The Securities and Futures Fee (SFC) has issued a restriction discover to China Worldwide Capital Company Hong Kong Securities Restricted (CICC), prohibiting it from coping with or processing sure belongings held in a consumer account which is said to suspected insider dealing.
The SFC notes that it’s not investigating CICC. The restriction discover doesn’t have an effect on CICC’s operations or its different shoppers.
The restriction discover prohibits CICC, with out the SFC’s prior written consent, from disposing of or coping with, or aiding, counselling or procuring one other individual to eliminate or cope with, any belongings in any means within the account as much as a certain quantity, together with:
- (i) getting into into transactions in respect of any securities;
- (ii) processing any withdrawals or transfers of securities and/or money on the directions of any licensed individual of the account or by any individual performing on their behalf;
- (iii) disposing of or coping with any securities and/or money on the directions of any licensed individual of the account or by any individual performing on their behalf; and/or
- (iv) aiding one other individual to eliminate any related property or cope with any related property in a specified method.
CICC can be required to inform the SFC instantly if it receives any of those directions.
The regulatory investigation is ongoing.
