The Securities and Futures
Commission’s (SFC) enforcement action against an
employee at ICBC International (ICBCI) Securities highlights
the regulator’s focus on the behaviour of senior
On December 10 the SFC announced the suspension of
the license of Dick Ma Tor Fuk, the responsible officer at
ICBCI Securities, for eight months as a result of die diligence
failures in his role in the IPO of Powerlong Real Estate
Holdings in 2009. The regulator had announced penalties for
ICBCI Securities and ICBCI Capital in May of this year.
Although the Powerlong IPO was five years ago, the
enforcement action has important ramifications for those
working in the securities industry in Hong Kong –
especially in the context of the new sponsor regulations.
The SFC has been particularly tough on...