Press Release |
13 December 2006
The Securities and Exchange Surveillance Commission |
(Provisional Translation) |
A disciplinary action has been taken by the HKSFC against a trader of Credit
Suisse (Hong Kong) for breaching the Code of Conduct involving the Japanese
securities market |
1. |
The Securities and Futures Commission of Hong Kong (hereinafter
referred to as the ''HKSFC'') announced today that it had taken
disciplinary action against Mr. Stephan Hug (hereinafter referred to
as ''Hug''), a resident in Hong Kong and a trader of Credit Suisse
(Hong Kong) Limited for breaching the Code of Conduct involving
securities traded in the Japanese market.
The disciplinary action by the HKSFC has come as a result of close
cooperation between the HKSFC and the Japanese Securities and
Exchange Surveillance Commission (hereinafter refer to ''SESC''),
based on a request from the SESC. |
2. |
Outline of the case
(1)Sumitomo Light Metal Industries Limited (hereinafter referred to
as ''SLM'') made an announcement of a new SLM convertible bond
issuance after market close on 2 December 2003. Hug received the
above information and sold the SLM shares prior to the public
announcement.
(2)The HKSFC has concluded that Hug's conduct constituted a breach
of the Code of Conduct for licensed persons. The HKSFC has suspended
Hug for four months from 13 December 2006 to 12 April 2007. |
3. |
This case is a fruitful result of international cooperation to
address misconducts caused by cross-border transactions, and the
SESC appreciates the cooperation of the HKSFC. The SESC is
determined to address market misconducts involving the Japanese
securities markets, regardless of whether it would be conducted by
residents or non-residents, and to further enhance cross-border
cooperation with foreign authorities for the purpose of market
integrity. |
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Recommendations to the FSA |
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