SFC suspends securities broker from trading
The regulator issued a restriction notice against the firm to ensure any assets held by Salisbury Securities were not transferred while inquiries continued, the SFC said in a statement last night.
The Securities and Futures Commission has banned Salisbury Securities from trading in a bid to safeguard the interests of its clients.
The regulator issued a restriction notice against the firm to ensure any assets held by Salisbury Securities were not transferred while inquiries continued, the SFC said in a statement last night.
The commission said the firm had about 100 clients. According to the SFC website, the firm has licences for trading securities and asset management. It also advises on securities trading and corporate finance. Its two senior responsible officers are Albert John and Gordon Cruden while its traders include Alex Leung Yat-ming, Richard McAllister and Guy Stiles.
Fellow brokers said they had little knowledge about Salisbury except that it was set up in 2005.
The SFC informed the stock exchange about its decision to suspend the broker before the stock market opened yesterday.
Hong Kong Exchanges and Clearing, which operates the stock and futures markets as well as the related clearing houses, has also banned Salisbury from accessing the trading system and declared the firm a defaulter.
A restriction notice, issued under sections 204 and 205 of the Securities and Futures Ordinance, allows the SFC to ban a firm from trading or removing any assets from the company in a bid to safeguard the interest of investors.