The Securities and Futures Commission (SFC) has banned Mr Tu Bing, a former associate director of UBS AG, Hong Kong Branch (UBS AG), from re-entering the industry for life following his conviction for bribery (Notes 1 & 2).
The District Court found Tu, a former client advisor of UBS AG responsible for managing investment portfolios of clients, guilty of soliciting and accepting illegal commission payments of approximately $1.4 million from a client for profits generated from the client’s trades in Hong Kong stocks (Note 3).
The SFC considers that Tu is not a fit and proper person to be licensed or registered to carry on regulated activities as a result of his criminal conviction.
The case was referred to the SFC by the Hong Kong Monetary Authority (HKMA).
Notes:
- Tu was a relevant individual engaged by UBS AG to carry on Type 1 (dealing in securities) regulated activity under the Securities and Futures Ordinance between 11 January 2006 and 14 November 2008. Tu is currently not registered with the HKMA or licensed by the SFC.
- Tu was convicted of conspiracy for an agent to accept advantages contrary to section 9(1)(a) of the Prevention of Bribery Ordinance and section 159A of the Crimes Ordinance at the District Court on 27 October 2017 and sentenced to three-and-a-half-year imprisonment on 16 November 2017.
- Please see the Reasons for Verdict and Reasons for Sentence (Case No: DCCC 295/2017), both of which are available on the Judiciary’s website (www.judiciary.gov.hk).