Hong Kong SFC Prohibits CICC Hong Kong from Dealing or Processing Certain Assets in Client Account Related to Suspected Insider Trading
9th December 2023 | Hong Kong
The Hong Kong Securities & Futures Commission (SFC) has issued a restriction notice to CICC Hong Kong (China International Capital Corporation Hong Kong Securities), prohibiting CICC Hong Kong from dealing or processing certain assets in client account related to suspected insider trading. Hong Kong SFC: “The SFC is not investigating CICC. The restriction notice does not affect CICC’s operations or its other clients … … The restriction notice prohibits CICC, without the SFC’s prior written consent, from disposing of or dealing with, or assisting, counselling or procuring another person to dispose of or deal with, any assets in any way in the account up to a certain amount, including: (i) entering into transactions in respect of any securities; (ii) processing any withdrawals or transfers of securities and/or cash on the instructions of any authorized person of the account or by any person acting on their behalf; (iii) disposing of or dealing with any securities and/or cash on the instructions of any authorized person of the account or by any person acting on their behalf; and/or (iv) assisting another person to dispose of any relevant property or deal with any relevant property in a specified manner. CICC is also required to notify the SFC immediately if it receives any of these instructions.” More info below:
“ Hong Kong SFC Prohibits CICC Hong Kong from Dealing or Processing Certain Assets in Client Account Related to Suspected Insider Trading “
Hong Kong SFC Prohibits CICC Hong Kong from Dealing or Processing Certain Assets in Client Account Related to Suspected Insider Trading
8th December 2023 – The Securities and Futures Commission (SFC) has issued a restriction notice to China International Capital Corporation Hong Kong Securities Limited (CICC), prohibiting it from dealing with or processing certain assets held in a client account which is related to suspected insider dealing (Note 1).
The SFC is not investigating CICC. The restriction notice does not affect CICC’s operations or its other clients.
The restriction notice prohibits CICC, without the SFC’s prior written consent, from disposing of or dealing with, or assisting, counselling or procuring another person to dispose of or deal with, any assets in any way in the account up to a certain amount, including: (i) entering into transactions in respect of any securities; (ii) processing any withdrawals or transfers of securities and/or cash on the instructions of any authorized person of the account or by any person acting on their behalf; (iii) disposing of or dealing with any securities and/or cash on the instructions of any authorized person of the account or by any person acting on their behalf; and/or (iv) assisting another person to dispose of any relevant property or deal with any relevant property in a specified manner. CICC is also required to notify the SFC immediately if it receives any of these instructions. The SFC considers that the issue of the restriction notice is desirable in the interest of the investing public or in the public interest. The SFC’s investigation is ongoing.
Note:
- The restriction notice is issued pursuant to sections 204 and 205 of the Securities and Futures Ordinance (SFO). CICC is a corporation licensed under the SFO to carry on Type 1 (dealing in securities), Type 2 (dealing in futures contracts), Type 4 (advising on securities), Type 5 (advising on futures contracts) and Type 6 (advising on corporate finance) regulated activities.
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