Hong Kong SFC Issues Restriction Notices to Futu Securities & Interactive Brokers to Prohibit Dealing &/or Processing Assets of Client Accounts Owned by ex-Board Director of Delisted Hong Kong Exchange Mainboard Company, ex-Board Director Suspected of Misconduct & Breached of Duties for the Company
25th April 2024 | Hong Kong
The Hong Kong Securities & Futures Commission (SFC) has issued restriction notices to Futu Securities & Interactive Brokers to prohibit the 2 brokers from dealing in &/or processing assets of client accounts owned by an ex-board director of a delisted Hong Kong Exchange (HKEX) Mainboard company. The ex-board director is suspected of misconduct & breached of duties for the then-listed company. Hong Kong SFC (25/4/24): ”The Securities and Futures Commission (SFC) has issued restriction notices to Futu Securities International (Hong Kong) Limited (Futu) and Interactive Brokers Hong Kong Limited (Interactive), prohibiting them from dealing with or processing assets held in their client accounts which are owned by a former member of the board of directors of a corporation listed on the Main Board of the Stock Exchange of Hong Kong Limited at the material time (Notes 1 to 3). In this connection, the former member of the board of directors is suspected of committing misconduct and breaching his duty towards the corporation. The SFC is not investigating Futu or Interactive, both of which have cooperated with the SFC’s investigation. The restriction notices do not affect them or their other clients. The restriction notices prohibit the two brokers, without the SFC’s prior written consent, from disposing of, dealing with, or assisting, counselling or procuring another person to dispose of or deal with any assets in those accounts up to the amount stated in the notices. They are also required to notify the SFC if they receive any instructions regarding the prohibitions specified above. The SFC considers that the issue of the restriction notices, which preserves the assets in those accounts, is necessary to ensure that there will be funds available to meet any potential order by the Court in legal proceedings that may be brought by the SFC, and is desirable in the interest of the investing public and in the public interest.”
“ Hong Kong SFC Issues Restriction Notices to Futu Securities & Interactive Brokers to Prohibit Dealing &/or Processing Assets of Client Accounts Owned by ex-Board Director of Delisted Hong Kong Exchange Mainboard Company, ex-Board Director Suspected of Misconduct & Breached of Duties for the Company “
Notes:
- The corporation is no longer listed in Hong Kong.
- The SFC issued the restriction notices pursuant to sections 204 and 205 of the Securities and Futures Ordinance (SFO).
- Futu and Interactive are corporations licensed under the SFO to carry on Types 1 to 5, 7 and 9 regulated activities and Types 1 to 3 regulated activities respectively.
Hong Kong SFC Issues Restriction Notices to Futu Securities & Interactive Brokers to Prohibit Dealing &/or Processing Assets of Client Accounts Owned by ex-Board Director of Delisted Hong Kong Exchange Mainboard Company, ex-Board Director Suspected of Misconduct & Breached of Duties for the Company
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