Hong Kong’s Securities and Futures Commission (SFC) has prohibited Mr Tsang Kwong Fai, a former responsible officer (RO) and sponsor principal of RaffAello Capital Limited, from re-entering the industry for two years from 11 July 2023 to 10 July 2025.
The reason for the ban is Tsang’s breaching the SFC’s Code of Conduct. Tsang was the sponsor principal in charge of supervision of the execution of a listing application from 2017 to 2018, for which RaffAello was the sole sponsor.
The SFC found that Tsang failed to discharge his duties as a sponsor principal, RO and member of the senior management of RaffAello, in that he had failed to:
- exercise due skill, care and diligence in handling the listing application;
- diligently supervise his subordinates in carrying out the sponsor work; and
- ensure the maintenance of appropriate standards of conduct and adherence to proper systems, controls and procedures by RaffAello to govern sponsor work.
In deciding on the sanction, the SFC took into account all relevant circumstances, including the gravity of Tsang’s failures as a sponsor principal and his otherwise clean disciplinary record.
