The Securities and Futures Commission (SFC) has banned Mr Lau Tin Yau, a former relationship manager of Standard Chartered Bank (Hong Kong) Limited (SCBHK) and former execution dealer of UOB Kay Hian (Hong Kong) Limited (UOB) and UOB Kay Hian Futures (Hong Kong) Limited (UOB Futures), from re-entering the industry for life (Note 1).
The disciplinary action follows Lau’s convictions under the Prevention of Bribery Ordinance (POBO) in May 2018 and the SFO in September 2020.
In May 2018, the Fanling Magistrates’ Court found Lau, who was responsible for soliciting new customers and promoting investment products for SCBHK at the material time, guilty of offering a total of $1,000 to a colleague as reward for opening two customer accounts (Note 2).
In September 2020, the Eastern Magistrates’ Court found Lau guilty of providing false and misleading information to the SFC and failing to make timely report to the SFC of reportable events (Note 3).
The SFC considers that Lau is not a fit and proper person to be licensed or registered to carry on regulated activities as a result of his criminal convictions.
The case was referred to the SFC by the HKMA.
- Lau was a relevant individual engaged by SCBHK to carry on Type 1 (dealing in securities) and Type 4 (advising on securities) regulated activities under the Securities and Futures Ordinance (SFO) from 1 March 2010 to 27 March 2017, and from 27 July 2011 to 27 March 2017 respectively; and a licensed representative accredited to UOB and UOB Futures to carry on Type 1 (dealing in securities) and Type 2 (dealing in futures contracts) regulated activities under the SFO from 17 August 2017 to 23 January 2019, and from 24 August 2017 to 23 January 2019 respectively. Lau is currently not registered with the Hong Kong Monetary Authority (HKMA) or licensed by the SFC.
- Lau was convicted by the court of one count of offering an advantage to an agent, contrary to sections 9(2)(a) and 12(1) of the POBO on 8 May 2018. He was ordered by the court to serve 200 hours of community service on 21 May 2018.
- Lau pleaded guilty to all the charges against him and was convicted by the court on 3 September 2020.
This news item was originally published by the Securities and Futures Commission (SFC HK). For more information, please see the Source Link.