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The Eastern Magistrates’ Court convicted Mr Tam Kwok Pui of providing asset management service without obtaining a licence from the Securities and Futures Commission (SFC) (Note 1).
Tam pleaded guilty and was fined $10,000 for the offence. The court also ordered him to pay the SFC’s investigation costs.
An investigation by the SFC found that between 1 March 2011 and 31 August 2012, Tam, whilst unlicensed, recruited a client through an investment seminar he organised and provided the client with asset management services which included managing a portfolio of securities and futures contracts for the client. The services he provided required him to satisfy the SFC that he was fit, proper and competent in asset management. He never sought SFC’s approval and so was not authorized to provide these services.
The SFC reminds investors to check the SFC’s Public Register of Licensed Persons and Registered Institution on the SFC website (www.sfc.hk) to ensure that people who provide asset management services are properly licensed.
Note:
- Under section 114 of the Securities and Futures Ordinance, it is an offence to carry on a business of providing asset management services or other regulated activities without a licence from the SFC.
