Court convicts licence applicant for providing SFC with false information

27 Jul 2017



The Eastern Magistrates’ Court today convicted Ms Yan Ching Ching after she pleaded guilty to three counts of making false or misleading representations in support of her licence application to the Securities and Futures Commission (SFC).

Yan, among other things, failed to disclose her previous criminal convictions in her SFC licence application in 2015.  She was fined $15,000 and also ordered to pay the SFC’s investigation costs (Note 1).

The SFC expects applicants to make complete, true and correct disclosure of all information required to be submitted with a licence application.  Failure to do so might affect their fitness and properness to be licensed.

End

Note:

  1. Under section 383 of the Securities and Futures Ordinance, a person commits an offence if he in a licensing application makes a representation that is false or misleading in a material particular and he knows that or is reckless about that.

    Applicants are required to disclose prior criminal convictions, other than a minor traffic or littering offence, including those which the Rehabilitation of Offenders Ordinance applies to, whether they have been charged with an offence other than a minor traffic or littering offence, whether they have been investigated about offences involving fraud and dishonesty, and whether they have been subject to any order of the court or other competent authority for fraud, dishonesty or misfeasance.


Page last updated : 27 Jul 2017