.Tony Kim.Sep 07, 2024 03:49.The Hong Kong Monetary Authority has actually put on hold the registration of LI Shek Flavor for nine months due to transgression including the fabrication of a client's trademark.
The Hong Kong Monetary Authorization (HKMA) has actually introduced the revocation of Mr. LI Shek Flavor's registration for 9 months, observing an inspection into misconduct. The punitive activity was taken under segment 58A( 1) of the Financial Statute (Section 155 of the Regulations of Hong Kong) as well as will certainly work coming from September 4, 2024, to June 3, 2025, depending on to the HKMA.Particulars of the Transgression.The examination uncovered that in March 2023, LI xeroxed a consumer's trademark on an opportunity deposit application form to deceive his hiring bank in to thinking it was actually authorized by the consumer. Although this action was actually not done during a controlled activity under the Stocks as well as Futures Regulation (Chapter 571 of the Legislations of Hong Kong), it raised severe worries concerning LI's honesty and also credibility in performing regulated activities.The HKMA has actually determined that LI is actually certainly not a fit and also suitable individual to be a relevant individual, referencing area 129( 1 )( c) and also (d) of the Securities and Futures Regulation as well as the Match and Suitable Guidelines issued by the Stocks as well as Futures Commission.Representative Declaration.Mr. Raymond Chan, Manager Supervisor (Administration as well as AML) of the HKMA, discussed the case, explaining, "Manufacture of a customer's trademark is an unethical act. It reflects adversely on the individual's health and fitness as well as properness to continue controlled activities. The HKMA notes that there has been a growth in the amount of administration cases entailing jive of client signatures just recently. We are actually working with the Hong Kong Association of Banks to tell banking companies of the demand for developing a solid observance culture within their sales staffs with normal instruction.".Previous and Present Connections.During the time of the occurrence, LI was actually engaged by Hang Seng Financial Institution, Limited for Types 1, 4, and 7 regulated activities under the Stocks as well as Futures Ordinance. Presently, LI is actually accredited to another licensed organization.The HKMA's selection underscores the relevance of keeping higher honest specifications within the economic sector to guarantee the honesty and credibility of financial professionals.Image source: Shutterstock.