Financial News
Written by: Huang Jie
2020-09-11 19:32
Last update date: 2020-09-11 19:32
Next Media (0282) broke out in the middle of last month. The Police Narcotics Bureau arrested 15 people yesterday (10th), accusing them of "conspiracy to defraud" and "money laundering". They used WhatsApp as a communication tool through frequent trading of Next Media Stocks create a phenomenon of hot trading, and profit from them by dancing high and lowering stock prices.
The incident has caused widespread concern in the market, including Next Media’s suspected fraudulent transaction case. Why did the China Securities Regulatory Commission not "take out" enforcement?
The Securities Regulatory Commission issued a statement today (11th), stating that the Hong Kong Police Force (Police Department) Narcotics Investigation Division held a press conference yesterday regarding the investigation into Next Media’s stock transactions. The Securities Regulatory Commission received a large number of enquiries and issued this statement. Respond to related matters.
According to the statement, the police said it was investigating suspected conspiracy to defraud and money laundering and potential false transactions in Next Media shares.
False trading is an offence under the market misconduct provisions of the Securities and Futures Ordinance.
As the SFC is the regulator of the Hong Kong securities market, it is responsible for investigating and enforcing violations of the Securities and Futures Ordinance. Based on the public interest, the Commission believes that it is necessary to clarify its position on related matters.
According to the SFC, in accordance with the memorandum of understanding signed between the Police Force and the SFC, the two parties promised to coordinate and cooperate with each other as far as possible on crimes or illegal activities related to the securities and futures markets in Hong Kong in order to effectively perform their respective supervisory and law enforcement functions.
According to the memorandum of understanding, if certain suspected crimes or misconduct fall within the functions of the Police Force and the Securities and Futures Commission, the two parties can cooperate on the level of information exchange and use, and provide other investigation assistance.
Said that the investigation is still ongoing and unable to respond
If the SFC receives a request under the Memorandum of Understanding, it will generally use its supervisory, supervisory or investigative powers to obtain relevant information in order to respond; if the request involves potential crimes for which the SFC and the Police Force have jurisdiction , Such as money laundering, the SFC will hand over relevant information to the police department.
Investigations of market misconduct crimes (such as false transactions) usually involve complicated legal and evidentiary issues, and it is necessary to obtain expert assessments on securities market operations, trading methods and investor behavior.
The SFC is ready to respond to any request for such assistance made by the Police Force under the Memorandum of Understanding regarding any offences under the Securities and Futures Ordinance.
As the investigation is still ongoing, the China Securities Regulatory Commission cannot respond further.
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