SFC fines Ninety One Hong Kong Limited HK$1.4m for unlicensed futures trading

Further information

Statement of Disciplinary Action

SFC reprimands and fines Ninety One Hong Kong Limited $1.4 million for unlicensed futures trading

Issue date: 2023-04-12 16:30:00

The Securities and Futures Commission (SFC) has reprimanded and fined Ninety One Hong Kong Limited (NOHK) $1.4 million for dealing in futures contracts without the required licence (Note 1).

The SFC found that between April 2014 and January 2020, NOHK executed 4,864 trades in futures contracts for portfolios managed by its three overseas affiliates without the required licence, in breach of the SFO and the Code of Conduct (Notes 2 & 3).

In deciding the sanction, the SFC took into account that:



  1. NOHK has been licensed under the Securities and Futures Ordinance (SFO) to carry on Type 1 (dealing in securities), Type 4 (advising on securities) and Type 9 (asset management) regulated activities since 9 April 2014.
  2. NOHK executed the trades without a Type 2 (dealing in futures contracts) licence.  Under section 114 of the SFO, no person shall carry on a business in a regulated activity or hold himself out as carrying on a business in a regulated activity without a licence or registration for the regulated activity.
  3. General Principle 2 (Diligence) of the Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission (Code of Conduct) requires a licensed corporation to act with due skill, care and diligence, in the best interests of its clients and the integrity of the market.  General Principle 7 (Compliance) and paragraph 12.1 (Compliance: in general) of the Code of Conduct require a licensed corporation to comply with, and implement and maintain measures appropriate to ensure compliance with, the relevant regulatory requirements.
News captured as of:2023-04-12 16:30:01

Source: SFC


Sign up for our free newsletter

Recommend Webb-site to a friend

Copyright & disclaimer, Privacy policy

Back to top