SFC bans Liu Hsiang-wen for eight months

The Securities and Futures Commission (SFC) has banned Ms Liu Hsiang-wen from re-entering the industry for eight months from 19 January 2016 to 18 September 2016 (Note 1).

The SFC found that Liu had failed to notify the SFC of her criminal conviction in Taiwan in 2010 for promoting and selling offshore funds to Taiwan investors without regulatory approval when she was a licensed representative accredited to CITIC Securities Brokerage (HK) Limited and CITIC Securities Futures (HK) Limited (Notes 2 & 3).

The SFC also found that Liu had made false declarations to the Bank of East Asia Limited, her subsequent employer, in that she did not disclose the criminal conviction in the job application form and self-declaration form submitted to the bank in 2012.

The Hong Kong Monetary Authority has provided assistance in the investigation of this case.

End

Notes:

1. Liu was licensed under the Securities and Futures Ordinance (SFO) to carry on Type 1 (dealing in securities) and Type 2 (dealing in futures contracts) regulated activities when she was accredited to CITIC Securities Brokerage (HK) Limited and CITIC Securities Futures (HK) Limited from 11 June 2010 and 24 November 2011, respectively, to 1 June 2012. Liu was a relevant individual engaged by the Bank of East Asia Limited to carry on Type 1 (dealing in securities) and Type 4 (advising on securities) regulated activities under the SFO between 17 October 2012 and 8 September 2014. Liu is currently not licensed by the SFC or registered with the Hong Kong Monetary Authority.
2. Section 4 of the Securities and Futures (Licensing and Registration) (Information) Rules requires a licensed representative to give notice in writing to the SFC within seven days where there is change to the relevant information, including criminal charge in Hong Kong or elsewhere, of the licensed representative.
3. Liu pleaded guilty to a charge for contravention of Article 16 of Taiwan’s Securities Investment Trust and Consulting Act and was sentenced by the Taiwan Taipei District Court on 4 November 2010 to four months’ imprisonment and a fine of NT$1.2 million, suspended for four years. Liu was also ordered to pay a total sum of NT$300,000 to Taiwan’s National Treasury.