Hong Kong's Securities And Futures Commission Suspends Thomas Chan Ping Keung

The Securities and Futures Commission (SFC) has suspended Mr Thomas Chan Ping Keung, a responsible officer and director of Able Alliance International Limited (Able Alliance), for six months from 3 April 2012 to 2 October 2012 (Notes 1 and 2).

The disciplinary action follows Chan’s conviction in the Eastern Magistrates Court in November 2010 on two counts of failing to submit Able Alliance’s audited financial statements for the financial years 2007/2008 and 2008/2009 to the SFC within the specified period and on two counts of making false and misleading representations to the SFC in applications for extending the submission deadlines (Note 3).

In deciding the disciplinary sanction, the SFC took into account Chan’s clear disciplinary record.


Notes:

1. Chan is licensed as a representative under the Securities and Futures Ordinance (SFO) to conduct Type 4 (advising on securities) and Type 9 (asset management) regulated activities. 
2. Able Alliance is a corporation licensed under the SFO to carry on business in Type 4 (advising on securities) and Type 9 (asset management) regulated activities.
3. For further details, please see SFC’s press release dated 8 November 2010.
4. Licensed corporations are required to submit the required documents including audited accounts and financial books and records within four months after the end of the relevant financial year. Failure to submit the required documents within the specified period is a breach of sections 156(1) and 156(5)(b) of the SFO.