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:
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:
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
Hong Kong Monetary Authority
29 July 2015