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Hong Kong SFC Bans Chee Tak Securities Ex-Account Executive for 15 Months for Allowing Unauthorized Trading of Client Account through 3rd-Party, Prevented Chee Tak Securities from Monitoring Client Account & His Personal Trading Activities

28th December 2023 | Hong Kong

The Hong Kong Securities & Futures Commission (SFC) has banned Chee Tak Securities ex-account executive (Hau Bing Leung) for 15 months for allowing unauthorized trading of client account through a 3rd-party, and preventing Chee Tak Securities from monitoring his client account and his personal trading activities.  Hong Kong SFC: “The SFC’s investigation found that, between 1 July 2018 and 5 March 2020, Hau had allowed a third party to operate the securities account of a client at CTSL without obtaining the client’s written authorisation.  The third party, a former client of Hau, had been verbally authorised by the client to make investment decisions and place orders in the client’s securities account at CTSL.  Hau and the third party also carried out personal trades in the client’s securities account.  Hau’s conduct exposed the client to potential loss from unauthorised trading and CTSL to potential liability in case the client disputes any of the trades in her account.  Hau also prevented CTSL from properly monitoring the operation of that client’s account and his personal trading activities.”  More info below:

“ Hong Kong SFC Bans Chee Tak Securities Ex-Account Executive for 15 Months for Allowing Unauthorized Trading of Client Account through 3rd-Party, Prevented Chee Tak Securities from Monitoring Client Account & His Personal Trading Activities “

 

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Hong Kong SFC Bans Chee Tak Securities Ex-Account Executive for 15 Months for Allowing Unauthorized Trading of Client Account through 3rd-Party Hong Kong, Asia’s leading financial centre

27th December 2023 – The Securities and Futures Commission (SFC) has suspended the licence of Mr Hau Bing Leung, former account executive of Chee Tak Securities Limited (CTSL), for 15 months from 22 December 2023 to 21 March 2025 (Note 1).  The disciplinary action follows the SFC’s earlier sanctions against CTSL and its responsible officer for internal control deficiencies and regulatory breaches (Note 2).

The SFC’s investigation found that, between 1 July 2018 and 5 March 2020, Hau had allowed a third party to operate the securities account of a client at CTSL without obtaining the client’s written authorisation.  The third party, a former client of Hau, had been verbally authorised by the client to make investment decisions and place orders in the client’s securities account at CTSL.  Hau and the third party also carried out personal trades in the client’s securities account.  Hau’s conduct exposed the client to potential loss from unauthorised trading and CTSL to potential liability in case the client disputes any of the trades in her account.  Hau also prevented CTSL from properly monitoring the operation of that client’s account and his personal trading activities.

In deciding the disciplinary sanction, the SFC has taken into account all relevant circumstances, including:

• CTSL did not have any relevant policy or procedure to require written third party authorisations for the operation of client accounts; and
• Hau has no previous disciplinary record with the SFC.

Notes:

Hau is licensed under the Securities and Futures Ordinance to carry on Type 1 (dealing in securities) regulated activity.  He was accredited to CTSL between 11 November 2004 and 1 August 2023.

The SFC reprimanded and fined CTSL $2 million and suspended the licence of its responsible officer for 10 months.  Please refer to the SFC’s press release dated 18 September 2023.

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

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