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The Securities and Futures Commission (SFC) has suspended Mr Chan Chi Ki for six months from 1 April 2014 to 30 September 2014 (Note 1).
The disciplinary action follows an SFC investigation into Chan’s handling of a client’s accounts between December 2010 and November 2011. The SFC found that Chan breached the Code of Conduct because he had (Note 2):
- operated the client’s futures account on a discretionary basis without written authorization; and
- failed to ensure that the client’s assets were properly accounted for and adequately safeguarded by performing currency exchange for the client for settlement, through accepting a sum of money from the client in renminbi and paying, from his personal bank account, the equivalent amount in Hong Kong dollars into the client’s securities account.
In deciding the sanction, the SFC took into account all relevant circumstances of the case, which included:
- Chan is still licensed and serving clients; and
- Chan has an otherwise clean disciplinary record.
Notes:
- Chan 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 and is accredited to Phillip Commodities (HK) Limited and Phillip Securities (Hong Kong) Limited.
- 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.
