The Hong Kong Securities and Futures Commission has fined ICEA Capital and ICEA Securities HKD38mn (USD4.9mn) over compliance lapses, it has announced. The firms will also engage an independent audit firm to review their internal control and compliance systems.
The commission will decide the review timing within three years of the agreement, and the firms' licences may be revoked if they are found to have committed material breaches or failures during the period.
The Commission's Executive Director of Enforcement, Mark Steward commented that the outcome was positive and forward-looking for the market and the investing public as a whole.
From 2002 to 2004, the conduct of the two firms' former senior staff members had created an impression that the firms were providing improper support to a certain listed stock. They also failed to clearly separate their proprietary trading activities from corporate finance activities.
One branch office failed to pay rebates owed to clients at the appropriate time, and there were instances of unregistered dealing activities, and unauthorised trading activities and transfers of client money.
The two firms have implemented internal controls and compliance measures to ensure that similar compliance lapses will not reoccur in the future, the SFC concluded.
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