Hong Kong’s Securities and Futures Commission (SFC) has issued a restriction notice to GA (Int’l) Capital Management Limited (GCML) due to concerns regarding its reliability, integrity and ability to carry on its regulated activities competently, honestly and fairly, and hence, its fitness and properness to remain licensed.

The restriction notice prohibits GCML, without prior written consent from the SFC, from:

1. carrying on any business, whether directly or through agents, which constitutes regulated activities for which it is licensed by the SFC; and
2. disposing of or dealing with any relevant property in any manner; or assisting, counselling or procuring another person to dispose of or deal with any relevant property in any manner, except with prior written notification to the SFC and prior written consent from the SFC, paying operational expenses incurred by it in the ordinary course of business.

The SFC considers that the issue of the restriction notice is desirable in the interest of the investing public or in the public interest.

The regulator also searched, among other places, the premises occupied by GCML’s responsible officer in an operation today.