The Securities and Futures Commission (SFC) has issued a restriction notice to Agg. Asset Management Limited (Agg) because of doubts over Agg’s reliability, integrity, and ability to carry on regulated activities competently, honestly and fairly, and hence, its fitness and properness to remain licensed (Note 1).
The restriction notice prohibits Agg, without prior written consent from the SFC, from carrying on any business, whether directly or through agents, which constitutes regulated activities for which it is licensed under the Securities and Futures Ordinance (SFO) until further notice.
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.
- The restriction notice is issued pursuant to section 204 of the SFO. Agg is a corporation licensed under the SFO to carry on Type 1 (dealing in securities), Type 4 (advising on securities) and Type 9 (asset management) regulated activities. There are licensing conditions imposed on Agg’s licences, amongst others, that it shall not hold client assets. It has a business name www.1234567.com.hk and a company website at www.1234567.com.hk.