.Tony Kim.Sep 07, 2024 03:49.The Hong Kong Monetary Authorization has suspended the registration of LI Shek Flavor for nine months because of misdoing including the assembly of a customer's trademark.
The Hong Kong Monetary Authority (HKMA) has revealed the revocation of Mr. LI Shek Tang's sign up for 9 months, observing an examination into misconduct. The disciplinal action was taken under part 58A( 1) of the Financial Statute (Section 155 of the Rules of Hong Kong) and also will certainly work coming from September 4, 2024, to June 3, 2025, according to the HKMA.Details of the Misdoing.The investigation exposed that in March 2023, LI xeroxed a consumer's signature on an opportunity down payment application to deceive his using financial institution right into thinking it was actually actually signed due to the client. Although this process was certainly not conducted in the course of a controlled task under the Stocks as well as Futures Statute (Chapter 571 of the Regulations of Hong Kong), it raised serious concerns about LI's honesty and integrity in performing managed activities.The HKMA has determined that LI is actually certainly not a fit and suitable person to become a pertinent person, referencing segment 129( 1 )( c) and also (d) of the Stocks and also Futures Statute as well as the Fit and also Appropriate Rules given out by the Securities and Futures Commission.Representative Statement.Mr. Raymond Chan, Manager Director (Administration and also AML) of the HKMA, talked about the case, explaining, "Construction of a customer's trademark is a deceitful act. It reflects detrimentally on the person's health and fitness and properness to carry on controlled activities. The HKMA observes that there has been a rise in the amount of enforcement cases including fable of client trademarks lately. Our experts are actually working with the Hong Kong Affiliation of Banks to tell banking companies of the requirement for developing a tough observance society within their purchases groups via routine instruction.".Previous and also Present Associations.Back then of the event, LI was actually involved through Hang Seng Bank, Limited for Kind 1, 4, as well as 7 managed activities under the Stocks and Futures Ordinance. Currently, LI is recognized to another licensed company.The HKMA's selection underscores the significance of keeping higher ethical criteria within the financial market to ensure the stability as well as trustworthiness of monetary professionals.Image source: Shutterstock.