.Tony Kim.Sep 07, 2024 03:49.The Hong Kong Monetary Authority has actually suspended the enrollment of LI Shek Flavor for 9 months due to misbehavior entailing the construction of a client's trademark.
The Hong Kong Monetary Authority (HKMA) has actually declared the revocation of Mr. LI Shek Flavor's enrollment for 9 months, complying with an investigation into misconduct. The disciplinary action was actually taken under part 58A( 1) of the Financial Ordinance (Chapter 155 of the Rules of Hong Kong) and are going to be effective from September 4, 2024, to June 3, 2025, according to the HKMA.Information of the Misconduct.The investigation disclosed that in March 2023, LI photocopied a client's trademark on an opportunity down payment application form to scam his utilizing financial institution in to believing it was actually signed due to the consumer. Although this act was actually certainly not done in the course of a regulated task under the Securities and Futures Ordinance (Phase 571 of the Rules of Hong Kong), it raised major problems about LI's sincerity and also credibility in performing regulated activities.The HKMA has determined that LI is actually not a fit and correct person to be an appropriate person, referencing section 129( 1 )( c) and also (d) of the Securities and Futures Regulation as well as the Match and Proper Guidelines provided by the Stocks and also Futures Earnings.Authorities Claim.Mr. Raymond Chan, Executive Supervisor (Enforcement and also AML) of the HKMA, discussed the claim, mentioning, "Construction of a client's signature is actually an unethical action. It mirrors detrimentally on the person's fitness and also properness to carry on regulated tasks. The HKMA observes that there has actually been a growth in the lot of enforcement situations including jive of customer trademarks recently. Our team are actually dealing with the Hong Kong Affiliation of Banks to advise banks of the need for constructing a sturdy observance culture within their sales groups by means of regular instruction.".Previous and also Current Connections.At the moment of the incident, LI was actually involved by Hang Seng Banking Company, Limited for Kind 1, 4, as well as 7 regulated tasks under the Stocks and Futures Ordinance. Presently, LI is accredited to one more authorized company.The HKMA's choice highlights the value of preserving higher honest criteria within the monetary sector to guarantee the stability as well as credibility of monetary professionals.Image resource: Shutterstock.