SFC reprimands and fines JS Cresvale Securities HK$2.5 million

26 Mar 2015



The Securities and Futures Commission (SFC) has reprimanded and fined JS Cresvale Securities International Limited (JS Cresvale Securities) HK$2.5 million over serious deficiencies in relation to its sale of two unlisted investment products involving US$99 million between 2008 and 2010 (Note 1).  

The disciplinary action followed an SFC investigation which found serious deficiencies in JS Cresvale Securities’ systems and controls for ensuring the suitability of the recommendations or solicitations it made to clients when selling the two products, namely, 浩騰科技信用連結債券and浩騰11海外可轉換公司債. The products were recommended and sold to 59 clients in 2008, 26 clients in 2009 and 4 clients in 2010.

Specifically, the SFC found that JS Cresvale Securities:

In determining the penalty, the SFC took into account that:

End

Note:

  1. JS Cresvale Securities is licensed under the Securities and Futures Ordinance (SFO) to carry on Type 1 (dealing in securities) and Type 4 (advising on securities) regulated activities. JS Cresvale Securities’ licence for Type 2 (dealing in futures contracts) regulated activity has been suspended since September 2014.

A copy of the Statement of Disciplinary Action is available on the SFC website



Page last updated : 26 Mar 2015