Sara Troughton

Oct 16, 2023 | mondaq.com | Alan Linning |Wei Na Sim |Sara Troughton

Following the Hong Kong Securities and Futures Commission's (SFC) HK$20 million fine on Changjiang Corporate Finance (HK) Limited (CJCF) for sponsor failures (see our previous alert "Sponsors Beware" dated 24 August 2023), the Commission has now prohibited CJCF's former responsible officer (RO) from re-entering the industry for seven years, for failing to discharge his supervisory duties as sponsor principal in charge of five listing applications.

Oct 6, 2023 | lexology.com | Alan Linning |Sara Troughton

The Securities and Futures Appeals Tribunal (SFAT) has affirmed the decision of the Securities and Futures Commission (SFC) to sanction a former managing director (MD) of a financial institution who put himself in a position of conflict in respect of two transactions for which the financial institution was mandated. The MD has been banned from re-entering the industry for two years for breaching the Code of Conduct for Persons Licensed by or Registered with the SFC (Code).

Sep 12, 2023 | lexology.com | Alan Linning |Wei Na Sim |Sara Troughton

The Securities and Futures Commission (SFC) has revoked the asset management licence of Axial Capital Management Limited (Axial) for repeated failures to comply with the Securities and Futures (Financial Resources) Rules (FRR), the Securities and Futures Ordinance (SFO) and the Code of Conduct for Persons Licensed by or Registered with the SFC (the “Code”). The SFC has also suspended the licence of Axial’s responsible officer and manager-in-charge for five years.

Jul 20, 2023 | mondaq.com | Alan Linning |Wei Na Sim |Sara Troughton

The Securities and Futures Commission (SFC) in Hong Kong has reprimanded and fined Changjiang Asset Management (HK) Limited (Chiangjiang) HK$3.4 million for internal control failures relating to segregation of client money and provision of account statements to clients. Please see the SFC's statement here.

Jun 14, 2023 | lexology.com | Sara Troughton

Hong Kong’s Court of Final Appeal (CFA) recently handed down its judgment in the case of Guy Kwok-Hung Lam v Tor Asia Credit Master Fund LP [2023] HKCFA 9, upholding the Court of Appeal's earlier decision that a creditor's bankruptcy petition presented in Hong Kong should not be allowed to proceed where the petitioned debt is disputed and arises from an agreement with an exclusive jurisdiction clause (EJC) in favour of a foreign court.