The Hong Kong Securities and Futures Fee (SFC) has prohibited Mr Ivan Chan Chuk Cheung, a former accountable officer (RO) of Changjiang Company Finance (HK) Restricted (CJCF), from re-entering the trade for seven years from 10 October 2023 to 9 October 2030.
The explanation for the regulatory determination is Cheung’s failing to discharge his supervisory duties as a sponsor principal answerable for 5 itemizing purposes.
The disciplinary motion follows the sooner sanctions towards CJCF for severe and intensive failures in discharging its duties because the sponsor in six itemizing purposes, together with the 5 Itemizing Purposes. The 5 Itemizing Purposes involved Pacific Infinity Assets Holdings Restricted, Perpetual Energy Holdings Restricted, Van Chuam Worldwide (Cayman) Restricted, Rising Solar Development Holdings Restricted and Byleasing Holdings Restricted.
The SFC discovered that the failures dedicated by CJCF, being the only sponsor within the 5 Itemizing Purposes, have been attributable to neglect on the a part of Chan.
Particularly, Chan failed in his position because the sponsor principal to:
- train due ability, care and diligence in dealing with the 5 Itemizing Purposes;
- diligently supervise the transaction groups in finishing up the sponsor work; and
- guarantee the upkeep of applicable requirements of conduct by CJCF.
In deciding the disciplinary sanction, the SFC has taken under consideration all related elements, together with the gravity of Chan’s failures as a sponsor principal and his in any other case clear disciplinary report with the SFC.