Adviser fined 900k fine and industry
A former chairman of PFC International has had his licence revoked and been fined $900,000 for mis-selling the EEA Life Settlements Fund to clients.
SFC
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Pacific Sun Advisors takes case
Hong Kong based Pacific Sun Advisors and its director Andrew Mantel, have been granted leave to appeal against a conviction they were handed last year.
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CITIC and former directors facing legal action
State-owned Chinese conglomerate CITIC and five of its former directors are facing legal action from the Hong Kong authorities which allege they provided false or misleading information when the firm incurred “massive losses” in 2008.
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hk fund management assets continue to rise
Hong Kong’s fund management business continued with its uptrend in 2013 with the combined assets at the end of the last year rising by nearly 27% over that of 2012.
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SFC proposes review of fund NAV disclosure
The Hong Kong capital market regulator has begun a consultation which will review the disclosure requirements for the net asset value of funds.
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Ernst Young finally produces docs for ongoing
EY, formerly Ernst & Young, has finally produced documents which were the subject of a court order in Hong Kong.
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RHB Asset Management floats maiden Islamic
RHB Asset Management has unveiled a Shariah-compliant actively managed Islamic balanced fund in Hong Kong, the first in the country.
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Hong Kong looks to boost Islamic finance
Hong Kong’s financial regulator has said it is to work closely with the Malaysian authorities to develop its Islamic financial market and promote Shariah-compliant products to both local and international investors.
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Pacific Sun lodges appeal with Hong Kong regulator
Andrew Mantel, the director of Pacific Sun Advisors, has lodged an appeal against his conviction for advertising a mutual fund to investors without regulatory permission in Hong Kong.
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Pacific Sun Advisors director convicted
Pacific Sun Advisors and its director, Andrew Mantel, have been convicted of issuing advertisements to promote a fund without the authorisation of the Hong Kong Securities and Futures Commission.
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SFC fines Deutsche Bank
Hong Kongs Securities and Futures Commission (SFC) has reprimanded and fined Deutsche Bank HK$1.6m for regulatory breaches and internal control failings.
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Future of portfolio bonds is unclear
Hong Kongs insurance and securities industry regulators are reported to be considering whether to introduce new restrictions on the sale of open architecture investment products, including so-called personal portfolio bonds (PPBs), market sources there say.