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The following is issued on behalf of the Hong Kong Monetary Authority:
The Monetary Authority (MA) has suspended Mr Ko Wai-ling's relevant particulars from the HKMA register maintained under section 20(1)(ea) of the Banking Ordinance for five months from May 14, 2010 to October 13, 2010*.
The Hong Kong Monetary Authority's (HKMA) investigation found that in July 2007, Mr Ko, an employee of DBS Bank (Hong Kong) Limited, in the course of selling a client Constellation Credit Linked Note (Lehman Brothers related), had:
го failed to diligently disclose and explain to the client the product risks involved, and did not ensure product suitability for the same client; and
го failed to complete the risk disclosure statement for the client in accordance with the bank's internal control procedures.
In deciding the disciplinary sanction, the MA has taken into account all the circumstances of the case, including the extent of the client's losses and Mr Ko's clear disciplinary record.
* At the relevant time, Mr Ko was an individual whose name was entered in the register maintained by the Hong Kong Monetary Authority under section 20 of the Banking Ordinance as a person engaged by DBS Bank (Hong Kong) Limited in respect of Type 1 (dealing in securities) and Type 4 (advising on securities) regulated activities.
For further enquiries, please contact:
Peggy Lo, Manager (Communications), at 2878 1687 or
Natalie Wu, Officer (Communications), at 2878 8246
Ends/Friday, May 14, 2010
Issued at HKT 18:56
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