Hong Kong SFC Bans Former Standard Chartered Relationship Manager and UOB Dealer for Life following Conviction of Bribery
29th October 2021 | Hong Kong
The Hong Kong Securities and Futures Commission (SFC) has banned Mr Lau Tin Yau, a former relationship manager of Standard Chartered Bank and former execution dealer of UOB Kay Hian & UOB Kay Hian Futures from re-entering the industry for life. In May 2018, the Hong Kong Fanling Magistrates’ Court had found Lau Tin Yau, who was responsible for soliciting new customers and promoting investment products for Standard Chartered Bank in Hong Kong, guilty of offering a total of HKD 1,000 to a colleague as reward for opening two customer accounts. In September 2020, the Hong Kong Eastern Magistrates’ Court found Lau guilty of providing false and misleading information to the SFC and failing to make timely report to the SFC of reportable events.
“ Hong Kong SFC Bans Former Standard Chartered Relationship Manager and UOB Dealer for Life following Conviction of Bribery “
Disciplinary Action follows Conviction under Hong Kong Prevention of Bribery Ordinance (POBO):
The disciplinary action follows Lau’s convictions under the Prevention of Bribery Ordinance (POBO) in May 2018 and the SFO in September 2020. The SFC considers that Lau is not a fit and proper person to be licensed or registered to carry on regulated activities as a result of his criminal convictions. The case was referred to the Hong SFC by the Hong Kong Monetary Authority.
Lau was a relevant individual engaged by Standard Chartered Bank in Hong Kong to carry on Type 1 (dealing in securities) and Type 4 (advising on securities) regulated activities under the Securities and Futures Ordinance (SFO) from 1 March 2010 to 27 March 2017, and from 27 July 2011 to 27 March 2017 respectively; and a licensed representative accredited to UOB and UOB Futures to carry on Type 1 (dealing in securities) and Type 2 (dealing in futures contracts) regulated activities under the SFO from 17 August 2017 to 23 January 2019, and from 24 August 2017 to 23 January 2019 respectively.
Lau was convicted by the court of one count of offering an advantage to an agent, contrary to sections 9(2)(a) and 12(1) of the POBO on 8 May 2018. He was ordered by the court to serve 200 hours of community service on 21 May 2018.
Lau pleaded guilty to all the charges against him and was convicted by the court on September 3 2020, and was fined HKD 36,000 and ordered to pay the SFC’s investigation costs. The SFC told the Court that Lau failed to disclose in two licence applications to the SFC in August 2017 that he was a subject of investigations by other regulatory or criminal investigation bodies.
- Hong Kong SFC to Promote Trading of China Renminbi Securities, SPAC and Green & Sustainable Finance Hub
- Hong Kong SFC Suspends Former Emperor Securities Licensed Representative for 2 Years for Misconduct
- Hong Kong SFC Warns Public On Unauthorised Collective Investment Schemes, Publishes Alert List
- Hong Kong SFC to Require Fund Managers to Include Climate into Investment & Risk Management Process, Starts from August 2022
- Hong Kong SFC 2021 Q2 Report: Actions on Market Misconduct, $640,000 Fines, 47527 Licensees, ESG Guidelines for Asset Managers
- Hong Kong SFC and Police Searched Listed Company Office & Residences for $57.9 Million Corporate Fraud, Arrests 2 for Money-Laundering
- Hong Kong SFC Fines UBS $1.49 Million for Failure to Disclose Conflict of Interests, Risks and to Qualify Clients