.jpg)
The Securities and Futures Commission (SFC) has reprimanded Ms Tang Wai Chun, an account executive of China Merchants Securities (HK) Co., Limited (China Merchants), and fined her $40,000 for non-compliance with order recording requirements under the Code of Conduct (Notes 1 & 2).
The disciplinary action follows an SFC investigation which found that between 22 December 2010 and 24 January 2011, Tang did not use China Merchant’s Centralized Telephone Recording System (CTRS) to record order instructions from a client. Instead, Tang accepted order instructions from the client via her mobile phone. Tang was obliged but failed to record the time of receipt of the orders and the order details by making a call to the CTRS or in writing by hand.
Order details must be properly recorded so as to protect the interests of clients.
In deciding the disciplinary sanction, the SFC took into account all relevant circumstances, including Tang’s clean disciplinary record.
Notes:
- Tang is licensed under the Securities and Futures Ordinance to carry on Type 1 (dealing in securities) and Type 2 (dealing in futures contracts) regulated activities.
- Paragraph 3.9 of the Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission.
- A copy of the Statement of Disciplinary Action in relation to the matter is available on the SFC website.
