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Compliance Corner: Hong Kong, SFC

Editorial Staff, 22 February 2021


The latest compliance news: regulatory developments, punishments, guidance, permissions and new product and service offerings.

Hong Kong SFC
Hong Kong’s Securities and Futures Commission is banning 13 brokers from dealing with or processing certain assets held in 54 trading accounts whch it says are suspected of being linked to a social media “ramp-and-dump scam.”

The case concerns alleged manipulation of shares of the Hong Kong Stock Exchange between September 2020 and November 2020.

The 13 brokerages are: Celestial Securities, Central China International Securities Co, China Industrial Securities International Brokerage, China Tonghai Securities, Core Pacific – Yamaichi International (HK) Limited, KGI Asia, Kingkey Securities Group, Luk Fook Securities (HK), Monmonkey Group Securities, Shanxi Securities International, Zeus Securities, Zhongtai International Securities and Zinvest Global.

“The SFC considers that the issuance of the restriction notices is desirable in the interest of the investing public or in the public interest,” the regulator said, adding that it continues to probe into the matter.

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