andSpeeches
Senior
WatchOutfor“Boiler-Rooms”
byStellaKwokManagerofEnforcement,SecuritiesandFutures
Commission
Boiler-roomactivitieshaveeactiveagainordingtoinformationtheSecuritiesandFuturesCommission(SFC)gathersthroughsurveillanceandplaints.SuchactivitiesbecamequietsinceweshutdownanumberofHongKong-basedboiler-roomsthattargetedoverseasinvestorsseveralyearsago.Latestinformationsuggeststhatoverseasboiler-roomsareusingvariousmunicationfacilitiestomaintain"virtualoffices"heretocreateafalseimpressionthattheyarebasedinHongKong.Forexample,theywillusebanksinHongKongforsettlementortheservicesofbusinesscentreswhichwouldprovidemailandphoneforwardingservicestowherevertheoperationisactuallybased.
Boiler-roomshavebeenoneofthemostpopularformsofsecuritiesmarketfraud.Whiletherearenosignsthatboiler-roomsarecurrentlytargetingHongKonginvestors,itisalwayspossiblethattheywill.Therefore,itistimelyfortheSFCtowarninvestorsofthedangersofboiler-roomscams.Thisarticledescribesthetacticsboiler-roomoperatorsfrequentlyuse,explainshowtheSFCdealswithsuchscamsandsuggestswaysfortheinvestingpublictoavoidthesescams.
WhatisaBoiler-RoomScam?
worthpeoplesuchasprofessionalswhohavethemoneybutnotimeforinvestmentareusuallythetargetsofboiler-rooms.Boiler-roomoperatorswillusuallyuseagroupofhighpressuresalespeopletomakecoldcallstoasmanypotentialinvestorsaspossible.Thesesalespeoplepersuadeinvestorstobuythestockstheymendthroughlong,haranguingphonecalls.Veryoften,theyreadfrompreparedscripts,givepromisesofhighreturns,deflectquestionsandusepsychologicalploystotrickpeopleintobuyingstockstheyknownothingaboutordonotreallywant.Tokeepupthepressure,boilerroomswilloftensupplementtheirtelephonecallswithfaxes,spame-mailsordirectmail-outs containingbogusstockresearchreports,stocktips,orprofilesoftheirshambrokerageorinvestmentadvisoryfirms. Ifaninvestordoesnotumbonthefirstcall,theboiler-roomoperatorswillcallagainandagainoftenatinconvenienttimes,urgingthemtobuy.Notsurprisingly,boiler-roomsareusuallyroomsfullofslick,professional-soundingsalespeoplecontinuouslyonthephoneharassingpotentialinvestorstobuythesamestockusingthesamesmoothscript.Hencetheboiler-roomname. Someboiler-roomoperatorsaremoresophisticatedandmaywaitbeforeturninguptheheat.Theywillcallaninvestorseveraltimesto
1 SFCBULLETINOctober-December2000 ArticlesandSpeechesWatchOutfor“Boiler-Rooms” slowlyspinouttheirsalespitch.Intheirfirstcall,theywilltrytocultivateaninvestor'strustbydescribingtheirfirm'spastessesandthehighqualityofitsresearch.Theywilloftenaskpermissiontocallagainifan"exciting"esalongorsendtheinvestortheir"researchmaterial"periodically.Intheirsecondcall,theywilloftenwhettheinvestor'sappetite,tellingtheinvestoraboutafabuloussharethattheythinktheycangettheinvestorinto.Intheirthirdcall,theywilloftenurgetheinvestortobuynoworelsetheinvestorswouldmissagoodopportunitytomakemoney. Someboiler-roomoperatorslurenewcustomersbypromotingwell-known,widelytradedbluechipstocks.Aftertheinvestortakesthebait,theboiler-roomoperatorswillpersuadetheinvestortoinvestinthesharesofsmall,panieswithlittleornoearnings. Boiler-RoomsUsuallymendMicroCapStocks Boiler-roomsusuallygetinvestorstobuythinlytradedstockspanieswithlowcapitalisation("micro-capstocks"),butmayoffermoreexoticinvestments.Theyareoftenconnectedwithinsidersfromthesepanies,orinvolvedinpanies'promotionorarethemarket-makersofthestocks,whichtheywillbuyandsellfortheirownount.Boiler-roomoperatorswillencourageinvestorstobuyonthebasisofinformationtheyprovideoverthephone,throughtheirfaxes,e-mails,ormail-outs,andwillusuallyrefusetogiveextrawritteninformationtotheinvestors. Investorsshouldnotethatindependentinformationaboutpaniescanbeextremelydifficulttofindbecause:- ltheirstocksareusuallynotlistedonrecognisedstockexchangesandsotheyarenotsubjecttotheminimumstandardsforlistingonanexchange; ltheyareusuallynotrequiredtomakeregularreportstosecuritiesregulatorsintheirhomejurisdiction; ltheywillbetoosmallforwell-knowninvestmentanalystsandfinancialpaniestoreporton;and