The agency is using new surveillance tools to crack down on financial crimes.
It is also celebrating the 35th anniversary of its founding in response to a local stock market crisis.
The
Securities and Futures Commission (SFC) of Hong Kong has taken aggressive enforcement actions over the past year to combat insider trading, market manipulation, corporate fraud, and other financial crimes, according to the
agency's latest annual report.
Its
publication coincided with the celebrations of the 35th anniversary of the
regulator's operation as the "guardian of Hong Kong’s capital
markets."
Hong Kong Financial
Regulator Cracks Down on Market Misconduct and Fraud
HK’s
financial watchdog brought
a record number of criminal charges and civil proceedings against individuals and corporations suspected of serious misconduct in the city's
financial markets during the 2023-2024 fiscal year.
SFC
initiated 183 investigations and laid 50 criminal charges against 24 people
over the 12-month period ending March 31, 2024. The agency secured convictions
against two individuals, with ongoing proceedings against the others.
On the
civil enforcement front, the SFC has 37 cases pending before the courts seeking
financial penalties and other orders against 204 entities and people. The
regulator also took disciplinary actions against 14 individuals and 12
corporations, levying $49.9 million in total fines.
“We take
proactive and resolute enforcement actions to protect investors, punish
wrongdoers and safeguard the reputation and integrity of our markets. Our
strategic focus on high-impact cases helps us address key risks in financial
markets and send strong deterrent messages,” SFC commented in the report.
For
example, the SFC also brought Hong Kong's first criminal prosecution for
employing a fraudulent scheme in illegal short selling. The defendant pleaded
guilty and was sentenced to 18 months in prison.
To
strengthen surveillance, the SFC issued a record 4,627 requests for trading and
account records from brokers. It also posted a "high concentration"
alert to caution investors about trading stocks with highly concentrated
ownership.
"By
leveraging our surveillance capabilities combined with data analytics,
resources can now be directed towards cases of high impact and high strategic
value that will have the desired deterrence effect," the SFC said, noting
that a new investor identification system launched in March 2023 has
significantly enhanced its ability to detect irregularities and problematic
trading patterns in real-time.
35 Years of Protecting
Capital Markets
The
Securities and Futures Commission (SFC) was established in May 1989, precisely
35 years ago, in response to a stock market crash two years
earlier. In 2003, the Securities and Futures Ordinance (SFO) was introduced,
significantly expanding the scope of the institution's functions and powers.
"The
achievements we made and valuable experience gained over the years will stand
us in good stead to steer Hong Kong’s capital markets," said the SFC’s Chairman Tim Lui. "To this end, we remain steadfast in our commitment to
ensuring market integrity and resilience in the face of emerging trends and new
challenges at the local, regional, and global levels."
The SFC now
oversees nearly 50,000 registered firms and individuals. In the last fiscal,
the regulator received over 7,200 new licensing applications: 7,035 from
individuals and 220 from corporations.
Several
other prominent market watchdogs, including Malta's MFSA, have also recently
published their annual enforcement reports. Enforcement actions in 2023 totaled
77, of which 60 were administrative penalties, amounting to
€444,800. For comparison, Cyprus' CySEC issued fines of over $2.2 million, and
the UK's FCA issued fines of nearly £53 million.
The
Securities and Futures Commission (SFC) of Hong Kong has taken aggressive enforcement actions over the past year to combat insider trading, market manipulation, corporate fraud, and other financial crimes, according to the
agency's latest annual report.
Its
publication coincided with the celebrations of the 35th anniversary of the
regulator's operation as the "guardian of Hong Kong’s capital
markets."
Hong Kong Financial
Regulator Cracks Down on Market Misconduct and Fraud
HK’s
financial watchdog brought
a record number of criminal charges and civil proceedings against individuals and corporations suspected of serious misconduct in the city's
financial markets during the 2023-2024 fiscal year.
SFC
initiated 183 investigations and laid 50 criminal charges against 24 people
over the 12-month period ending March 31, 2024. The agency secured convictions
against two individuals, with ongoing proceedings against the others.
On the
civil enforcement front, the SFC has 37 cases pending before the courts seeking
financial penalties and other orders against 204 entities and people. The
regulator also took disciplinary actions against 14 individuals and 12
corporations, levying $49.9 million in total fines.
“We take
proactive and resolute enforcement actions to protect investors, punish
wrongdoers and safeguard the reputation and integrity of our markets. Our
strategic focus on high-impact cases helps us address key risks in financial
markets and send strong deterrent messages,” SFC commented in the report.
