HK Court fines Brilliance Capital Management Limited and its director for unlicensed activities

Maria Nikolova

The defendants will have to pay a fine of $30,000, as well as the SFC’s investigation costs.

The Eastern Magistrates’ Court today convicted Brilliance Capital Management Limited (BCM) and its director Mr Law Sai Hung in a prosecution brought by the Hong Kong Securities and Futures Commission (SFC).

The defendants were found guilty of holding out as carrying on a business in advising on corporate finance without an SFC licence. Let’s recall that BCM and Law pleaded not guilty to the charges by the SFC. They were fined a total of $30,000 and ordered to pay the SFC’s investigation costs.

On or around January 8, 2013 BCM held itself out to a company as carrying on a business in advising on corporate finance, namely advising on listing application, by entering into an Advisor Engagement Agreement whilst unlicensed.

The Court also found Law, in his capacity as an officer of BCM, aided, abetted, counselled, procured, induced BCM to hold itself out to a company as carrying on a business in advising on corporate finance or that the offence by BCM was committed with the consent, connivance of or was attributable to the recklessness of Law.

The regulator explains that, under section 114(1)(b) of the SFO, it is an offence to claim to be carrying on a business in a regulated activity without a licence from the SFC.

Under section 390 of the SFO, where the commission of an offence under the SFO by a corporation is proved to have been aided, abetted, counselled, procured or induced by, or committed with the consent or connivance of, or attributable to any recklessness on the part of, any officer of the corporation, or any person who was purporting to act in any such capacity, that person, as well as the corporation, is guilty of the offence and is liable to be proceeded against and punished accordingly.

Read this next

Executive Moves hires Ahmed Negm, a popular market analyst on CNBC, Sky News, Bloomberg’s Asharq

“Ahmed’s expertise and passion for understanding the intricacies of the financial markets will be invaluable as we continue to grow our client base and expand into new jurisdictions.”

Institutional FX

ATFX uses blockchain to help clients verify IBs and vice versa

ATFX said it has been working on the IB verification project for a few months.

Industry News

Research market in dire straits as SEC’s ‘no-action’ letter on MiFID II lapses in June – survey

“Of all the regulatory news that has hit the research market in the last few months, this is the one change that will fundamentally impact what fund managers can access and pay for in future.”

Executive Moves

Wombat appoints ex-abrdn Richard Charnock as UK platform turns to Europe

Launched in 2019, Wombat provides a dedicated mobile investing platform – available on both iOS and Android – offering users both range and choice.

Institutional FX

Broadridge integrates Point Focal’s pre and post-market reports

“Point Focal provides a unique lens on the market which will help add alpha to the trading process and these new insights will rapidly improve performance while mitigating execution risk and simplify trading.”


XCritical integrates with Brokeree Solutions, allowing its clients to launch copy trading 

The forex software provider – XCritical, has integrated Social Trading by Brokeree Solutions into their CRM system.

Industry News

HKEX partners with Saudi exchange for cross listings, ESG, Fintech

“The Kingdom of Saudi Arabia, and the broader Middle Eastern region, are one of the world’s most dynamic and exciting economic and innovation hubs and also home to some of the fastest growing investor groups in the world. Hong Kong and HKEX’s markets offer significant opportunities for international investors and corporates, including unrivalled connectivity to the Mainland Chinese markets through our unique Connect programmes. This agreement signals the beginning of even greater collaboration between our companies and our home markets, and we look forward to exploring many future areas of cooperation.”

Executive Moves

CMC Markets Connect relocates APAC team led by Peter Foster to Singapore

“Singapore is a vibrant city and is now undoubtedly seen as Asia’s leading financial hub. The decision to bolster the CMC Markets Connect team here will help us cement the company’s position as a leading provider of multi asset liquidity and comprehensive trading solutions across the region.”

Retail FX

Italian watchdog red flags Olympus Brokers, UnicoFX and Allfina Group

Italy’s Commissione Nazionale per le Società e la Borsa (CONSOB) has shut down new websites in an ongoing clampdown against firms it accuses of illegally promoting investment products in the country.