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Applicant Fined $1500 for Providing False Information in License Application to HK SFC

An applicant who had provided false information to Hong Kong Securities and Futures Commission (SFC), have been fined $1,500 (HKD 12,000) and to pay SFC’s investigation costs by the Eastern Magistrates’ Court in Hong Kong.  He had failed to disclose his previous criminal conviction in his SFC licence applications in 2009 and 2015 respectively.

” Applicant Fined $1500 for Providing False Information in License Application to HK SFC “

The applicant, Mr Lui Ho Yeung, pleaded guilty to two counts of making false or misleading representations in support of his licence applications to the Securities and Futures Commission (SFC).

The SFC expects applicants to make complete, true and correct disclosure of all information submitted with any licence application.  Failure to do so may affect their fitness and properness to be licensed.


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Under section 383 of the Securities and Futures Ordinance, a person commits an offence if he in a licensing application makes a representation that is false or misleading in a material particular and he knows that or is reckless about that.

Applicants are required to disclose prior criminal convictions including those to which the Rehabilitation of Offenders Ordinance applies.

 

Source: SFC

 

About Securities and Futures Commission (SFC) 

The Securities and Futures Commission (SFC) is an independent statutory body set up in 1989 to regulate Hong Kong’s securities and futures markets.

We derive our investigative, remedial and disciplinary powers from the Securities and Futures Ordinance (SFO) and subsidiary legislation. Operationally independent of the Government of the Hong Kong Special Administrative Region, we are funded mainly by transaction levies and licensing fees.




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