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SFC suspends Wang Pei Yi for 10 months

Issue date: 2022-12-15 16:46:03

The Securities and Futures Commission (SFC) has suspended Ms Wang Pei Yi, a former licensed representative of SinoPac Securities (Asia) Limited (SinoPac), for 10 months from 14 December 2022 to 13 October 2023 (Note 1).

The disciplinary action follows an SFC investigation which found that between June 2015 and April 2017, Wang made false declarations in the account opening forms of three corporate clients.

Specifically, she falsely declared in the forms that she had met and identified the clients’ representatives who executed the forms, witnessed their signing of them, and provided the clients with the relevant risk disclosure statements and invited them to read the statements when in fact she had done none of these things.  As a result, SinoPac was misled into believing that she had met with the clients’ representatives for account opening and witnessed their signing of the forms.

In doing so, she also failed to take all reasonable steps to establish the true and full identity of the clients for the purposes of account opening.

The SFC considers that Wang failed to act honestly, with due skill, care and diligence, and in the best interests of her clients.  Wang’s conduct exposed the clients to risks of their accounts being operated without their authorisation and was prejudicial to the interests of her clients as she was not able to verify if the forms which she signed were in fact signed by the clients themselves, and if the information stated in those forms for operating their accounts was correct (Note 2).

In deciding the sanction, the SFC has taken into account all relevant circumstances, including Wang’s otherwise clean disciplinary record.

End

Notes:

1. Wang is licensed under the Securities and Futures Ordinance to carry on Type 1 (dealing in securities) and Type 2 (dealing in futures contracts) regulated activities.  She was accredited to SinoPac between 27 February 2015 and 25 November 2022.
2. General Principles 1 and 2 and paragraph 5.1 of the Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission.

Source: SFC