On 30 July 2015, the Securities and Futures Commission (SFC) announced that it had reprimanded and fined Nomura International (Hong Kong) Limited HK$4.5 million for failing to report significant misconduct by a former trader in a timely manner.
This case underlines and reinforces the importance of the self-reporting obligations contained under Paragraph 12.5 of the SFC’s Code of Conduct, which requires intermediaries to report misconduct and suspected misconduct to the SFC immediately upon discovery, not when they have concluded internal investigation or obtained legal advice on the matter. For our comments on the case and some salient take-away points, click here to read our ebulletin authored by William Hallatt, Eleanor Vance, Valerie Tao.
If you wish to discuss the case or any other matters, please contact the authors or your usual Herbert Smith Freehills contact.
Key contacts
Simon Chapman KC
Managing Partner, Disputes, Asia and Australia, Hong Kong
Kathryn Sanger
Partner, Head of Disputes, China and Japan and Head of Private Capital, Asia, Hong Kong
Jojo Fan
Managing Partner, China Offices, Hong Kong
Rachael Shek
Partner, Hong Kong
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