Hong Kong’s Securities and Futures Fee (SFC) has prohibited Mr Tsang Kwong Fai, a former accountable officer (RO) and sponsor principal of RaffAello Capital Restricted, from re-entering the trade for 2 years from 11 July 2023 to 10 July 2025.
The rationale for the ban is Tsang’s breaching the SFC’s Code of Conduct. Tsang was the sponsor principal answerable for supervision of the execution of an inventory utility from 2017 to 2018, for which RaffAello was the only real sponsor.
The SFC discovered that Tsang did not discharge his duties as a sponsor principal, RO and member of the senior administration of RaffAello, in that he had did not:
- train due talent, care and diligence in dealing with the itemizing utility;
- diligently supervise his subordinates in finishing up the sponsor work; and
- guarantee the upkeep of acceptable requirements of conduct and adherence to correct programs, controls and procedures by RaffAello to control sponsor work.
In deciding on the sanction, the SFC took into consideration all related circumstances, together with the gravity of Tsang’s failures as a sponsor principal and his in any other case clear disciplinary file.