Daily News Headlines

  • News Headlines – 2-8 Apr 2021

    [Hong Kong] Arrest warrant issued for alleged social media ramp-and-dump manipulator

    SFC Enforcement news, 1 Apr 2021

    The Eastern Magistrates’ Court issued a warrant to arrest Ms Zeng Lingxi after she failed to appear in Court to answer two charges of obstructing the SFC’s search operation in May 2020. Zeng, an alleged member of a syndicate suspected of operating social media ramp-and-dump scams, is summoned for obstructing employees of the SFC in the execution of a search warrant and in exercising the powers under the Securities and Futures Ordinance during the search operation.

    Full text: click here

    [Singapore] Reply to Parliamentary Question on Crypto Asset Market

    MAS News, 5 Apr 2021

    The size of the cryptocurrency market in Singapore remains small compared to shares and bonds, said Mr Tharman Shanmugaratnam, Senior Minister and Minister in charge of MAS, while replying a parliamentary question regarding the size of crypto asset market and how are crypto asset exchanges regulated in Singapore. Exchanges offering the trading of cryptocurrencies are regulated as digital payment token service providers under the Payment Services Act. As for securities tokens, they are subject to the same securities laws as traditional securities.

    Full text: click here

    [Hong Kong] Market Misconduct Tribunal sanctions two former executives for insider dealing in Asia Telemedia Limited shares

    SFC Enforcement news, 7 Apr 2021

    The Market Misconduct Tribunal (MMT) has sanctioned two former executives of Asia Telemedia Limited (ATML) (now known as Yunfeng Financial Group Limited) – Mr Charles Yiu Hoi Ying and Ms Marian Wong Nam. Yiu and Wong was banned from dealing in securities in Hong Kong for three years, effective from 15 April 2021. The losses of $3,123,329.02 and $1,076,937.97 avoided by Yiu and Wong, respectively, in their insider dealing of ATML shares also be disgorged.

    Full text: click here

    [Hong Kong] Circular to Money Service Operators Anti-Money Laundering / Counter-Terrorist Financing - United Nations Sanctions (ISIL and Al-Qaida) Regulation, United Nations (Anti-Terrorism Measures) Ordinance, United Nations Sanctions (Somalia) Regulation 2019, United Nations Sanctions (Sudan) Regulation 2013, United Nations Sanctions (Central African Republic) Regulation 2020 & United Nations Sanctions (Yemen) Regulation 2019

    C&ED Circular, 7 Apr 2021

    Hong Kong Customs and Excise Department issued a circular regarding the updated lists on the above-captioned regulation. The C&ED expects all new designations to be screened by Money Service Operators against their client lists as soon as practicable whenever there are updates.

    Full text: click here

    [Singapore] Person charged for false trading and unauthorised use of trading accounts under the Securities and Futures Act

    MAS Enforcement, 8 Apr 2021

    Mr Goh Jia Poh, Kenneth was charged for offences under the Securities and Futures Act, as he is accused of trading in multiple securities listed on the Mainboard or the Catalist of the Singapore Exchange Securities Trading Ltd, for the purpose of creating a false appearance regarding the market for the securities. These trades took place between 6 January 2016 and 20 September 2018. In the course of his conduct, Mr Goh used various trading accounts including four which did not belong to him, without duly notifying the relevant brokerages.

    Full text: click here