TWO dealer's representatives have been suspended for rat-trading and their employer's registration has been suspended for seven days, the Securities and Futures Commission (SFC) says.
It said Peter Yip Moon-chi's registration was suspended for two years, and Terry Lau Kam-man was suspended for 11/2 years.
Both worked for Lawsons Securities Co, and the registration of their employer, Law Siu-kong was suspended for seven days for failure to have adequate internal controls.
'These suspensions are indicative of the very serious view which the commission takes of malpractice by registered persons,' the SFC's executive director of enforcement, Gerald McMahon, said.
All registered intermediaries must act honestly and fairly and in the best interests of their clients and the market, he said.
Otherwise the SFC would take strong regulatory action against them.
'Brokers must also closely monitor the activities of their staff and ensure proper controls are in place that will prevent or assist in the detection of trading malpractices,' he said.
