Summary: In September 2025, the SFC banned Richard Charles Heyes from the industry for five years for his role in allowing mislabelled trading indications and misrepresentations at Citigroup Global Markets Asia Limited ("CGMAL") from 2008 to 2018. Heyes, a former senior manager, failed to ensure proper standards and controls. The SFC fined CGMAL $348.25 million and sent a strong message against such misconduct.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
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On September 16, 2025, the Securities and Futures Commission ("SFC") imposed a five-year ban on Mr. Richard Charles Heyes from returning to the financial industry.
Mr. Heyes' prohibition follows the SFC's previous sanctions against Citigroup Global Markets Asia Limited ("CGMAL") for serious regulatory violations, including the dissemination of mislabelled indications of interest ("IOIs") and misrepresentations in institutional clients' trades over a decade from 2008 to 2018.
The SFC attributed the breaches to Heyes' failure to fulfill his duties as a responsible officer ("RO"), Manager-In-Charge ("MIC"), and board member of CGMAL.
According to the SFC's Executive Director of Enforcement, Mr. Christopher Wilson, Heyes exerted significant pressure on trading desks to boost market share, resulting in a culture of dishonest practices and revenue prioritization over client interests.
Mr. Wilson stated that the SFC would leverage the Manager-In-Charge ("MIC") regime to hold senior management accountable for such failings and foster industry change.
In 2014, during a limited SFC review, concerns regarding CGMAL's IOI process were raised but not sufficiently addressed by Heyes, enabling the misconduct to continue.
He failed to take action on client complaints and implement effective controls on IOIs, allowing dishonest practices to persist within CGMAL.
The SFC noted Heyes' responsibility for inadequate internal guidelines and compliance monitoring, leading to the facilitation of market share gains through misrepresentation of trades.
Heyes' negligence in maintaining proper conduct and compliance standards resulted in regulatory breaches that continued for over 10 years, ultimately leading to his ban.
CGMAL was fined $348.25 million and reprimanded for these failures, serving as a strong industry warning against such misconduct.
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