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18 months' suspension for responsible officer

BIScom Subsection: 
Author: 
Editorial Staff

Hong Kong's Securities and Futures Commission has suspended the former responsible officer of China Merchants Securities (HK) Co., Limited for compliance failures.

The Securities and Futures Commission (SFC) has suspended the licence of Mr Wu Yinong, a former responsible officer (RO) of China Merchants Securities (HK) Co., Limited (CMS), for 18 months from 25 February 2019 to 24 August 2020 for breaching the SFC’s Code of Conduct and the Sponsor Guidelines

Wu was approved by the SFC to act as an RO and a sponsor principal of CMS in respect of its Type 6 (advising on corporate finance) regulated activity from 13 October 2006 to 9 October 2012 and 28 February 2007 to 9 October 2012, respectively. He was found to have breached the Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission and the Additional Fit and Proper Guidelines for Corporations and Authorized Financial Institutions applying or continuing to act as Sponsors and Compliance Advisers.

Wu was a sponsor principal in charge of supervision of the execution of a listing application in 2009 for which CMS was one of the sponsors.

The SFC found that Wu failed to discharge his duties as a sponsor principal and an RO of CMS, in that he had failed to:

exercise due skill, care and diligence in handling the listing application;
ensure the maintenance of appropriate standards of conduct and adherence to proper procedures by CMS; and
diligently supervise his subordinates and the sponsor work undertaken by CMS.

In determining the sanction, the SFC took into account Wu’s cooperation and willingness to resolve the SFC’s concerns.

The SFC is continuing its investigation into the conduct of CMS and its co-sponsor for the listing application in question. The details of its disciplinary action against Wu are being maintained confidential until the conclusion of the action against CMS and its co-sponsor.

 


 

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