On February 18, 2025, the Securities and Futures Commission ("SFC") issued restriction notices to Money Concepts (Asia) Holdings Limited ("MCAH") and Money Concepts Asset Management Limited ("MCAM") due to concerns about their honesty, reliability, and ability to competently carry out regulated activities.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
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On February 18, 2025, the Securities and Futures Commission ("SFC") imposed restriction notices on Money Concepts (Asia) Holdings Limited ("MCAH") and Money Concepts Asset Management Limited ("MCAM"). These notices were issued due to concerns regarding the companies' honesty, reliability, integrity, and competence to engage in regulated activities. This led to the SFC's evaluation of their fitness and properness to retain their licenses.
The restriction notices, effective immediately, prevent MCAH and MCAM from undertaking any regulated activities without prior written approval from the SFC. This prohibition applies to all activities, whether carried out directly or indirectly through agents.
The SFC's action is intended to protect the interests of the investing public. MCAH is authorized to engage in Type 1 (dealing in securities), Type 4 (advising on securities), and Type 9 (asset management) regulated activities under the Securities and Futures Ordinance ("SFO"), subject to specific licensing conditions. Similarly, MCAM is licensed for Type 4 and Type 9 activities with distinct conditions for Type 9.
MCAH serves as the holding company for MCAM. The restriction notices were issued pursuant to section 204 of the SFO.
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