For
example, the SFC also brought Hong Kong's first criminal prosecution for
employing a fraudulent scheme in illegal short selling. The defendant pleaded
guilty and was sentenced to 18 months in prison.
To
strengthen surveillance, the SFC issued a record 4,627 requests for trading and
account records from brokers. It also posted a "high concentration"
alert to caution investors about trading stocks with highly concentrated
ownership.
"By
leveraging our surveillance capabilities combined with data analytics,
resources can now be directed towards cases of high impact and high strategic
value that will have the desired deterrence effect," the SFC said, noting
that a new investor identification system launched in March 2023 has
significantly enhanced its ability to detect irregularities and problematic
trading patterns in real-time.
35 Years of Protecting
Capital Markets
The
Securities and Futures Commission (SFC) was established in May 1989, precisely
35 years ago, in response to a stock market crash two years
earlier. In 2003, the Securities and Futures Ordinance (SFO) was introduced,
significantly expanding the scope of the institution's functions and powers.
"The
achievements we made and valuable experience gained over the years will stand
us in good stead to steer Hong Kong’s capital markets," said the SFC’s Chairman Tim Lui. "To this end, we remain steadfast in our commitment to
ensuring market integrity and resilience in the face of emerging trends and new
challenges at the local, regional, and global levels."
The SFC now
oversees nearly 50,000 registered firms and individuals. In the last fiscal,
the regulator received over 7,200 new licensing applications: 7,035 from
individuals and 220 from corporations.
Several
other prominent market watchdogs, including Malta's MFSA, have also recently
published their annual enforcement reports. Enforcement actions in 2023 totaled
77, of which 60 were administrative penalties, amounting to
€444,800. For comparison, Cyprus' CySEC issued fines of over $2.2 million, and
the UK's FCA issued fines of nearly £53 million.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
Week In Review: Chaos at BDSwiss , IronFX Founder's Prop Firm, US FX Deposits, and More
Transformation in the APAC Trading Landscape and Beyond | FMPS:24
Transformation in the APAC Trading Landscape and Beyond | FMPS:24
As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
Speakers:
Eric Blewitt, CEO, Investment Trends
Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC)
Michael Bogoevski, Head of Institutional Sales, CMC Connect
Karin Setchell, General Manager, Product & Investing Solutions, CommSec
#fmps #fmps24 #fmevents #RetailTrading #FintechInnovation #FinancialRegulation #DigitalAssets #GlobalFinance
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage.
Subscribe to our YouTube channel for more!
As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
Speakers:
Eric Blewitt, CEO, Investment Trends
Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC)
Michael Bogoevski, Head of Institutional Sales, CMC Connect
Karin Setchell, General Manager, Product & Investing Solutions, CommSec
#fmps #fmps24 #fmevents #RetailTrading #FintechInnovation #FinancialRegulation #DigitalAssets #GlobalFinance
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
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Executive Interviews with Joe Li & Simon Naish | ATFX | FMPS:24
Executive Interviews with Joe Li & Simon Naish | ATFX | FMPS:24
In this Finance Magnates Executive Interview, Joe Li, Chairman at ATFX and Simon Naish, Country Head of Australia at ATFX Connect, discuss ATFX’s strategic growth in the APAC region, particularly focusing on their institutional arm, ATFX Connect. They highlight the importance of Australia as a strategic hub, the challenges of operating in a highly competitive and regulated market, and their plans for regional expansion across APAC. The conversation touches on the integration of advanced technology and multi-asset offerings, the significance of optimal execution tools, and the importance of tailoring solutions to meet the sophisticated demands of institutional clients. They also emphasize their strong regulatory compliance and their commitment to enhancing client experience through innovative tools and infrastructure.
#fmps #fmps24 #fmevents #ATFXConnect #APACFinance #InstitutionalTrading #FinancialTechnology #MarketExpansion
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage.
Subscribe to our YouTube channel for more!
In this Finance Magnates Executive Interview, Joe Li, Chairman at ATFX and Simon Naish, Country Head of Australia at ATFX Connect, discuss ATFX’s strategic growth in the APAC region, particularly focusing on their institutional arm, ATFX Connect. They highlight the importance of Australia as a strategic hub, the challenges of operating in a highly competitive and regulated market, and their plans for regional expansion across APAC. The conversation touches on the integration of advanced technology and multi-asset offerings, the significance of optimal execution tools, and the importance of tailoring solutions to meet the sophisticated demands of institutional clients. They also emphasize their strong regulatory compliance and their commitment to enhancing client experience through innovative tools and infrastructure.
