The SFC said it served a restriction notice, “prohibiting the firm from carrying on all regulated activities under the Securities and Futures Ordinance”.
The regulatory action resulted from a complaint against GSL for failing to return client securities to the complainant.
“An initial investigation indicates that GSL would not have sufficient resources to return these securities to the complainant.
“This calls into serious doubt the integrity of GSL and its fitness and properness to remain licensed.”
GSL has about 60 active clients.
A restriction notice was issued “to preserve the assets of GSL and its clients, and to protect the interests of these clients and the investing public”, the regulator said in a statement.
SFC officials said they would continue to investigate the matter.
