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The following is issued on behalf of the Hong Kong Monetary Authority:
The Securities and Futures Commission (SFC) has prohibited Mr Tong Dick Kwong from re-entering the industry for ten months from September 22, 2009 to July 21, 2010 as a result of a disciplinary action taken against him following the Hong Kong Monetary Authority's (HKMA) investigation into allegations against Tong*.
The investigation found that Tong had operated a secret account under the name of his mother-in-law, and approved the credit facilities of this account without disclosing to his employer his relationship with the account holder and his beneficial interest in this account. Tong's conduct breached his employer's staff dealing policy and deprived his employer the opportunity to ensure compliance with the relevant laws and to monitor his trading activities that might be prejudicial to clients.
Mr Raymond Li, the Executive Director of the HKMA responsible for Securities Enforcement, said: "Bank staff should not be engaged in conduct that could frustrate their employers' compliance controls and have every duty to report any activities involving conflict of interest. Personal trades should not be operated in secrecy and/or with possible prejudice to clients' interests. We thank the SFC for taking enforcement action on this case on the basis of the HKMA's investigation findings."
*At the relevant time, Tong was a relevant individual whose name was entered in the register maintained by the Hong Kong Monetary Authority under section 20 of the Banking Ordinance, Cap. 155 as a person engaged by Fubon Bank (Hong Kong) Limited to perform Type 1 (dealing in securities), Type 4 (advising on securities), Type 6 (advising on corporate finance) and Type 9 (asset management) regulated activities
For further enquiries, please contact:
Thomas Chan, Communications Chief, at 2878 1480 or
Hing-fung Wong, Manager (Communications), at 2878 1802
Ends/Tuesday, September 22, 2009
Issued at HKT 18:16
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