Foresight News reports that according to the Securities and Futures Commission (SFC) of Hong Kong, the SFC has censured Saxo Capital Markets (Hong Kong) Limited (Saxo) and imposed a fine of HK$4 million. The reasons are that Saxo had deficiencies in distributing virtual asset funds and virtual asset-related products (collectively referred to as virtual asset products) not approved by the SFC through its online trading platform (online platform). During the period from November 1, 2018 to November 25, 2022 (the relevant period), Saxo allowed retail clients to trade certain virtual asset products on the online platform. According to two SFC circulars to intermediaries effective at key times, these products should only be sold to professional investors. The SFC's investigation found that during the relevant period, Saxo executed 1,446 transactions on the online platform for 6 individual professional investors and 130 retail clients, involving 32 virtual asset products. All relevant products were complex products, including 21 exchange-traded derivative products (exchange-traded derivative virtual asset products). Before executing these transactions, Saxo did not assess whether clients possessed the knowledge to invest in virtual asset products, nor did it provide clients with sufficient information and special warning statements regarding virtual assets, thus failing to comply with the guidance contained in the two SFC circulars.
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