SFC bans Jia Zhen for 10 months

24 Feb 2016



The Securities and Futures Commission (SFC) has banned Mr Jia Zhen, a former account executive of China Merchants Securities (HK) Co., Limited (CMSHK), from re-entering the industry for 10 months from 20 February 2016 to 19 December 2016 for breach of the SFC’s Code of Conduct (Notes 1 & 2).

The SFC found that between February 2010 and June 2011, Jia entered into a private arrangement with a client and effected transactions in the client’s account on a discretionary basis without obtaining the client’s written authorization.

The SFC considers that the client’s interests were prejudiced as Jia’s failure deprived the client from the firm’s protection on discretionary account. As the client’s securities account was not designated as a discretionary account by the firm, the operation of the client’s securities account could not be properly monitored and supervised by the firm.

End

Notes:

  1. Jia was licensed under the Securities and Futures Ordinance to carry on Type 1 (dealing in securities) regulated activity and was accredited to China Merchants Securities (HK) Co., Limited from 11 May 2010 to 16 July 2012. Jia is currently not licensed by the SFC.
  2. Paragraph 7.1 of the Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission.

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



Page last updated : 24 Feb 2016