The Securities and Futures Commission (SFC) has banned Mr Wong Ka Hang from re-entering the industry for 9 months from 28 May 2019 to 27 February 2020 (Note 1).
The disciplinary action follows an SFC investigation which found that between January and September 2015, Wong accepted instructions from a third party to trade in a client’s futures account without obtaining written authorization from the client.
Wong also used the client’s password to access the account online and conduct trades on the client’s behalf.
The SFC considers that Wong failed to act with due skill, care and diligence and in the best interests of the client and the lack of written authorization could also expose him and his employer to risks of potential claims by the client. Wong’s conduct called into question his fitness and properness to be a licensed person.
In deciding the sanction, the SFC took into account all relevant circumstances, including Wong’s otherwise clean disciplinary record.
Note:
- Wong was licensed under the Securities and Futures Ordinance to carry on Type 2 (dealing in futures contracts) regulated activity and was accredited to Haitong International Futures Limited between 26 April 2011 and 26 September 2015. Wong is currently not licensed by the SFC.
A copy of the Statement of Disciplinary Action is available on the SFC website
