecting clients by failing to disclose conflicts of interest and overcharging them in opaque trades.

Mr Ashley Alder, the SFC’s Chief Executive Officer, said: “The SFC expects all intermediaries to uphold high standards of integrity when managing trades for clients. UBS fell far short of these expectations by systematically overcharging a very large number of clients over many years. Although each overcharge represented a fraction of each trade, UBS’s misconduct involved deception and a pervasive abuse of trust resulting in significant additional revenue for UBS to which it was not entitled.”  

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