3 Sep 2020
The Eastern Magistrates’ Court today convicted Mr Lau Tin Yau in a prosecution brought by the SFC for offences under the SFO that arose from his licence applications to the SFC.
Lau, who pleaded guilty to all the charges against him, was fined $36,000 and ordered to pay the SFC’s investigation costs. The SFC told the Court that Lau failed to disclose in two licence applications to the SFC in August 2017 that he was a subject of investigations by other regulatory or criminal investigation bodies. After becoming an SFC licensed individual, Lau submitted an annual licensing return to the SFC in March 2018 and declared that there was no change in the information he previously provided to the SFC, including information pertaining to investigations, when in fact he had been charged with a criminal offence and was still under investigations during the relevant reporting period from 26 September 2017 to 28 February 2018. Lau also failed to report to the SFC within seven business days of the occurrence of events related to criminal and disciplinary proceedings against him.
The SFC expects applicants and licensees to make complete, true and correct disclosure of all information submitted and make timely reports if there are any changes. Failure to do so may affect their fitness and properness to be licensed or remain to be licensed.
Read more: https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=20PR85