SFC Bans Christopher Tse for 12 months
The Securities and Futures Commission (“SFC” or the “Commission”) has banned Mr. Christopher Tse, a former research analyst at RHB Securities Hong Kong Limited (“RHBSHK”), from re-entering the industry for 12 months from 31 January 2020 to 30 January 2021.
Summary of Facts
Mr. Tse was licensed under the Securities and Futures Ordinance to carry on Type 4 (advising on securities) regulated activity and was accredited to between August 2013 and October 2015. Tse is not currently licensed by the SFC.
It was revealed by the SFC that Mr. Tse conducted trades through his father's securities trading account held at another brokerage between August 2013 and October 2015 without informing his then employer, RHBSHK, and traded in a stock on RHBSHK's restricted list on two occasions.
Some of the trades conducted by Mr. Tse through his father's account between November 2013 and July 2015 were: (a) in a manner contrary to his recommendations; and (b) in the shares of companies covered in some of his research reports within 30 days prior to or three days after the issue of the reports. Moreover, Mr. Tse failed to disclose his financial interests in his father's account in relation to four companies in a number of research reports between September 2013 and June 2015.
Mr. Tse as a result not only breached RHBSHK's internal policies and the Code of Conduct for Persons Licensed by or Registered with the SFC (in particular Paragraph 16.4(b)(d)), but also seriously compromised his role as a research analyst and called into question the objectivity of his prepared research reports. As such, the SFC is of the view that he is not a fit and proper person to be licensed.
Disciplinary Action
In deciding on Mr Tse’s ban from re-entering the industry for 12 months, the SFC took into account all relevant circumstances, including the duration of his trading via his father’s account which lasted for two years, the need to alert the industry with a deterrent message that the SFC would not tolerate non-compliance by research analysts with relevant regulatory requirements; and Mr Tse’s otherwise clean disciplinary record.
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中文版本：
證券及期貨事務監察委員會（”證監會”）禁止興業金融證券有限公司（”興業金融”）前研究分析員謝嘉熙重投業界，為期12個月，由2020年1月31日起至2021年1月30日止。
事情摘要
謝先生曾根據《證券及期貨條例》獲發牌進行第4類（就證券提供意見）受規管活動，並在2013年8月至2015年10月期間隸屬興業金融證券有限公司。他現時並非證監會持牌人。
證監會的調查發現，謝先生在2013年8月至2015年10月期間，透過其父親在另一家經紀行的證券交易帳戶進行交易，而沒有通知其當時的僱主興業金融，並且兩次買賣興業金融受限制名單上的股票。
證據顯示，謝先生在2013年11月至2015年7月期間透過其父親的帳戶進行的部分交易：(a)以與謝先生的建議相反的方式進行；及(b)涉及在其部分研究報告發出前30日內或發出後三日內，買賣該等報告所涵蓋的公司的股份。此外，謝先生於2013年9月至2015年6月期間在多份研究報告中沒有披露自己在其父親帳戶內持有的與四家公司有關的財務權益。
謝先生的行為不僅違反了興業金融的內部政策和《證券及期貨事務監察委員會持牌人或註冊人操守準則》(第16.4(b)(d)段)，而且與他作為研究分析員的角色產生嚴重衝突，並且令人質疑他擬備的研究報告的客觀性。因此，證監會認為他不是獲發牌的適當人選。
相關紀律處分
證監會在決定紀律處分時，已考慮到所有相關情況，包括：謝先生在他父親的帳戶中進行交易活動持續兩年以上；有必要向業界傳遞具阻嚇力的訊息，即證監會不會容忍研究分析員不遵守相關的監管規定；及謝先生過往並無遭受紀律處分的紀錄。
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