Hong Kong SFC and Corruption Agency ICAC Crackdown on Stock Manipulation, Arrest Listco & Search IPO Underwriter
16th July 2021 | Hong Kong
Hong Kong Securities and Futures Commission (SFC) and corruption agency ICAC (Independent Commission Against Corruption) have conducted a joint operation in a crackdown on stock market manipulation, arresting a listed company executive and searching the office of the listed company and its IPO underwriter (7/7/21). The SFC conducted the search for offences related to a suspected ramp-and-dump market manipulation scheme and other market misconduct under the Securities and Futures Ordinance, while ICAC conducted the search and made the arrest for suspected corruption offences under the Prevention of Bribery Ordinance.
” HK SFC and Corruption Agency ICAC Crackdown on Stock Manipulation, Arrest Listco & Search IPO Underwriter “
Hong Kong SFC and Corruption Agency ICAC Fights Financial Crime
The joint operation was conducted under the arrangement of the Memorandum of Understanding signed between Hong Kong Securities and Futures Commission (SFC) and corruption agency ICAC (Independent Commission Against Corruption) in 2019. The Hong Kong SFC and the ICAC aims to tackle complex and serious financial crimes in order to protect the investing public and maintain the integrity of Hong Kong’s financial markets.
On 19th August 2019:
The Hong Kong Securities and Futures Commission (SFC) and the Independent Commission Against Corruption (ICAC) today entered into a Memorandum of Understanding (MoU) to formalise and strengthen cooperation in combating financial crime.
The enhanced collaboration between the SFC and the ICAC under the MoU, which covers referral of cases, joint investigations, exchange and use of information, mutual provision of investigative assistance, and capacity building, will augment the overall effectiveness of both organisations in combating wrongdoings and illegal activities affecting the integrity and reputation of Hong Kong’s securities and futures markets.
As envisaged in the MoU, a three-day joint investigation training workshop was launched today, providing investigators of the SFC and the ICAC invaluable opportunities to share their respective expertise and experience in tackling serious financial crime.
The MoU was signed by the SFC’s Executive Director of Enforcement, Mr Thomas Atkinson and the ICAC’s Deputy Commissioner and Head of Operations, Mr Ricky Yau Shu-chun.
SFC’s Executive Director of Enforcement, Mr Thomas Atkinson:
“The arrangement under the MoU will enable the SFC to perform its statutory duties with greater efficiency and effectiveness in combating financial crime and maintaining the integrity of Hong Kong’s securities and futures market. We look forward to closer collaboration with the ICAC.”
ICAC’s Deputy Commissioner and Head of Operations, Mr Ricky Yau Shu-chun:
“The MoU sets out the framework for cooperation and collaboration between the two agencies in various aspects, showing our common determination in maintaining a level-playing field for doing business in Hong Kong.”
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The Securities and Futures Commission (SFC) is an independent statutory body set up in 1989 to regulate Hong Kong’s securities and futures markets.
We derive our investigative, remedial and disciplinary powers from the Securities and Futures Ordinance (SFO) and subsidiary legislation. Operationally independent of the Government of the Hong Kong Special Administrative Region, we are funded mainly by transaction levies and licensing fees.
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