.Tony Kim.Sep 07, 2024 03:49.The Hong Kong Monetary Authorization has actually suspended the sign up of LI Shek Flavor for 9 months as a result of transgression including the manufacture of a customer’s trademark. The Hong Kong Monetary Authorization (HKMA) has actually declared the suspension of Mr. LI Shek Flavor’s sign up for nine months, adhering to an inspection right into misbehavior.
The punishing activity was actually taken under part 58A( 1) of the Financial Ordinance (Section 155 of the Regulations of Hong Kong) and also will be effective coming from September 4, 2024, to June 3, 2025, according to the HKMA.Information of the Misconduct.The examination disclosed that in March 2023, LI photocopied a consumer’s signature on a time deposit application to scam his hiring bank into feeling it was actually actually signed due to the consumer. Although this act was not conducted in the course of a controlled activity under the Securities and also Futures Ordinance (Phase 571 of the Rules of Hong Kong), it increased severe problems about LI’s integrity as well as sincerity in carrying out regulated tasks.The HKMA has figured out that LI is actually certainly not a fit and also effective person to become an appropriate individual, referencing part 129( 1 )( c) and also (d) of the Securities and also Futures Regulation as well as the Fit and Effective Standards released by the Stocks and Futures Commission.Official Declaration.Mr. Raymond Chan, Exec Supervisor (Administration as well as AML) of the HKMA, discussed the case, explaining, “Construction of a customer’s trademark is a dishonest act.
It demonstrates adversely on the individual’s fitness as well as properness to continue controlled activities. The HKMA notes that there has actually been actually an increase in the number of enforcement cases involving jive of client trademarks recently. We are actually teaming up with the Hong Kong Organization of Banks to tell banking companies of the requirement for building a strong conformity society within their purchases crews with regular training.”.Previous and Current Associations.At the moment of the occurrence, LI was actually interacted through Hang Seng Financial Institution, Limited for Kind 1, 4, and 7 managed activities under the Securities as well as Futures Statute.
Currently, LI is actually approved to another authorized institution.The HKMA’s decision underscores the usefulness of maintaining higher moral standards within the economic industry to guarantee the honesty as well as dependability of monetary professionals.Image resource: Shutterstock.