The Securities and Futures Commission made the announcement following the completion of criminal proceedings which it commenced against Du for insider dealing in the shares of CITIC Resources Holdings.
In making the announcement, the SFC said Du is “not a fit and proper person to be licensed”. IN deciding the sanction, the SFC said it took into account:
- Du breached the trust and confidence placed in him by his clients and employer;
- Du’s criminal conviction and the direct relevance of the wrongdoings to his fitness and properness to be a licensed person; and
- insider dealing is a very serious misconduct which damages market integrity, a strong deterrent message must be sent to the market to deter other practitioners from committing similar conduct.
