The Hong Kong Securities and Futures Commission (SFC) has issued a Restriction Notice on Goodcape Securities Limited (GSL) prohibiting the firm from carrying on all regulated activities under the Securities and Futures Ordinance (SFO).
The purpose of the Restriction Notice is to preserve the assets of GSL and its clients, and to protect the interests of these clients and the investing public.
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The SFC action follows a complaint to the SFC against GSL in relation to failing to return client securities to the complainant.
An initial investigation indicates that GSL would not have sufficient resources to return these securities to the complainant.
This calls into serious doubt the integrity of GSL and its fitness and properness to remain licensed. The SFC therefore considers that the issue of a Restriction Notice against GSL is desirable in the interest of the investing public or in the public interest.
The SFC will continue its investigation and further announcements on this matter will be made when appropriate.
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By GlobalDataIt is understood that GSL has about 60 active clients.
