Hong Kong’s Securities and Futures Commission (SFC) has reprimanded and fined Chee Tak Securities Limited (CTSL) $2 million for internal control deficiencies and a host of regulatory breaches.
The SFC has also suspended the licence of its responsible officer Kevin Chiu Koon Yu for 10 months from 15 September 2023 to 14 July 2024.
The disciplinary actions followed the SFC’s investigation which found that, between 1 July 2018 and 5 March 2020, CTSL failed to have in place an order recording policy and observe the order recording requirements. The company also failed to implement effective internal controls to monitor cross trades between staff members and clients and to ensure fair treatment of clients.
Furthermore, the company did not establish and maintain an adequate and effective monitoring system to detect and assess suspicious…
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