The Securities and Futures Commission (SFC) has banned Mr Yeung Chun Him from re-entering the industry for 12 months from 6 May 2016 to 5 May 2017 for transferring client data for purposes other than for which the data was collected, in breach of the Code of Conduct and the Personal Data (Privacy) Ordinance (Notes 1 & 2).
At the material time, Yeung was an Associate Portfolio Manager of Hong Kong and Shanghai Banking Corporation Limited (HSBC) responsible for opening accounts for small and medium-sized enterprise clients and promoting investment and insurance products.
The SFC found that:
- on his last working day with HSBC on 13 December 2013, Yeung sent data concerning 1,540 customers (Client Information) from his HSBC email to his personal email;
- Yeung then sent the Client Information from his personal email to his email at China Construction Bank (Asia) Corporation Limited (CCB) on the first day of his new job on 16 December 2013;
- Yeung would be serving similar corporate clientele at CCB and he considered that the Client Information would facilitate his new job; and
- upon the request of HSBC, CCB deleted the emails attaching the Client Information from its email server.
The SFC is of the view that Yeung’s conduct has called into question his fitness and properness to remain a licensed or registered person.
The case was referred to the SFC by the Hong Kong Monetary Authority.
Notes:
- Yeung was a relevant individual engaged by HSBC to carry on Type 1 (dealing in securities) and Type 4 (advising on securities) regulated activities. Yeung is currently not registered with the Hong Kong Monetary Authority or licensed by the SFC.
- General Principle 2 and paragraph 12.1 of the Code of Conduct for Persons Licensed by or Registered with the SFC, and Principle 3 of the Data Protection Principles of the Personal Data (Privacy) Ordinance.
A copy of the Statement of Disciplinary Action is available on the SFC website
