The Securities and Futures Commission (SFC) has suspended the licence of Mr Ho Siu Po for seven months from 16 October 2014 to 15 May 2015 (Note 1).
The SFC found that between 2011 and April 2013, Ho, who was a licensed representative of DBS Vickers (Hong Kong) Limited (DBS):
- conducted transactions in client accounts on a discretionary basis; and
- accepted cash deposits directly from a client and in turn made seven deposits to DBS’ account on behalf of the client.
Ho’s conduct was in breach of DBS’ internal policies, which prohibited staff from exercising discretionary authority for clients and receiving cash deposits directly from clients. These policies are designed to protect DBS operations and its clients from financial loss arising from improper conduct (Note 2).
The SFC concludes that Ho has not met the standards required of him under the Code of Conduct as he failed to act with due skill, care and diligence in performing his duties as a licensed representative, and as such, Ho’s fitness and properness has been called into question.
In deciding the sanction, the SFC took into account all relevant circumstances, including:
- Ho’s conduct demonstrates his disregard for the Code of Conduct and DBS’ internal control policies; and
- Ho’s conduct exposed DBS to potential regulatory and compliance risk.
Notes:
- Ho is licensed as a representative under the Securities and Futures Ordinance to carry on Type 1 (dealing in securities) and Type 2 (dealing in futures contracts) regulated activities. Ho, who was accredited to DBS Vickers (Hong Kong) Limited between October 2003 and May 2013, is currently not accredited to any licensed corporation.
- Paragraph 4.3 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 is available on the SFC website