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The Securities and Futures Commission (SFC) has banned Mr Song Baojun, a former relationship manager of The Hongkong and Shanghai Banking Corporation Limited (HSBC), for 12 months from 6 November 2019 to 5 November 2020 (Note 1).
The disciplinary action follows an SFC investigation which found that Song:
- used incomplete application forms pre-signed by a client to effect four unit trust transactions for her on 16 July 2013 and 19 August 2013 without first obtaining her specific authorization for the transactions; and
- failed to advise the client to adopt a lower cost option when he effected two other unit trust transactions for her on 23 April 2013, with the result of the client having to incur an extra cost of around $5,000.
The SFC considers that Song’s conduct calls into question his fitness and properness to be a licensed or registered person.
In deciding the sanction, the SFC took into account all relevant circumstances, including Song’s otherwise clean disciplinary record.
The case was referred to the SFC by the Hong Kong Monetary Authority (HKMA).
Note:
- Song was a relevant individual engaged by HSBC to carry on Type 1 (dealing in securities) and Type 4 (advising on securities) regulated activities under the Securities and Futures Ordinance between 13 September 2011 and 12 June 2014. Song is currently not registered with the HKMA or licensed by the SFC.
A copy of the Statement of Disciplinary Action is available on the SFC website
