On 21 September, SFC convicts ETRADE Securities (HK) for marketing unlicensed US brokerage services in Hong Kong.
- First criminal conviction secured by the SFC against an entity for the offence of actively marketing in Hong Kong.
- ETrade HK pleaded guilty to aiding and abetting ETrade US in holding itself out as a SFC licensee when it was not.
- ETrade HK was fined $20,000 and ordered to pay the SFC’s investigation costs.
- SFC alleged that ETrade HK had continually marketed the brokerage services of ETrade US for more than four years from around 11 May 2009 to 31 January 2014.
