The Securities and Futures Commission (SFC) has issued a restriction notice against Agg Asset Management because of doubts over its reliability, integrity, and ability to carry on regulated activities competently, honestly and fairly, and its fitness and properness to remain licensed.
The watchdog did not provide the reasons for its assessment of Agg and only issued its standard template language that the action “is desirable in the interest of the investing public and in the public interest”.
The restriction notice effectively halts business operations.
It prohibits Agg AM, without prior written consent from the SFC, “from carrying out any business, whether directly or through agents, which constitutes regulated activities for which it is licensed under the securities and futures ordinance until further notice”.
Rare event
In 2017, the Hong Kong-based firm was granted three licenses by the SFC, including dealing in securities (type 1), advising on securities (type 4), and asset management (type 9).
According to SFC records, only a few asset management firms (type 9 licence) in the last five years have been subject to a restriction notice.
The regulator has issued multiple restriction notices (40 of them in 2019), but they were all slapped on brokerages.
Agg AM was established by Thomas Ng in 2017. Previously, he served as a director of China Yinsheng Asset Management, according to industry reports.
The firm’s website has been taken offline.
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