Hong Kong SFC Obtains Court Order to Appoint Briscoe Wong Advisory as Joint & Several Administrators of Hong Kong Brokerage Global Group Securities Now Known as Vantage New Generation Securities
7th September 2023 | Hong Kong
The Hong Kong Securities & Futures Commission (SFC) has obtained a Hong Kong court order to appoint Briscoe Wong Advisory as joint & several administrators of Hong Kong brokerage Global Group Securities (now known as Vantage New Generation Securities). Hong Kong SFC: “The Securities and Futures Commission (SFC) has obtained an order from the Court of First Instance (CFI) to appoint Ms Chan Pui Sze and Ms Mak Hau Yin of Briscoe Wong Advisory Limited as joint and several administrators of Vantage New Generation Securities Limited (VNGSL, formerly known as Global Group Securities Limited). Under the court order made on 5 September 2023, Chan and Mak have powers to, amongst other things, administer the property of VNGSL and property held by or to the order of VNGSL on behalf of its clients or third parties, as well as manage the affairs of VNGSL as they consider appropriate. The SFC considers that it is in the public interest for administrators to be appointed to (i) facilitate an orderly and expeditious return of client properties, (ii) deal with enquiries from VNGSL’s clients in relation to the disposition of their assets and (iii) carry out all investigations into the property, business and/or affairs of VNGSL as the administrators shall think fit. Prior to seeking the order from the CFI, the SFC issued a restriction notice against VNGSL to preserve client assets held by the broker.” Earlier in June 2023, The Hong Kong Securities & Futures Commission (SFC) issued a restriction notice to brokerage firm Global Securities Group for client assets, prohibiting the brokerage firm from trading & transferring the assets until further notice. See below for more info:
“ Hong Kong SFC Obtains Court Order to Appoint Briscoe Wong Advisory as Joint & Several Administrators of Hong Kong Brokerage Global Group Securities Now Known as Vantage New Generation Securities “
VNGSL is licensed under the Securities and Futures Ordinance (SFO) to carry on Type 1 regulated activity (dealing in securities) since 3 August 2012 and Type 4 regulated activity (advising in securities) since 12 August 2014, subject to the condition that for Type 4 regulated activity, the licensee shall only provide services to professional investors.
The SFC’s application was made pursuant to section 213 of the SFO. Section 213 of the SFO permits the SFC to apply to the Court for appointing a person to administer the property of another person, who has contravened any of the relevant provisions under the SFO and/or its subsidiary legislation.
Hong Kong SFC Issues Restriction Notice to Brokerage Firm Global Securities Group for Client Assets, Prohibited from Trading & Transferring Until Further Notice
7th June 2023 – The Hong Kong Securities & Futures Commission (SFC) has issued a restriction notice to brokerage firm Global Securities Group for client assets, prohibiting the brokerage firm from trading & transferring the assets until further notice. Hong Kong SFC: “The Securities and Futures Commission (SFC) has issued a restriction notice to Global Group Securities Limited (GGSL) to preserve client assets held by the broker. GGSL is prohibited, without prior written consent from the SFC, from (i) carrying on any business, whether directly or through agents, which constitutes regulated activities for which it is licensed under the SFO; and (ii) disposing of, dealing with, assisting, counselling or procuring another person to dispose of or deal with any property held by it or held on behalf of its clients until further notice. The SFC considers that the issue of the restriction notice is desirable in the interest of the investing public or in the public interest. The SFC’s investigation is ongoing.”
The restriction notice is issued pursuant to sections 204 and 205 of the Securities and Futures Ordinance (SFO). GGSL is a corporation licensed under the SFO to carry on Type 1 (dealing in securities) and Type 4 (advising on securities) regulated activities. GGSL’s licence to carry on Type 4 regulated activity (advising on securities) is subject to the condition that GGSL shall only provide services to professional investors as defined in the SFO and its subsidiary legislation.
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