Hong Kong's financial regulator, the Securities and Futures Commission, had some "major achievements" during the quarter to end June, especially on the enforcement front, the SFC announced this week.
During April to June, the SFC took action against 38 entities for various breaches – a record in a quarter, including a disciplinary action against UKFP (Asia) HK Limited (formerly called Towry Law (Asia) HK Limited) for mis-selling of funds. UKFP offered substantial payments to settle claims by eligible investors.
The SFC also took action with the Stock Exchange of Hong Kong against Deloitte & Touche Corporate Finance Limited and its responsible officer over sponsor failures in the second action of this type this year.
In addition, the SFC reprimanded and fined Wing Lung Futures Limited for unlicensed activities in a joint action with Hong Kong Monetary Authority.
During the quarter, the SFC also amended certain rules that aim to address risk from securities margin financing which will come into effect on 1 October. The SFC also introduced the Guidelines for Sponsors and Compliance Advisers to outline the specific eligibility criteria and ongoing requirements for sponsors and compliance advisers.
Meanwhile, on the international front, the SFC hosted the 31st Annual Conference of the IOSCO in June with "huge success" and a record attendance in IOSCO events in recent years. The SFC also signed a Memorandum of Understanding with the Israel Securities Authority to facilitate regulatory co-operation on enforcement and exchange of information.
Looking ahead, the SFC’s Chief Executive Officer, Martin Wheatley, observed that:
“Improving industry standards, regulation of complex products sold to the public and broker failures are some of the key challenges facing the SFC in the next three years."
He added that:
"We will continue to enforce our regulation vigorously and work closely with other regulatory organisations to respond to these challenges.”
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