Changjiang Asset Management (HK) Limited (CJAM) has been fined $3.4 million by the Securities and Futures Commission (SFC) due to regulatory breaches and internal control failings. The SFC discovered that CJAM had not properly segregated client money, failed to segregate it within the required time frame, and neglected to notify the SFC after becoming aware of under-segregation. Additionally, CJAM issued inaccurate statements of accounts to certain clients and failed to provide statements of accounts within the prescribed time limit to other clients. In determining the disciplinary sanction, the SFC took into account CJAM’s acceptance of liability and clean disciplinary record.
Resource: https://apps.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=23PR78