Page 652 - 《期货和衍生品行业监管动态》（2022年合集）

期货和衍生品行业监管动态

The Securities and Futures Commission (SFC) has reprimanded and fined
Swiss-Asia Asset Management (HK) Limited (Swiss-Asia) $3 million for internal

control failings and regulatory breaches in relation to the monitoring of trading

activities in discretionary accounts and record keeping (Notes 1 to 6).

The disciplinary action follows an SFC investigation into the internal controls of

Swiss-Asia after a client’s complaint. The complaint centred on option trading by a

former licensed representative of Swiss-Asia in the client’s discretionary

account. The client claimed that some of the trades were much riskier than agreed

and fell outside the scope of her asset management mandate agreement with

Swiss-Asia between April 2015 and August 2016.

The SFC’s investigation found deficiencies in internal controls of Swiss-Asia, in

that it failed to:

 properly monitor the trading activities in the client’s discretionary
account for around 15 months;

 have procedures in place to ensure proper supervision of the

operation of discretionary accounts; and

 maintain proper records of its compliance checks on discretionary

accounts.

 In deciding the sanction, the SFC took into account all relevant

circumstances, including:

 the duration of Swiss-Asia’s failures;

 Swiss-Asia’s cooperation in resolving the SFC’s concerns; and

 Swiss-Asia’s otherwise clean disciplinary record.

Notes:

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