#fmps #fmps24 #fmevents #ATFXConnect #APACFinance #InstitutionalTrading #FinancialTechnology #MarketExpansion
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage.
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Ready to Scale? Regtech in Australia, A Global View | FMPS:24
Ready to Scale? Regtech in Australia, A Global View | FMPS:24
In the effort to elevate Australian fintech on the global stage, RegTech presents a unique and compelling case. Despite the increasing demand for robust compliance solutions, Australia's RegTech sector—ranked third-largest globally—remains underfunded. Join this insightful fireside chat to explore the future of Australia’s RegTech hub and its global potential.
Key discussion points include uncovering the hidden opportunities in RegTech that VCs are overlooking, the necessary steps for increased governmental support, the readiness of the local ecosystem to collaborate across global regulatory regimes, and lessons learned from other leading fintech hubs around the world.
Speakers:
Dickie Currer, National Lead, Tech Australia Advocates
Deborah Young, CEO, The RegTech Association
#fmps #fmps24 #fmevents #RegTech #Fintech #AustralianFintech #GlobalCompliance #TechInnovation
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
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▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage.
Subscribe to our YouTube channel for more!
In the effort to elevate Australian fintech on the global stage, RegTech presents a unique and compelling case. Despite the increasing demand for robust compliance solutions, Australia's RegTech sector—ranked third-largest globally—remains underfunded. Join this insightful fireside chat to explore the future of Australia’s RegTech hub and its global potential.
Key discussion points include uncovering the hidden opportunities in RegTech that VCs are overlooking, the necessary steps for increased governmental support, the readiness of the local ecosystem to collaborate across global regulatory regimes, and lessons learned from other leading fintech hubs around the world.
Speakers:
Dickie Currer, National Lead, Tech Australia Advocates
Deborah Young, CEO, The RegTech Association
#fmps #fmps24 #fmevents #RegTech #Fintech #AustralianFintech #GlobalCompliance #TechInnovation
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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Resilience in Trading: From Third Class To World Class | FMPS:24
Resilience in Trading: From Third Class To World Class | FMPS:24
Join Mario Singh, Founder and Chairman of Fullerton Markets, as he shares his life story, highlighting the traits that were required starting without financial knowledge to become a financial and trading expert recognised by world-renowned media like CNBC & Bloomberg.
#fmps #fmps24 #fmevents #trading #onlinetrading #tradingexpert #tradingjourney
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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🐦 Twitter: https://twitter.com/F_M_events
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▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage.
Subscribe to our YouTube channel for more!
Join Mario Singh, Founder and Chairman of Fullerton Markets, as he shares his life story, highlighting the traits that were required starting without financial knowledge to become a financial and trading expert recognised by world-renowned media like CNBC & Bloomberg.
#fmps #fmps24 #fmevents #trading #onlinetrading #tradingexpert #tradingjourney
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
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🐦 Twitter: https://twitter.com/F_M_events
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IBs and Brokers: The Good, The Bad, The Ugly | FMPS:24
IBs and Brokers: The Good, The Bad, The Ugly | FMPS:24
For most brokers, IBs and trading educators are invaluable partners, driving highly targeted traffic from key regions. However, without proper management, these relationships can quickly turn sour. In this session, gain an insider’s perspective on the types of licenses IBs need in APAC, the crucial details in IB agreements that both parties must scrutinize, common disputes between IBs and brokers and effective resolutions, and the pros and cons of transitioning from IB to broker.
Speakers:
Melody Gao, Senior Lawyer, Sophie Grace
James Perry-Keene, Head of Strategic Partnerships, Pepperstone
Christopher Balanzategui, CEO, N3tworx
#fmps #fmps24 #fmevents #IBAgreements #BrokerPartnerships #TradingIndustry #APACFinance #FinancialRegulation
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For most brokers, IBs and trading educators are invaluable partners, driving highly targeted traffic from key regions. However, without proper management, these relationships can quickly turn sour. In this session, gain an insider’s perspective on the types of licenses IBs need in APAC, the crucial details in IB agreements that both parties must scrutinize, common disputes between IBs and brokers and effective resolutions, and the pros and cons of transitioning from IB to broker.
Speakers:
Melody Gao, Senior Lawyer, Sophie Grace
James Perry-Keene, Head of Strategic Partnerships, Pepperstone
Christopher Balanzategui, CEO, N3tworx
#fmps #fmps24 #fmevents #IBAgreements #BrokerPartnerships #TradingIndustry #APACFinance #FinancialRegulation
📣 Stay updated with the latest in finance and trading!
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