Tuesday, October 21, 2014   

SFC slams former investment advisor
(08-19 15:32)

The Securities and Futures Commission (SFC) has issued a reprimand to Conita Hung Lai-ping, a former responsible officer of Delta Asia Securities Limited, and fined her HK$150,000 for managerial and supervisory failures.
During the period from January 2010 to February 2013, Delta Asia used shares belonging to clients and held in segregated client accounts at the Central Clearing and Settlement System to settle transactions for its other clients who did not have sufficient shares in their accounts to discharge their respective settlement obligations on the settlement date, the securities watchdog said.
The SFC also found that Delta Asia failed to implement proper controls to safeguard client securities and to supervise the staff of Delta Asia in discharging its settlement function, thus allowing the unauthorized transfers of client securities from Delta Asia¡¦s CCASS segregated client accounts to its CCASS clearing account to have gone unchecked for more than three years, the SFC added.
"The SFC is of the view that Delta Asia¡¦s settlement malpractice and failures were attributable to negligence on the part of Hung,'' the regulator said in a statement.
Hung was responsible for overseeing the compliance function and all front and back office operations of Delta Asia, including its settlement functions.   
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