The Hong Kong Securities and Futures Commission (SFC) has reprimanded and fined Sino-Rich Securities & Futures Limited (Sino-Rich) HKD 2 million for failures concerning its margin lending policy and practices, and suspended its responsible officer and manager-in-charge, Budihardjo Wilhelm Soeharsono, for five months and two weeks from 8 May 2025 to 22 October 2025. The SFC found that, between 1 December 2017 and 30 September 2019, Sino-Rich failed to adequately document its margin lending policy, to strictly enforce a requirement that clients’ credit limits be set by reference to objective proof of net income or net worth, and to require written explanations to justify deviations from its policy. The conduct breached the Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission, and the SFC considered the failures attributable to Budihardjo’s failure to discharge his duties as a responsible officer and senior management. In setting sanctions, the SFC cited prior disciplinary actions against Sino-Rich in 2021 for anti-money laundering and counter-terrorist financing failings and against Budihardjo in 2009 for inadequate monitoring of clients’ trading at another firm, as well as remedial steps taken, cooperation, and Sino-Rich’s financial position, noting it would otherwise have imposed a HKD 3.5 million fine.
Hong Kong Securities & Futures Commission 2025-05-12
Hong Kong Securities and Futures Commission fines Sino-Rich Securities & Futures HKD 2 million and suspends responsible officer over margin lending failures
The Hong Kong Securities and Futures Commission (SFC) reprimanded and fined Sino-Rich Securities & Futures Limited HKD 2 million for deficiencies in its margin lending policy and practices. The SFC also suspended Budihardjo Wilhelm Soeharsono, the responsible officer and manager-in-charge, for five months and two weeks. The sanctions considered prior disciplinary actions, remedial steps, cooperation, and Sino-Rich's financial position.