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SFC Issues Restriction Notices to Futu, Soochow to Freeze Accounts of Client Allegedly Involved in Corporate Misconduct
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The Securities and Futures Commission (SFC) has issued restriction notices to Futu Securities International (Hong Kong) Limited (Futu) and Soochow Securities International Brokerage Limited (Soochow), prohibiting them from dealing with, or processing any withdrawals or transfers of, assets held in the accounts ultimately owned by a board member of a listed corporation who is suspected of committing misconduct and breaching his duties towards the listed corporation. The restriction notices prohibit the two brokers, without the SFC’s prior written consent, from disposing of or dealing with, assisting, counselling or procuring another person to dispose of or deal with, assets in any way in the accounts up to the amount stated in the notices. They are also required to notify the SFC immediately if they receive any instructions regarding the aforesaid prohibitions. The SFC considers that the issue of the restriction notices, which preserves the assets in the accounts, is necessary to ensure that there will be funds available to meet any potential order made by the Court in legal proceedings that may be brought by the SFC, and is desirable in the interest of the investing public or in the public interest. AAStocks Financial News |
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