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Securities and Futures Commission of Hong Kong

Year 1989Regulated by Government

The Securities and Futures Commission (SFC) is an independent statutory body set up in 1989 to regulate Hong Kong's securities and futures markets. The SFC derives its investigative, remedial and disciplinary powers from the Securities and Futures Ordinance (SFO) and subsidiary legislation. Operationally independent of the Government of the Hong Kong Special Administrative Region, the SFC is funded mainly by transaction levies and licensing fees. As a financial regulator in an international financial centre, the SFC strives to strengthen and protect the integrity and soundness of Hong Kong's securities and futures markets for the benefit of investors and the industry.

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Disclosure summary
  • Disclosure matching Name matching
  • Disclosure time 2022-12-21
  • Penalty amount $ 358,500.17 USD
  • Reason for punishment Guosen breached regulatory requirements in handling client assets and providing client account statements
Disclosure details

SFC reprimands Guosen Securities (Hong Kong) Brokerage Co., Ltd. for breach of regulatory requirements and fines it RMB 2.8 million

SFC condemns Guosen Securities (HK) (Hong Kong) Broker Limited for Regulatory Violation and Fine of $2.8 MillionDecember 21, 2022 Securities and Futures Commission (SFC) Reprimanded Guosen Securities (HK) (Hong Kong) Brokerage Co., Ltd. (Guosen) was also fined 2.8 million yuan because Guosen violated regulatory requirements in handling client assets and providing client account statements (Note 1). The SFC’s investigation found that between January 1, 2021 and March 7, 2021, Guosen relied on the expired standing authorizations of 1,009 clients to re-pledge their securities collateral to a certain company in order to obtain financial accommodation. bank as collateral. The SFC also found that between May 2020 and November 2020, Guosen provided 930 customers with incomplete and incorrect monthly statements. Guosen's omissions violated the Securities and Futures (Client Securities) Rules ("Client Securities Rules"), the Securities and Futures (Contract Notes, Statements of Account and Receipts) Rules ("Contract Notes Rules") and the Code of Conduct Guidelines" (Notes 2 and 3). The SFC took into account all relevant circumstances when deciding on the above disciplinary action, including: Guosen took remedial action for its violations of the Client Securities Rules and the Contract Notes Rules and proactively reported to the SFC; The above incidents appear to be isolated incidents; there is no evidence that Guosen’s regulatory violations have caused losses to clients; and Guosen has cooperated with the SFC to address the SFC’s concerns and accepted its findings and disciplinary action. End note: Guosen is licensed under the Securities and Futures Ordinance to operate Type 1 (dealing in securities), Type 2 (dealing in futures contracts), Type 4 (advising on securities) and Type 5 (dealing in futures contracts) advising) regulated activities. Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission. The disciplinary action statement is available on the SFC website Last updated on 21 December 2022
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