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Komfie Manalo, Opalesque Asia: Hong Kong's market regulator Securities and Futures Commission (SFC) has issued a restriction notice against asset manager W. Falcon Asset Management (Asia) Limited to safeguard the assets of the firm and its clients, and to protect the interest of its clients and the investing public.
In a statement, the SFC said that the restriction notice is to prohibit the firm, without the SFC's prior written consent, from carrying on all regulated activities for which it is licensed, disposing of or dealing with any assets held by it or held on behalf of its clients, and assisting, counselling or procuring another person to dispose of or deal with any such property, except for the return of any client money, client securities or any other client assets held by the firm as directed by the relevant client.
The SFC's action follows a self-report by W. Falcon informing the SFC that its liquid capital had dropped below the amount required under the Securities and Futures (Financial Resources) Rules. This was caused by a dishonored cheque, in favor of W. Falcon, issued by the sole shareholder and a director of the firm.
The SFC then initiated a review which found that W. Falcon appeared to have a practice of window-dressing its month-end liquid capital reported to the SFC on repeated occasions, in each case through a cheque iss...................... To view our full article Click here
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