Hong Kong’s Securities and Futures Commission (SFC) today updated its Alert List, adding another brokerage after it was found to be offering financial services to the public without being authorised to do so, according to a SFC statement.
Century Holdings Ltd Limited, which operates through www.centuryholdingsltd.com, is the latest company to come under scrutiny by the watchdog for promoting its investment services without a licence. The company claims to be registered with the department of economic development of Hong Kong and lists its principal place of business at suite 4001, 8 Connought place, Hong Kong.
However, the SFC said that the unregulated firm is not located in the region although it may be using the details of a legitimate company to confuse investors. The regulator also said it is apparently associated with Empire Asset Investments Ltd, another unlicensed entity on the Alert List.
Why Your Enterprise’s Finances Rely on Employee TrainingGo to article >>
According to Century Holdings’s website, the company claims to operate as a global alternative asset manager with $87 billion of assets under management and approximately 800 employees. It also states that the firm is licensed by the central bank of the United Arab Emirates to act as a financial intermediary in the conduct of financial and monetary brokerage business.
Hong Kong’s financial regulator helps keep investors informed by drawing attention to suspicious operations and unregulated entities that market participants should abstain from doing business with.
The Alert List contains entities which have come to the attention of the SFC because they are unlicensed in Hong Kong and are believed to be, or to have been, targeting Hong Kong investors and/or claim to have an association with Hong Kong.