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The Securities and Futures Commission (SFC) has banned Mr Wong Sze Yiu, a former account executive of Core Pacific-Yamaichi International (H.K.) Limited (CPYI), from re-entering the industry for six months from 26 October 2015 to 25 April 2016 for failures in relation to managing a client’s account on a discretionary basis (Note 1).
The disciplinary action follows an investigation by the SFC which found that, from around February or March 2012 until September 2014, Wong conducted discretionary trading in a client’s account without obtaining her written authorization, and without the knowledge and approval of his employer.
Although the client verbally authorized Wong to trade in her account on a discretionary basis, the absence of written authorization prevented monitoring and supervision by Wong’s employer. The SFC considers that Wong’s conduct resulted in non-compliance with the regulatory requirements on the authorization and operation of a discretionary account under the Code of Conduct (Note 2).
In deciding the sanction, the SFC took into account that Wong’s misconduct lasted for two and a half years, his clean disciplinary record and his cooperation with the SFC.
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Notes:
- Wong was licensed under the Securities and Futures Ordinance to carry on Type 1 (dealing in securities) and Type 2 (dealing in futures contracts) regulated activities. He was accredited to CPYI, Core Pacific-Yamaichi Securities (H.K.) Limited and Core Pacific-Yamaichi Futures (H.K.) Limited between 12 October 2011 and 29 September 2014. Wong is currently not licensed by the SFC.
- Paragraph 7.1 of the Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission.
