Hong Kong’s financial regulator, the Securities and Futures Commission (SFC), has again updated its Alert List featuring the names of businesses that are unlicensed in Hong Kong and which are believed to have targeted Hong Kong investors or made claims to be associated with Hong Kong.
Fox Capital Partners is the latest brokerage to be added to the SFC’s ever-growing list and follows a further warning on HCF Financial Service which was recently added as an unlicensed entity, as reported by Finance Magnates last month.
How to Prepare for CySEC’s New Tiered LeverageGo to article >>
The firm, which offers a range of services including individual securities, packaged products, insurance and other fee-based alternatives, operates using the website www.foxcapitalpartners.com and claims to be located at CITIC Securities Tower, No.3 Zhong Xin San Road, Shenzhen, China. Its administrative office meanwhile is listed as 11/F, One Kowloon, 1 Wang Yuen Street, Kowloon Bay, Hong Kong.
According to the regulator, although the brokerage gives the above Hong Kong address, is not located there. The firm uses Hong Kong bank accounts in the names of Langley International, Somerset Asia Limited and Yellow Sand International for settlement. The SFC has warned in its statement that unlicensed entities often use names similar to legitimate companies to confuse investors.
Hong Kong’s financial watchdog helps inform investors by drawing attention to illicit operations and unregulated entities that market participants should abstain from doing business with. Its latest warning about Fox Capital Markets is part of its attempts to clamp down on these kinds of businesses soliciting their services.