Hong Kong SFC Issues 26-Month Ban on ex-Yuanta Securities Licensed Broker Wang Shian-tang for Entering into 10% Annual Profit-Sharing Agreement for Discretionary Trading Services with Client Without Consent or Informing Yuanta Securities & Failing to Disclose Personal Trading Account with a Broker to Yuanta Securities
26th November 2024 | Hong Kong
The Hong Kong Securities & Futures Commission (SFC) has issued a 26-month ban on ex-Yuanta Securities licensed broker Wang Shian-tang for entering into 10% annual profit-sharing agreement for discretionary trading services with client without consent or informing Yuanta Securities and failing to disclose personal trading account with a broker to Yuanta Securities. Hong Kong SFC (20/11/24): “The Securities and Futures Commission (SFC) has suspended the licence of Mr Wang Shian-tang, a former licensed representative of Yuanta Securities (Hong Kong) Limited (Yuanta) for 26 months from 20 November 2024 to 19 January 2027 (Note 1). The SFC’s investigation found that Wang entered into a private profit-sharing agreement with a client on discretionary trading services without Yuanta’s knowledge or consent. As part of the agreement, he was entitled to receive 10% of the annual profits he generated through investment for his client. In doing so, Wang’s dishonest act was in breach of the Code of Conduct (Note 2). The SFC also found that, between October 2019 and April 2022, Wang maintained a personal investment account with a broker other than Yuanta. He conducted 10 warrant trades with a total transaction value of over $350,000 through the account. However, he failed to disclose to Yuanta the existence of the account, and the trades. By circumventing Yuanta’s employee dealing policy, he prevented Yuanta from monitoring his personal trading activities. Wang further made false and disingenuous representations to the SFC regarding his personal account and trades. In deciding the sanction against Wang, the SFC has taken into account all relevant circumstances, including the following: 1) by engaging in an unauthorised private profit-sharing agreement with his client and maintaining a secret personal trading account, Wang displayed dishonest behaviour that undermined the interests of his then employer and its clients, as well as the integrity of the market; 2) a deterrent message needs to be sent to the market that Wang’s conduct is unacceptable; and 3) Wang has an otherwise clean disciplinary record.”
“ Hong Kong SFC Issues 26-Month Ban on ex-Yuanta Securities Licensed Broker Wang Shian-tang for Entering into 10% Annual Profit-Sharing Agreement for Discretionary Trading Services with Client Without Consent or Informing Yuanta Securities & Failing to Disclose Personal Trading Account with a Broker to Yuanta Securities “
Notes:
- Wang is licensed under the Securities and Futures Ordinance to carry on business in Type 4 (advising on securities) regulated activity. He was accredited to Yuanta from 2 October 2019 to 29 April 2022 and Meta Elephant Capital Limited from 26 September 2022 to 6 September 2024.
- Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission.
- A copy of the Statement of Disciplinary Action is available on the SFC website
Hong Kong SFC Issues 26-Month Ban on ex-Yuanta Securities Licensed Broker Wang Shian-tang for Entering into 10% Annual Profit-Sharing Agreement for Discretionary Trading Services with Client Without Consent or Informing Yuanta Securities & Failing to Disclose Personal Trading Account with a Broker to Yuanta Securities
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