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From Christine Gaylican, Opalesque Asia:
Hong Kong-based Securities and Futures Commission (HK-SFC) has reprimanded another company, Asia Pacific Securities Ltd (APSL), with US$100,000 in fines as it was found guilty of padding the amount of liquid capital required by authorities (Source).
In a statement posted on its website, the HK-SFC also cited that APSL's officer Canice Chan Yau Fung has been stripped of her license to deal Type 1 securities as she was responsible for the said compliance violation.
Mark Steward, the SFC's Executive Director of Enforcement said that APSL's fine has been reduced though from US$1.4 million as company officers agreed to engage an independent audit firm to verify its liquid capital position consisting of 12 intra-month liquid capital computations for the period between October 2009 and September 2010.
"The Financial Resources Rules are a key prudential safeguard protecting
clients and creditors of licensed firms who find themselves in financial
difficulty. The SFC has little sympathy for firms which manipulate their
monthly returns," said Steward.
According to the investigation, APSL had wrongly included in the ledger balance "amounts due by directors" account, representing money advanced to its directors, into the calculation of its liquid capital.
Average deficits in the required liquid ...................... To view our full article Click here
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