As an experienced financial analyst with a background in securities regulation and enforcement, I find Mr. Wong Ming Chung’s actions to be egregious and a clear violation of the Securities and Futures Commission (SFC) rules. The court’s ruling is a reminder that even licensed individuals must adhere to strict regulations when providing investment advice, especially in a public forum like a Telegram chat group.
The Eastern Magistrates’ Court ruled that Mr. Wong Ming Chung, holding a permit from the Securities and Futures Commission (SFC), had provided unauthorized investment guidance through a Telegram discussion forum.
Wong admitted to operating an unlicensed securities advisory business, resulting in a fine of $10,000 from the court and the requirement to cover the investigation expenses of the Securities and Futures Commission (SFC).
Wong is licensed by the Securities and Futures Commission (SFC) to perform two types of regulated activities: Type 1 (dealing in securities) and Type 4 (advising on securities). However, his authorization only allows him to act on behalf of the company he is accredited to, not personally.
I served as the administrator of the “FRANKY – 即市直播谷” Telegram chat group, which was accessible to the general public upon subscription, from the 2nd of January, 2018, until the 21st of May, 2019.
During this period, Wong responded to queries from subscribers about the behavior of the Hang Seng Index and other Hong Kong-listed stocks with regular commentaries. However, he performed these tasks outside the authorization of his accredited firm, a violation of Securities and Futures Commission (SFC) regulations.
Under the Securities and Futures Ordinance (SFO), providing advice on securities is considered a regulated activity as outlined in Schedule 5. According to Sections 114(1)(a) and 114(8) of the SFO, it’s unlawful to carry out this type of business without obtaining a license from the Securities and Futures Commission (SFC), unless there are valid justifications.
Despite holding a license, Wong went beyond the limits of his authorization by offering individual counsel through the Telegram group.
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2024-06-21 09:56