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SFC withdraws Restriction Notice to broker over client’s suspected insider dealing after obtaining court order to freeze assets

Issue date: 2024-11-19 17:02:51

The Securities and Futures Commission (SFC) has withdrawn the Restriction Notice prohibiting Bright Smart Securities International (H.K.) Limited (Bright Smart) from disposing of or dealing with proceeds or assets in the account of Mr Barry Kwok Sze Lok in connection with suspected insider dealing in the shares of I.T Limited (I.T) (Notes 1 and 2).

The withdrawal of the Restriction Notice imposed on Bright Smart in August 2022 came after the SFC obtained court orders to prevent dissipation of assets in relation to an investigation into suspected insider dealing in I.T. shares by Kwok and his associate Ms Tsang Ching Yi.

On 2 May 2023, the SFC obtained an interim injunction order from the Court of First Instance against Kwok and Tsang, prohibiting them from disposing of or dealing with their assets which are within Hong Kong, including all monies and securities in their securities accounts in Hong Kong, up to the value of $8,246,496 (Note 3).

Since the assets in Kwok’s account held with Bright Smart are subject to the interim injunction, it is not necessary for the Restriction Notice to remain in force.  As such, the SFC considers it appropriate to withdraw the Restriction Notice imposed on Bright Smart.

Bright Smart is not a subject of the SFC’s investigation and the Restriction Notice did not affect its operations or its other clients.

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Notes:

1. The Restriction Notice was issued under sections 204 and 205 of the Securities and Futures Ordinance (SFO).  For more details, please see the SFC’s press release dated 17 August 2022.
2. Bright Smart is a corporation licensed under the SFO to carry on Type 1 (dealing in securities), Type 4 (advising on securities) and Type 7 (providing automated trading services) regulated activities.
3. For more details, please see the SFC’s press release dated 2 May 2023.

News captured as of:2024-11-19 17:02:52

Source: SFC