Publications & Events |
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Latest Publications & Events |
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Results 1-5 of 6 (118KB) for +enforcement with 7 total matches
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SFC Enforcement: Do's and Don'ts for Firms Receiving Investigation Notices |
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The SFC has taken an increasingly robust approach to enforcement with firms themselves being routinely penalized. Firms often mistakenly assume that they have done nothing wrong and as a result, do not engage legal counsel at an early stage. Proper preparation with legal counsel at an early stage is, in fact, a highly effective means of limiting the risk of disciplinary action. In this article, we set out some do's and don'ts for firms who receive an investigation notice.
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SFC Guidance on Requirements for Licensing under the Law: Reliable or Not |
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Market participants seek guidance from the SFC with a view to ensuring compliance with applicable laws. Recently, the SFC has begun to take a more active role in providing such guidance, in many cases discouraging licensed persons from holding a license or indeed, indicating that the SFC will not grant a license based on its own interpretation of the law. As the courts alone can conclusively interpret laws, the SFC's approach is unsatisfactory, placing market participants at risk for breach of applicable laws. In this article, we discuss how market participants should proceed in the face of this dilemma.
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New Proposals to Regulate Mis-Selling of Investment Funds & Structured Products in Hong Kong: Right or Wrong? |
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The recent global financial crisis has resulted in an upswing in regulatory action throughout world markets. In Hong Kong, the Securities and Futures Commission (SFC) has proposed a slew of new requirements, some of which have already been implemented retroactively and without industry consultation. In this article we examine these ongoing developments in SFC policy and their effectiveness in reaching a fair balance between investor protection and costs to the investor and the financial industry.
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Challenging the SFC: What Every Compliance Officer Needs to Know |
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Licensed and registered persons generally prefer to work with the SFC rather than against the SFC. Nevertheless, circumstances may arise where the SFC adopts a hostile posture or takes a position that is commercially undesirable. While it is the rare licensed or registered person who is unafraid to challenge the SFC, the past 4 years have demonstrated that where the SFC acts unreasonably, in bad faith or otherwise improperly, a remedy may be available through the SFAT. In this article, we review strategies for challenging the SFC through the SFAT.
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SFAT Casts Doubt on Legality of Introduction Arrangements between Hong Kong Brokers and their Offshore Affiliates |
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A recent determination by the Securities and Futures Appeal Tribunal suggests that the introduction of trades from introducing brokers in Hong Kong to executing brokers based in London, New York or other financial centers may constitute active marketing by these offshore executing brokers, thereby subjecting these offshore executing brokers to licensing requirements. Prior to this determination, the industry generally believed that licensing requirements would not apply. In this article, we review the determination and explore its potential consequences on the industry in Hong Kong.
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