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On 4 February 2019, the SFC announced that it had revoked the licence of W. Falcon Asset Management (Asia) Limited (Falcon) for the following breaches in connection with its window-dressing of its liquid capital, the mastermind of which, according to the SFC, was the company’s director (Director) and sole shareholder:
In addition, Falcon was found to be in breach of various provisions in the Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission (Code of Conduct), including General Principle (GP) 1 honesty and fairness, GP2 diligence and GP7 compliance, as well as 12.1 of the Code of Conduct relating to compliance in general. The SFC considers the misconduct to be egregious and serious. All these breaches reflected adversely on the fitness and properness of Falcon to remain licensed and so its licence was revoked in order to protect the investing public.
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