The Securities and Futures Commission (SFC) has banned Ms Luk Ping from re-entering the industry for 10 months from 6 April 2013 to 5 February 2014 (Note 1).
The disciplinary action follows an investigation by the SFC into Luk’s handling of clients’ accounts at OSK Securities Hong Kong Limited (OSK) between March 2008 and June 2011. The SFC found that Luk breached the Code of Conduct because she had:
- failed to act with due skill, care and diligence when operating two client accounts;
- operated those two discretionary accounts without proper authorization; and
- failed to keep a proper record of trade order instructions and confirmations (Note 2).
In deciding the sanction, the SFC took into account all relevant circumstances of the case which included:
- Luk resigned from OSK in June 2011 and has not been in the industry since then; and
- Luk has an otherwise clean disciplinary record.
Notes:
- Luk was licensed under the Securities and Futures Ordinance to carry on Type 1 (dealing in securities) regulated activity between 11 September 2007 and 14 June 2011, during which she was accredited to OSK.
- Code of Conduct for Persons Licensed by or Registered with the SFC.
- A copy of the Statement of Disciplinary Action in relation to the matter is available on the SFC website.