HK Court Convicts 2 Dealers and 1 Asset Manager for Unlicensed Services
- The Hong Kong market is vigilantly supervised by its financial regulator.
Hong Kong’s financial watchdog, the Securities and Futures Commission (SFC), has announced the conviction of two dealers and one investment manager in the Eastern Magistrates’ Court, for providing their services without licenses.
Detailing the cases, the SFC said that two former dealers of Vermont Securities Company Limited (Vermont) directly handled trading order instructions from clients and confirmed their Execution Execution Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Read this Term though they were not licensed to do so.
One dealer handled trades without license between May 2011 and April 2012 but subsequently gained a license as a representative of Vermont from 21 May 2012. The dealer now holds a license to conduct business in securities dealing. The other dealer never held a license with SFC for any kind of regulated activity.
They were fined $1500 and $1000 respectively and also ordered to pay the costs of the SFC’s investigation.
The other case pertained to an unlicensed investment manager recruiting a client through an investment seminar and providing the client with asset management services. The SFC said that his actions required him to be competent with asset management and hold a license.
The investment manager pleaded guilty to the charges and was fined $10,000 and also ordered to pay the costs for SFC’s investigation.
The SFC has advised clients and the general public to always check its website to find a comprehensive list of licensed and authorised persons.
Hong Kong’s financial watchdog, the Securities and Futures Commission (SFC), has announced the conviction of two dealers and one investment manager in the Eastern Magistrates’ Court, for providing their services without licenses.
Detailing the cases, the SFC said that two former dealers of Vermont Securities Company Limited (Vermont) directly handled trading order instructions from clients and confirmed their Execution Execution Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Read this Term though they were not licensed to do so.
One dealer handled trades without license between May 2011 and April 2012 but subsequently gained a license as a representative of Vermont from 21 May 2012. The dealer now holds a license to conduct business in securities dealing. The other dealer never held a license with SFC for any kind of regulated activity.
They were fined $1500 and $1000 respectively and also ordered to pay the costs of the SFC’s investigation.
The other case pertained to an unlicensed investment manager recruiting a client through an investment seminar and providing the client with asset management services. The SFC said that his actions required him to be competent with asset management and hold a license.
The investment manager pleaded guilty to the charges and was fined $10,000 and also ordered to pay the costs for SFC’s investigation.
The SFC has advised clients and the general public to always check its website to find a comprehensive list of licensed and authorised persons.