The Securities and Futures Commission (SFC) has banned Ms Selina Tsang Siu Kam from re-entering the industry for two years from 26 March 2013 to 25 March 2015 (Note 1).
The disciplinary action follows an SFC investigation in which the SFC found that, between 2006 and 2008, Tsang, a relationship manager:
- took order instructions from a third party without written authorization from a client; and
- carried out trades for the client without his knowledge and authorization.
The SFC considers Tsang’s misconduct has seriously called into question of her fitness and properness to be a licensed person. In determining the penalty, the SFC took into account that:
- Tsang’s conduct was not isolated and took place over a number of years;
- trading in a client account without the client’s knowledge and authorization is a dishonest act; and
- acting in the interests of a client is fundamental to the fitness and properness of a licensed representative.
The affected client has accepted compensation for Tsang’s misconduct.
Notes:
- Tsang was licensed under the Securities and Futures Ordinance to carry on Type 1 (dealing in securities) and Type 4 (advising on securities) regulated activities and was accredited to CIC Investor Services Limited between July 2003 and April 2011. She is currently not a licensed person.
- A copy of the Statement of Disciplinary Action in relation to the matter is available on the SFC’s website.
