The Hong Kong Securities and Futures Commission issued restriction notices to Money Concepts (Asia) Holdings Limited and Money Concepts Asset Management Limited after raising doubts about their honesty, reliability, integrity and ability to carry on regulated activities competently, honestly and fairly, and therefore their fitness and properness to remain licensed. The notices prohibit the firms, without prior written consent from the SFC, from carrying on any business that constitutes regulated activities for which they are licensed under the Securities and Futures Ordinance, until further notice. The SFC stated the action is desirable in the interest of the investing public or in the public interest. The restriction notices were issued under section 204 of the Securities and Futures Ordinance. Money Concepts (Asia) Holdings Limited is licensed for Type 1 (dealing in securities), Type 4 (advising on securities) and Type 9 (asset management) regulated activities, while Money Concepts Asset Management Limited is licensed for Type 4 and Type 9 activities; the SFC noted licensing conditions apply to certain of these activities.
Hong Kong Securities & Futures Commission 2025-02-18
Hong Kong Securities and Futures Commission issues restriction notices to Money Concepts entities barring regulated activities without consent
The Hong Kong Securities and Futures Commission (SFC) issued restriction notices to Money Concepts (Asia) Holdings Limited and Money Concepts Asset Management Limited, citing concerns over their honesty, reliability, and integrity. Issued under section 204 of the Securities and Futures Ordinance, the notices prohibit the firms from conducting licensed regulated activities without prior SFC consent. This action is necessary in the public interest and for investor protection.