Hong Kong SFC Issues 2-Year Ban on RaffAello Capital Principal & Responsible Officer for Failure to Discharge Duties as Sponsor Principal for IPO
12th July 2023 | Hong Kong
The Hong Kong Securities & Futures Commission (SFC) has issued a 2-year ban on RaffAello Capital Principal & Responsible Officer (RO, Tsang Kwong Fai, Prohibition Order from 11/7/23 to 10/7/25) for failure to discharge duties as sponsor principal for IPO (Initial Public Offering). Hong Kong SFC: “Tsang was the sponsor principal in charge of supervision of the execution of a listing application from 2017 to 2018, for which RaffAello was the sole sponsor. The SFC found that Tsang failed to discharge his duties as a sponsor principal, RO and member of the senior management of RaffAello, in that he had failed to 1) exercise due skill, care and diligence in handling the listing application 2) diligently supervise his subordinates in carrying out the sponsor work; and 3) ensure the maintenance of appropriate standards of conduct and adherence to proper systems, controls and procedures by RaffAello to govern sponsor work.” See below for SFC statement:
“ Hong Kong SFC Issues 2-Year Ban on RaffAello Capital Principal & Responsible Officer for Failure to Discharge Duties as Sponsor Principal for IPO “
Hong Kong SFC Issues 2-Year Ban on RaffAello Capital Principal & Responsible Officer for Failure to Discharge Duties as Sponsor Principal for IPO
- SFC bans RaffAello Capital Limited’s former responsible officer for two years over IPO sponsor failures
11th July 2023 – The Securities and Futures Commission (SFC) has prohibited Mr Tsang Kwong Fai, a former responsible officer (RO) and sponsor principal of RaffAello Capital Limited (RaffAello), from re-entering the industry for two years from 11 July 2023 to 10 July 2025 for breaching the SFC’s Code of Conduct (Notes 1 & 2).
Tsang was the sponsor principal in charge of supervision of the execution of a listing application from 2017 to 2018, for which RaffAello was the sole sponsor (Note 3).
The SFC found that Tsang failed to discharge his duties as a sponsor principal, RO and member of the senior management of RaffAello, in that he had failed to:
- exercise due skill, care and diligence in handling the listing application;
- diligently supervise his subordinates in carrying out the sponsor work; and
- ensure the maintenance of appropriate standards of conduct and adherence to proper systems, controls and procedures by RaffAello to govern sponsor work.
In deciding on the sanction, the SFC took into account all relevant circumstances, including the gravity of Tsang’s failures as a sponsor principal and his otherwise clean disciplinary record.
Notes:
- Tsang was approved by the SFC to act as an RO and sponsor principal of RaffAello in respect of its Type 6 (advising on corporate finance) regulated activity from 5 July 2012 to 1 August 2018.
- Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission.
- The SFC’s disciplinary action against Tsang is related to its ongoing disciplinary action against RaffAello for the listing application in question. The SFC will not disclose the details of its disciplinary action against Tsang until the conclusion of its actions against RaffAello.
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