SFC enforcement signals individual focus

Author: Ashley Lee | Published: 17 Dec 2014

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 management.

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...