SFC fines New-Alliance for code breach

The Hong Kong asset management firm failed to disclose interests in H shares but gets off lightly.
February 26, 2006
New-Alliance Asset Management has pleaded guilty to six summonses in relation to its failure to make both an initial disclosure of interests in a stock and subsequent disclosures when it increased those weightings.

New Alliance is a joint venture between New York-based Alliance Capital Management, a unit of Axa Financial, and Hong Kong developer Sun Hung Kai. Both parents also own stakes in a Taiwan securities investment trust company Site JV with Far Eastern Bank.

The Securities and Futures Commission prosecuted the firm under Part XV of the Securities and Futures Ordinance. New-AllianceÆs funds acquired a 5.29% interest in Shandong Weigao Group Medical Polymer on 18 February 2004 but didnÆt report this to the SFC...
¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at [email protected], or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at [email protected], or +(852) 2122 5222