.Tony Kim.Sep 07, 2024 03:49.The Hong Kong Monetary Authority has suspended the enrollment of LI Shek Flavor for 9 months because of misconduct involving the assembly of a customer's trademark.
The Hong Kong Monetary Authority (HKMA) has introduced the suspension of Mr. LI Shek Flavor's registration for 9 months, observing an inspection in to transgression. The disciplinal activity was actually taken under segment 58A( 1) of the Banking Ordinance (Section 155 of the Rules of Hong Kong) and also will definitely work coming from September 4, 2024, to June 3, 2025, depending on to the HKMA.Particulars of the Misdoing.The inspection revealed that in March 2023, LI photocopied a client's trademark on an opportunity down payment application form to deceive his working with banking company in to feeling it was initially authorized by the client. Although this action was actually certainly not performed in the course of a regulated task under the Securities and also Futures Ordinance (Section 571 of the Legislations of Hong Kong), it increased severe issues regarding LI's sincerity and integrity in executing moderated activities.The HKMA has actually identified that LI is certainly not a fit and also effective person to be an appropriate individual, referencing segment 129( 1 )( c) and (d) of the Stocks and also Futures Regulation and the Match as well as Appropriate Rules issued by the Securities and Futures Earnings.Official Statement.Mr. Raymond Chan, Executive Director (Enforcement and also AML) of the HKMA, discussed the lawsuit, saying, "Fabrication of a customer's trademark is actually an unethical act. It shows detrimentally on the individual's exercise as well as properness to carry on controlled activities. The HKMA observes that there has been an increase in the number of enforcement situations entailing work of client trademarks just recently. Our team are actually working with the Hong Kong Association of Banks to remind banks of the need for constructing a powerful conformity society within their purchases staffs by means of regular training.".Previous and also Present Associations.At the moment of the occurrence, LI was actually interacted by Hang Seng Financial Institution, Limited for Types 1, 4, and also 7 regulated activities under the Stocks and also Futures Ordinance. Presently, LI is actually recognized to one more licensed establishment.The HKMA's choice emphasizes the usefulness of keeping high honest specifications within the monetary industry to ensure the honesty and also reliability of economic professionals.Image resource: Shutterstock.