Saturday, December 20, 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.   
Other Hong Kong breaking news:
(SHKP trial) Thomas Kwok steps down as chairman (12-19 19:24)
(SHKP trial) Two middlemen detained after convicted (12-19 18:50)
(SHKP trial) Verdicts for high profile bribery case of Rafael Hui, Kwok borthers (12-19 18:35)
(SHKP trial) Rafael Hui: from top official to convicted (12-19 18:16)
(SHKP trial) Billionaire brothers at heart of trial (12-19 18:11)
(SHKP trial) ICAC remains unbiased in investigations (12-19 17:13)
(SHKP trial) Jurors exempted from jury duty in five years (12-19 17:00)
(SHKP trial) Raymond Kwok thankful his name cleared (12-19 16:42)
(SHKP trial) Alan Leong calls for improvement in vetting and disclaration system (12-19 16:35)
(SHKP trial) 'Black eye' for Hong Kong: analyst (12-19 16:32)

More breaking news >>

© 2014 The Standard, The Standard Newspapers Publishing Ltd.
Contact Us | About Us | Newsfeeds | Subscriptions | Print Ad. | Online Ad. | Street Pts

 


Home | Top News | Local | Business | China | ViewPoint | CityTalk | World | Sports | People | Central Station | Spree | Features

The Standard

Trademark and Copyright Notice: Copyright 2014, The Standard Newspaper Publishing Ltd., and its related entities. All rights reserved.  Use in whole or part of this site's content is prohibited.   Use of this Web site assumes acceptance of the
Terms of Use, Privacy Policy Statement and Copyright Policy.  Please also read our Ethics Statement.