KVB Kunlun appoints Wu Fei as exec director

Maria Nikolova

Wu Fei has been appointed as an executive director and general manager of the brokerage.

Hong Kong-focused retail Forex broker KVB Kunlun Financial Group Ltd (HKG:6877) has earlier today announced the appointment of Wu Fei as its executive director and general manager. The appointment is effective from November 5, 2019.

Mr. Wu has a doctor’s degree in International Law of Peking University. He has served as the deputy head of legal and compliance department of CLSA (a subsidiary of CITIC Securities Company Limited) since January 2019 and has been working in compliance department and legal department of CITIC Securities since 2013.

Mr. Wu will enter into a service agreement with KVB Kunlun for a term of three years commencing from the date of his appointment. He will be subject to retirement by rotation and re-election at the annual general meetings of the company in the future. Mr. Wu will be entitled to a director’s fee of HK$240,000 per annum, which was recommended by the Remuneration Committee and determined by the Board with the authorisation given by the Shareholders at the annual general meeting, with reference to prevailing market conditions and his roles and responsibilities in the company.

Let’s recall that, in July this year, Liu Stefan resigned from (i) his position as an executive director and the chief executive officer of KVB Kunlun; and (ii) all of his other positions within the Group with immediate effect.

Mr. Liu stated back then that his resignation reflected his disagreement with other members of the Board in relation to certain disclosure matters relating to the regulatory impact to the company of the circular issued by the regulator in Hong Kong around June 17, 2019 and the letter dated 5 July 2019 issued by the regulator in New Zealand. In particular, the circular from the Securities and Futures Commission (SFC) states that corporations licensed with the Securities and Futures Commission in Hong Kong, and the communication from the Financial Markets Authority of New Zealand provides that financial services providers, offering leveraged foreign exchange trading or similar services to Mainland investors were requested to immediately review the legality of relevant activities in the People’s Republic of China (“PRC”), and to immediately discontinue any such activities with Mainland investors which have not been approved by the State Administration of Foreign Exchange of the PRC.

According to the email from Mr. Liu, the disagreement concerns the proposed publication of an announcement relating to these updates on identification and disengagement of PRC domestic clients.

Read this next

Digital Assets

Silvergate dismisses speculation of trouble, says BlockFi exposure is minimal

Crypto-friendly bank Silvergate Capital claimed on a Tuesday blog post that it had minimal exposure to crypto lender BlockFi, which filed for chapter 11 bankruptcy protection this week.

Retail FX

Fidelity launches crypto trading for retail investors

Fidelity Investments, one of the largest brokerages in the world, has officially rolled out a commission-free crypto trading product for retail investors, starting with zero-fee trading for Bitcoin and Ethereum.

Digital Assets

ECB head calls for tougher crypto regulation after FTX collapse

President of the European Central Bank, Christine Lagarde, has called on lawmakers to start working on fresh crypto regulations to protect the financial system after the collapse of the FTX exchange.

Retail FX

CySEC updates rules for regulated brokers’ cross border activity

As CySEC’s attitude of adopting more stringent licensing guidelines and operating regulations becomes ever clearer, certain aspects of the rules and operations start to come into sharper focus.

Market News

Outlook for Gold: Can the Precious Metal Regain Power?

Gold set an all-time high at $2070 on March 08, 2022, when the price skyrocketed amid investors’ worries about the military conflict in Eastern Europe.

Crypto Insider

2022 Islamic Finance recap: as the space continues to evolve, blockchain stands to play a big part

Despite the global economy being ravaged by turmoil induced by the Covid-19 pandemic over the last couple of years, the Islamic finance industry has emerged relatively unscathed

Crypto Insider

Decentralized Exchanges and Pooled Trading Platform Applications

Decentralized exchanges are one-way blockchain companies take back the power of value creation.

Crypto Insider

How to maximize the safety of your digital tokens?

Digitalization is the future of the investment world. These are the most preferred and growing investments in the world.

Institutional FX, Interviews

FIA EXPO 2022: Interview with Trading Technologies

The derivatives trading industry has gathered in Chicago to attend the FIA EXPO 2022 on 14-15 November.