SFC suspends Pat Siu Mei Yee

31 Mar 2014



The Securities and Futures Commission (SFC) has suspended Ms Pat Siu Mei Yee for six months from 29 March 2014 to 28 September 2014 (Note 1).

An SFC investigation found that between 2004 and 2011, Siu entered into an arrangement with a client where the client would sign blank dealing tickets in advance for her to conduct discretionary trading in the client’s account. Siu did not report the arrangement with the client to her employer.

As a result of the arrangement, the regulatory requirements on the authorization and operation of a discretionary account under the Code of Conduct were not followed (Note 2). Siu did not explain to the client the terms of the discretionary authority, and did not confirm with the client on an annual basis whether the client wished to revoke the authority. The account was not approved by the senior management of Siu’s employer and its operation was not supervised by her employer.  

The SFC also found that Siu ignored the information on compliance that was applicable and made available to her in relation to the opening and operation of a discretionary account.

The SFC concludes that Siu’s conduct has not met the standard required under the Code of Conduct and her fitness and properness has been called into question.

In deciding the disciplinary sanction, the SFC took into account that Siu’s misconduct lasted for more than seven years and her clean disciplinary record.

End

Notes:

  1. Siu is licensed as a representative under the Securities and Futures Ordinance to carry on Type 1 (dealing in securities) and Type 2 (dealing in futures contracts) regulated activities. She was first registered as a securities dealer’s representative under the Securities Ordinance and as a commodity dealer’s representative under the Commodities Trading Ordinance in May 2000. She was accredited to Shenyin Wanguo Securities (H.K.) Limited and Shenyin Wanguo Futures (H.K.) Limited from 19 May 2000 to 23 March 2014. She is currently not accredited to any licensed corporation.
  2. Paragraph 7.1 of the Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission
  3. A copy of the Statement of Disciplinary Action in relation to the matter is available on the SFC website.


Page last updated : 31 Mar 2014