Hong Kong Court Fined SFC Licence Applicant $1,000 for Making False & Misleading Representations in Application Process, Failing to Disclose SFC Ban in 2016

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Hong Kong Court Fined SFC Licence Applicant $1,000 for Making False & Misleading Representations in Application Process, Failing to Disclose SFC Ban in 2016

26th May 2023 | Hong Kong

A Hong Kong court has fined Hong Kong Securities & Futures Commission (SFC) licence applicant (Sze Chun Wai) $1,000 (HKD 8,000) for making false & misleading representations in the SFC licence application process, failing to disclose a SFC ban in 2016.  Hong Kong SFC: “The Eastern Magistrates’ Courts today convicted Mr Sze Chun Wai after he pleaded guilty to making false and misleading representations in support of his licence application to the Securities and Futures Commission (SFC) in January 2021.  In particular, Sze failed to disclose that he was prohibited by a regulatory body from employment in an industry following a disciplinary action in April 2016.  He was ordered to pay a fine of $8,000 and the SFC’s investigation costs.  The SFC expects applicants to disclose complete, true and accurate information in licence applications.  Failure to do so not only calls into question their fitness and properness to be licensed but may also be an offence.”

“ Hong Kong Court Fined SFC Licence Applicant $1,000 for Making False & Misleading Representations in Application Process, Failing to Disclose SFC Ban in 2016 “

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Notes:

1. Sze was licensed under the Securities and Futures Ordinance (SFO) to carry on regulated activities on behalf of licensed corporations during various periods between August 2004 and September 2013.  He is currently not licensed by the SFC.
2. Under section 383 of the SFO, 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 as to whether, such a representation is false or misleading in a material particular.

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