The SFC's Quarterly Report for April to June 2008-09 explains the new approach as a means to foster compliance on top of penalizing violators for misconduct. In respective agreements reached with the SFC, two ICEA entities and three Core Pacific-Yamaichi entities were committed to strengthening their compliance practices and to accepting severe penalties, if found to have repeated offences of the same nature within the next three years. In ICEA's case, revocation of licences would be the penalty.
Meanwhile, the SFC continued to adapt its regulatory regime to changing market circumstances, devoting efforts in particular to raising market efficiency while increasing investor edu......................
Source:http://www.opalesque.com/AMB2008/46640Hong_Kong_SFC_takes_new_enforcement_approach.html
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