Hong Kong's Securities And Futures Commission: Former Director Of NCA International Holdings Limited Acquitted Of Unlicensed Activities

The Eastern Magistracy has found Mr Lung Yau Wai, former director of NCA International Holdings Limited (NCA), not guilty of an offence of being a party to NCA in holding itself out as carrying on a business of regulated activities without a licence by the Securities and Futures Commission (Notes 1 & 2).

The Magistrate found that Lung’s alleged offence could not be proven beyond reasonable doubt.

Notes:

1. The Magistrate delivered the verdict on 17 June 2016. 
2. Under the Securities and Futures Ordinance, dealing in securities, advising on securities and advising on corporate finance are regulated activities which respectively require Type 1 (dealing in securities), Type 4 (advising on securities) and Type 6 (advising on corporate finance) licences from the SFC.