The Securities and Futures Commission (SFC) said its disciplinary action followed the conviction of Thomas Chan Ping Keung in November 2010, on two counts of failing to submit Able Alliance’s audited financial statements for 2007/08 and 2008/09 within the specified period.
Chan was also convicted on two counts of making misleading representations to the SFC in applications to extend the submission deadlines. Chan and Able Alliance were fined HK$40,000 for the offences and ordered to pay investigation costs of HK$14,863 to the regulator.
In its decision today to suspend Chan for a period of six months, the SFC said it had taken into account his previously clear disciplinary record.
It added: “Licensed corporations are required to submit the required documents including audited accounts and financial books and records within four months after the end of the relevant financial year.
“Failure to submit the required documents within the specified period is a breach of sections 156(1) and 156(5)(b) of the Securities and Futures Ordinance.”
