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Hong Kong's Securities And Futures Commission: Court Sets Pre-Trial Review For Unlicensed Activities Prosecution

Date 18/07/2019

The Eastern Magistrates’ Court today fixed the pre-trial review date for prosecution against Brilliance Capital Management Limited (BCM) and its director Mr Law Sai Hung after they pleaded not guilty to the charges by the Securities and Futures Commission (SFC) of having held out themselves as carrying on a business in regulated activity without a SFC licence.

The SFC alleges that on or around 8 January 2013, BCM held itself out to a company as carrying on a business in advising on corporate finance while without a licence and reasonable excuse (Note 1). 

The SFC also alleges that Law, while acting as an officer of BCM, aided, abetted, counselled, procured or induced the commission of the offence by BCM, which was committed with Law’s consent or connivance or was attributable to his recklessness.

The pre-trial review is fixed for 19 September 2019.

Note:

  1. Under Schedule 5 of the Securities and Futures Ordinance (SFO), “advising on corporate finance” is a type of regulated activity under the SFO.  Under section 114(1)(b) of the SFO, it is an offence to hold out as carrying on a business in a regulated activity without a licence from the SFC.