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The following is issued on behalf of the Hong Kong Monetary Authority:
The Hong Kong Monetary Authority (HKMA) has suspended the relevant particulars* of Mr So Yiu-wing and Mr Ng Chun-mi from the register maintained under Section 20(1)(ea) of the Banking Ordinance for one month from September 23, 2011 to October 22, 2011.
The disciplinary actions follow an investigation by the HKMA, which discovered that Mr So and Mr Ng intentionally circumvented their employer's internal procedures to cover their mistakes in April 2007 by causing other clients to take up their error trades**.
In deciding the disciplinary sanction, the HKMA has taken into account that the clients involved suffered no or an insignificant amount of financial loss and both Mr So and Mr Ng have clean disciplinary records.
Notes:
* At the material time, Mr So's and Mr Ng's names were included in the register maintained by the HKMA under Section 20(1)(ea) of the Banking Ordinance as persons engaged by Fubon Bank (Hong Kong) Limited to conduct Type 1 (dealing in securities) and Type 4 (advising on securities) regulated activities.
** "Error trades" refer to transactions wrongly executed in price, share quantity or buy/sell orders.
Ends/Friday, September 23, 2011
Issued at HKT 16:49
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