The Securities and Futures Commission (SFC) of Hong Kong has imposed a 14-month ban on Steven Wong Yung, who previously served as a responsible officer and chief executive at Kylin International (HK) Co., Limited. This prohibition is effective until May 17, 2026, following findings related to significant deficiencies in fund management practices during his tenure.
The decision by the SFC comes after an examination of Wong’s oversight of multiple private funds managed by Kylin from August 2018 to July 2021. His role included being the investment manager and/or consultant for sub-funds associated with a Cayman Islands-registered fund. Wong was tasked with managing the overall operations and ensuring that appropriate internal controls were in place at Kylin.
Investigations revealed that he failed to fulfill his responsibilities as a responsible officer and a key member of the senior management team. Specifically, he did not maintain the required standards of conduct, adhere to established management procedures, or effectively address the risks related to the company’s operations and fund management.
In determining the length of the ban, the SFC concluded that Wong had cooperated with their inquiries, which positively influenced their final decision. Additionally, his regulatory history was considered clean prior to this incident, indicating no previous breaches of conduct.
This case underscores the regulatory authority’s commitment to enforcing standards of professional conduct within the financial sector, particularly concerning the management of investment funds. The SFC’s actions aim to protect the integrity of the financial systems and ensure that those in positions of responsibility adhere to proper protocols and risk management practices.