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Press Releases

The Monetary Authority suspends MO Wei for 10 weeks

The Monetary Authority (MA) has under section 58A(1) of the Banking Ordinance (Chapter 155 of the Laws of Hong Kong) (BO) suspended all of the relevant particulars of Ms MO Wei (MO) from the register maintained by the Hong Kong Monetary Authority (HKMA) under section 20(1)(ea) of the BO for 10 weeks from 28 July 2015 to 5 October 2015 (both dates inclusive) (Note 1).

The disciplinary action follows the MA’s investigation which found that MO had failed to:

  • Ÿobtain the specific instructions of her client before selling the client’s shares in two listed companies and entering into a dual currency investment (DCI) transaction on the client’s behalf; and
  • Ÿrecord the order instructions of the client for those transactions.

The MA has found MO guilty of misconduct and is of the opinion that MO is not a fit and proper person to be a relevant individual, in that she failed to act with due skill, care and diligence, and in the best interests of her client and the integrity of the market in breach of the relevant code of conduct (Note 2).

In determining the disciplinary action, the MA has taken into account all of the relevant circumstances of the case, including that:

  • Ÿthe sales of the shares in question were conducted on the basis of MO’s understanding that the client had agreed to such sales;
  • Ÿthe client appeared to have been aware that MO had effected a DCI transaction in the client’s account in accordance with instructions given by the client’s spouse, who was neither the account holder nor authorized to operate the account at the material time; and
  • ŸMO has no disciplinary record.

Meena Datwani, Director-General (Enforcement) of the Hong Kong Monetary Authority said, “This case illustrates that even though a client might have been aware of, or even generally agreed to an intermediary conducting certain investment transactions on his or her behalf, failing to obtain the client's specific instructions on particulars such as the price, quantity, timing of any transaction prior to execution in accordance with regulatory requirements governing non-discretionary accounts, will expose the client to unnecessary risks.  Such misconduct should be avoided."

 

Relevant link: Statement of Disciplinary Action

 

End

 

Notes:

  1. At the relevant time, MO was an individual whose name was in the register maintained by the HKMA under section 20(1)(ea) of the BO as a person engaged by UBS AG in respect of Type 1 (dealing in securities) regulated activity.  MO is currently employed by another bank.
  2. In this case, MO breached General Principle 2, paragraph 3.9 and paragraph 7.1(a) of the Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission prevailing at the material time.

 

Hong Kong Monetary Authority
29 July 2015

 

Last revision date: 29 July 2015
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