SEC Reprimands Victory Securities, Fines HK$1.7 Million

Hong Kong's Securities and Futures Commission reprimanded Victory Securities and fined it HK$1.7 million for violating regulatory rules, and also suspended the licence of responsible officer and core function head Chiu Tsz-leung for three months from this month 22 to October 21, according to Ming Pao. The case arose from Victory Securities' handling of a client account, and the breach was uncovered during the SFC's investigation into a suspected pump-and-dump scheme.