HKMA Securities Enforcement Senior Manager

金融管理局高級經理錢曾珙〔Brian Chin Tsang-kung〕，因被航空公司拒絕登機，一怒之下，打傷國泰航空一名地勤人員，早上在荃灣裁判法院，判簽保守行為三年，以及罰款五千元。


裁判官指被告的教育程度，應該清楚什麼是規矩，應為自己行為感到羞恥。國泰本地職員工會主席劉玉光，滿意裁決，認為被告的行為應受譴責。


金管局說，錢曾珙已就事件通知局方，局方會按既定的人事處理機制跟進事件，但發言人現階段不願評論會否對事主進行處分。

案情指被告今年八月，與三名家人乘搭國泰航機往吉隆坡，但因家人遲到，他們在航機起飛前幾分鐘才抵達閘口，地勤人員拒絕四人登機，被告情緒激動，拍打一名地勤人員，對方後來報警將他拘捕。


Hong Kong still has law and order!


I wonder if this "poor guy" can still work in HKMA.

Good News: Chief Executive Officer to leave SFC

SFC just announced that its Chief Executive Officer, Mr Martin Wheatley will be leaving next summer.

The following are standard BS in the press release...

• Chairman of the SFC, Dr Eddy Fong said: "It has been a great pleasure working with Martin, whose leadership has helped the Commission ride out many challenges and strengthen its position as a globally respected regulator. I am thankful to him and I wish him all the best in his future endeavours."
• "My six years with the SFC – hectic and demanding at times – have been very fruitful. The Commission has taken in its stride the many challenges that confronted the financial markets and regulators and we have been able to adopt a pragmatic and sensible approach in our regulation. I am also encouraged to see the work that we have done in tackling market misconduct," Mr Wheatley said.
• "I am very grateful for the support, dedication and professionalism of our staff who carried out their duties conscientiously under very trying circumstances at times. I would like to thank them for their commitment and hard work and I wish the SFC continuing success," he added.
• Mr Wheatley joined the SFC in June 2005 and was appointed as the Commission’s first Chief Executive Officer in 2006.
• Mr Wheatley is a member of the Standing Committee for Standards Implementation of the Financial Stability Board as well as the International Organisation of Securities Commissions (IOSCO) Technical Committee. He currently chairs the IOSCO Technical Committee Task Force on Short Selling.
• Prior to joining the SFC, Mr Wheatley was Deputy Chief Executive of the London Stock Exchange. He was also Chairman of the FTSE International and sat on the Listing Authority Advisory Committee of the Financial Services Authority of England.

Jack's comment: My Xmas wish is that the key personnel change will lead to a much more robust and fair regulatory culture. There are too many power-abusing and irresponsible officials in the world!

Criminal Procedures Not Applicable to SFC Disciplinary Process

This week SFC announced that the Court of Appeal has allowed SFC's appeal against a decision of the Securities and Futures Appeals Tribunal (SFAT) and decided that criminal procedures are not applicable to SFC disciplinary proceedings.


On 19 March 2010, the SFAT altered SFC's decision to revoke the licence of Asser Li Kwok Keung and ban him for 10 years to a suspension for 18 months for lying to SFC and breaching his undertaking to co-operate. In addition, in its determination, the SFAT equated the obligations of the SFC in disciplinary proceedings with that of a prosecutor in criminal proceedings.


SFC appealed to the Court of Appeal against both the penalty imposed by the SFAT and its analogy drawn between SFC's disciplinary process and criminal procedures.


The Court of Appeal, comprising Madam Justice Kwan JA, Mr Justice Stone and Mr Justice Bharwaney, unanimously allowed the SFC’s appeal and increased the penalty for Li from a suspension of licence for 18 months to a prohibition order for three years.


Jack's comment: Many market practitioners believe that SFC's disciplinary process is a kind of "private punishment" and should be subject to the rigidity of criminal procedures. Unfortunately, the Hong Kong court usually supports SFC, especially when SFC can use taxpayers' monies to extend its power.