The Court penalized AMTD Global Markets Limited for contempt of court due to non-compliance with SFC notices, ordering them to produce records and pay a fine.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
SFO, s. 300: Fraudulent & Deceptive Conduct Provisions to Combat Insider Dealing and Other Misconduct
The Court of Appeal decision in Securities and Futures Commission v. Young Bik Fung confirmed that insider dealing as well as other market misconduct could be r
D&O Insurance in Hong Kong: What To Know In The Event Of SFC Enforcement Action
Enforcement action by the Securities and Futures Commission (“SFC”) against officers of companies listed on the Stock Exchange of Hong Kong is becoming increasi
SPOTLIGHT ON
FAMILY OFFICES
On October 13, 2025, the Court of First Instance issued an order compelling AMTD Global Markets Limited ("AMTD"), formerly known as Orientiert XYZ Securities Limited and currently known as OOo Securities ("HK") Group Limited, to produce records and pay a fine. This directive followed the Securities and Futures Commission ("SFC") initiating legal proceedings against AMTD due to its failure to comply with statutory notices issued during SFC investigations. The investigations pertained to suspected fraudulent or deceptive schemes and/or the dissemination of false or misleading information during initial public offerings where AMTD acted as bookrunner, lead manager, and underwriter. The court mandated AMTD to satisfy the outstanding requests in the relevant SFC notices by January 19, 2026, and additionally imposed a fine for past non-compliance with the notices. The amount of the fine will be determined at a later date.
The Court rejected AMTD’s explanations for its failure to comply with the notices, including changes in ownership and management, and the loss of books and records, deeming these reasons insufficient to justify non-compliance. Mr. Christopher Wilson, Executive Director of Enforcement at the SFC, underscored the critical importance of cooperation with SFC investigations. He emphasized that non-compliance erodes market integrity and will be met with strong enforcement measures. The SFC also expressed gratitude for the assistance provided by the United Kingdom Financial Conduct Authority in the investigation of this case. AMTD is currently licensed under the Securities and Futures Ordinance ("SFO") to engage in Type 1, Type 4, and Type 9 regulated activities. The SFC has the authority to compel individuals under investigation to produce records and documents pertinent to the investigation. Failure to comply without a reasonable excuse may result in penalties for contempt of court.
View the full article:Source
