Aggregated News From Investment Management Regulators

SFC issues restriction notices to five brokers to freeze client accounts linked to suspected market manipulation

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The Securities and Futures Commission (SFC) has issued restriction notices to AMC Wanhai Securities Limited, Eddid Securities and Futures Limited, Freeman Securities Limited, Realord Asia Pacific Securities Limited and Solomon JFZ (Asia) Holdings Limited, prohibiting them from dealing with or processing certain assets held in 12 trading accounts related to suspected market manipulation in the shares of a company listed on the Stock Exchange of Hong Kong Limited between September 2020 and October 2020 (Note 1).

The restriction notices prohibit them, 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 trading accounts 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 or any transfers of money arising from the disposal of securities; (iii) disposing of or dealing with any securities and/or cash on the instructions of any authorized person of the accounts or any person acting on their behalf; and (iv) assisting another person to dispose of or deal with any relevant property in a specified manner.  The brokers are also required to notify the SFC if they receive any of these instructions.

The SFC considers that the issue of the restriction notices is desirable in the interest of the investing public or in the public interest.

The SFC’s investigation is continuing.

Note:

  1. The SFC issued the restriction notices pursuant to sections 204 and 205 of the Securities and Futures Ordinance.

This news item was originally published by the Securities and Futures Commission (SFC HK). For more information, see the Source Link.

Regulator Information

Abbreviation: SFC
Jurisdiction: Hong Kong

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