SFC Reprimands and Fines Wong Yu Chiu for Improper Conduct Relating to Handling of Clients' Accounts

22 Mar 2005



The SFC has reprimanded Mr Wong Yu Chiu, a responsible officer of Interchina Securities Limited, and fined him $50,000 for improper conduct relating to the handling of a client account (Note 1).

The reprimand and fine stem from an inquiry which revealed Wong’s failure to observe the Code of Conduct. The inquiry found that Wong had:


The SFC concludes that the fitness and properness of Wong has been called into question and decides to reprimand and fine Wong.

In reaching this decision, the SFC took into account that:


Mr Alan Linning, SFC’s Executive Director of Enforcement, said: "When conducting business activities, licensees are required to act with due skill, care and diligence in the best interests of their clients. In particular, licensees should ensure that clients are provided with adequate information regarding their rights and risk exposure when they open accounts with brokers. Licensees should also maintain proper audit trails for clients’ orders so as to prevent any possible dispute about placing orders."

Ends

Notes to Editor:

1. Wong is a licensed representative accredited to Interchina Securities Limited and approved as a responsible officer of Interchina to carry on business of Type 1 (dealing in securities) and Type 2 (dealing in futures contracts) regulated activities.

2. Please see SFC press release dated 29 June 2001 for details of the disciplinary action taken against Wong.




Page last updated : 1 Aug 2012