Hong Kong SFC Withdraws Restriction Notice Banning Bright Smart Securities from Dealing with Proceeds or Assets of Barry Kwok Sze Lok Who is Suspected of Insider Trading in Shares of I.T Limited, SFC Has Obtained Separate Court Orders to Prevent Dissipation of Assets by Barry Kwok Sze Lok & Associate Tsang Ching Yi
20th November 2024 | Hong Kong
The Hong Kong Securities and Futures Commission (SFC) has withdrawn the restriction notice banning Bright Smart Securities from dealing with proceeds or assets of Barry Kwok Sze Lok who is suspected of insider trading in shares of I.T Limited, as SFC has obtained separate court orders to prevent dissipation of assets by Barry Kwok Sze Lok & Associate Tsang Ching Yi. Hong Kong SFC (19/11/24): “The Securities and Futures Commission (SFC) has withdrawn the Restriction Notice prohibiting Bright Smart Securities International (H.K.) Limited (Bright Smart) from disposing of or dealing with proceeds or assets in the account of Mr Barry Kwok Sze Lok in connection with suspected insider dealing in the shares of I.T Limited (I.T) (Notes 1 and 2). The withdrawal of the Restriction Notice imposed on Bright Smart in August 2022 came after the SFC obtained court orders to prevent dissipation of assets in relation to an investigation into suspected insider dealing in I.T. shares by Kwok and his associate Ms Tsang Ching Yi. On 2 May 2023, the SFC obtained an interim injunction order from the Court of First Instance against Kwok and Tsang, prohibiting them from disposing of or dealing with their assets which are within Hong Kong, including all monies and securities in their securities accounts in Hong Kong, up to the value of $8,246,496 (Note 3). Since the assets in Kwok’s account held with Bright Smart are subject to the interim injunction, it is not necessary for the Restriction Notice to remain in force. As such, the SFC considers it appropriate to withdraw the Restriction Notice imposed on Bright Smart. Bright Smart is not a subject of the SFC’s investigation and the Restriction Notice did not affect its operations or its other clients.” In 2022 August, the Hong Kong Securities & Futures Commission (SFC) issued a restriction notice to Bright Smart Securities to freeze 1 client account for suspected insider trading, prohibiting disposing or dealing with certain assets. Hong Kong SFC: “Bright Smart has fully cooperated with the SFC and is not the subject of the SFC’s investigation into suspected insider dealing. The restriction notice does not affect Bright Smart’s operations or its other clients. The SFC considers that the issue of the restriction notice, which prevents dissipation of proceeds of suspected insider dealing held in the account, is desirable in the interest of the investing public or in the public interest. The SFC’s investigation is continuing.”
“ Hong Kong SFC Withdraws Restriction Notice Banning Bright Smart Securities from Dealing with Proceeds or Assets of Barry Kwok Sze Lok Who is Suspected of Insider Trading in Shares of I.T Limited, SFC Has Obtained Separate Court Orders to Prevent Dissipation of Assets by Barry Kwok Sze Lok & Associate Tsang Ching Yi “
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Notes:
- The Restriction Notice was issued under sections 204 and 205 of the Securities and Futures Ordinance (SFO). For more details, please see the SFC’s press release dated 17 August 2022.
- Bright Smart is a corporation licensed under the SFO to carry on Type 1 (dealing in securities), Type 4 (advising on securities) and Type 7 (providing automated trading services) regulated activities.
- For more details, please see the SFC’s press release dated 2 May 2023.
Hong Kong SFC Issues Restriction Notice to Bright Smart Securities to Freeze 1 Client Account for Suspected Insider Trading
18th August 2022 – The Hong Kong Securities & Futures Commission (SFC) has issued a restriction notice to Bright Smart Securities to freeze 1 client account for suspected insider trading, prohibiting disposing or dealing with certain assets. Hong Kong SFC: “Bright Smart has fully cooperated with the SFC and is not the subject of the SFC’s investigation into suspected insider dealing. The restriction notice does not affect Bright Smart’s operations or its other clients. The SFC considers that the issue of the restriction notice, which prevents dissipation of proceeds of suspected insider dealing held in the account, is desirable in the interest of the investing public or in the public interest. The SFC’s investigation is continuing.”
HK SFC Restriction Notice to Bright Smart Securities
The restriction notice prohibits Bright Smart, without the SFC’s prior written consent, from disposing of or dealing with, or assisting, counselling or procuring another person to dispose of or deal with, any assets in any way in the account up to a certain amount, including: (i) entering into transactions in respect of any securities; (ii) processing any withdrawals or transfers of securities and/or cash on the instructions of any authorized person of the account or any person acting on their behalf; (iii) disposing of or dealing with any securities and/or cash on the instructions of any authorized person of the account or any person acting on their behalf; and (iv) assisting another person to dispose of or deal with such assets in the account in a manner as specified above. Bright Smart is also required to notify the SFC upon receipt of any instructions regarding the prohibitions specified above
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