Latest Regulatory Action On Sponsor Failure

Introduction

On 16 September 2020, the Securities and Futures Commission (the "SFC") announced that it has prohibited a former responsible officer ("RO") of Yi Shun Da Capital Limited ("YSD Capital"), who was also its chief executive officer, from re-entering the industry for 20 months for breaching the (1) Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission (the "Code of Conduct"), and (2) Additional Fit and Proper Guidelines for Corporations and Authorized Financial Institutions applying or continuing to act as Sponsors and Compliance Advisers. He was a sponsor principal in charge of the supervision of the execution of a listing application in 2017 for which YSD Capital was the sponsor.