ltheytendtobepanieswithnoprovenbusinesstrackrecords. Boiler-roomoperatorswilloftenmakeitmuchhardertofindinformationbyensuringthatthestocksofferedareofforeignpanies.TheywilloftenclaimthatthestocksareUSstocksastheassociationwiththeUSmarketlendscredibility.However,informationaboutasmallpanycanbedifficulttofindowingtothesizeoftheUSsecuritiesmarkets.Oftentheywillalsoclaimthatpaniestheymendareinexoticfieldslikeenvironmentalengineering,bio-technology,medicalresearchorhightechnologytomaketheinvestmentsoundexcitingandmoreattractivetoinvestors. Tomaketherisksinherentininvestinginthesemicro-capstockslessobvious,theboiler-roomoperatorsmaytellinvestorsthatthesestocksaretradedinthe"over-the-counter"(OTC)marketandquotedonOTCsystems,suchastheOTC SFCBULLETINOctober-December2000
2 ArticlesandSpeechesWatchOutfor“Boiler-Rooms” BulletinBoard1(OTCBB)orthe"PinkSheets"
2.Thesestockstendtobelowpricedandtradeinlowvolumes. Unknowntoinvestors,theboiler-roomoperatorsmaythemselvesholdstockinpanytheyarepromotingandsellthatstocktoinvestorswhenitspricepeaksattheheightofthebuyingfrenzytheboiler-roomsgenerate.Theboiler-roomoperatorsmayalsousethetospreadrumoursinchatroomsandonbulletinboardstoattractinvestorstobuythestockofpanytheyarepromoting.Investorsmaybemorelikelytobelieveinrumorstheyfindonthesincetheymayfeelthattheyhavediscoveredtheinformationforthemselvesandarenotforce-fedbyaphonesalesperson,spame-mail,junkfaxesordirectmail-outs.Afterinvestorsputinthemoney,thestockpricewillusuallyfallsharply,astherewillnolongerbesupportforpany'sstock.Theinvestorswillprobablybeleftholdingtheworthlessstockwhilsttheboiler-roomoperatorswillhavemadeahugeprofitbysellingthestockstheyhaveheld. Evenworse,onceinvestorsbuythe"mended"stockandpaythemoney,theywillfindthattheirboiler-room"brokers"refusetotakeorreturnphonecallsandeventuallydisappear. Someboiler-roomoperatorswillhitaninvestortwicebyposingasanother"broker",aftertheinvestor'sfirst"broker"hasdisappeared.Theymaypretendtohelptheinvestorstosellstocksthatthefirst"broker"soldtotheinvestor,ontheconditionthattheinvestorpromisestopaymoneyintoadesignatedbankount.Again,theboiler-roomoperatorwilldisappearoncetheinvestorpaysthemoney. HowDoestheLawProtectInvestors?
Boiler-roomoperatorsmaymittedanumberofcrimesunderHongKonglaw.Themainoffencestheymaymittedaregivenbelow: UnregistereddealingSections48and49oftheSecuritiesOrdinancemakeitacrimeforapersontocarryonabusinessinHongKongofdealinginsecuritiesorgivinginvestmentadvice,unlesstheyareregisteredwiththeSFC.Apersoncoldcallingtosellsecuritieswillprobablyhavebreachedeitherorbothsections.Forapersontoberegisteredasadealerorinvestmentadvisertheymustmeetcertainrequirementsastotheirhonesty,petenceandfinancialstability.Boiler-roomoperatorsarealmostneverregisteredinHongKongoroverseasandmaynotmeettheregistrationrequirements. 1TheOTCBBisanelectronicquotationsystemoperatedbyNASDAQformanyOTCsecuritiesthatarenotlistedontheNasdaqStockMarketorarecognisedsecuritiesmarket.However,itisNOTpartofthemainNASDAQstockmarketandsecuritiesquotedonitanddonothavetomeetthemorerequirementsforbeinglistedonthatmarket. 2The“PinkSheets”isaweeklypublicationofpanycalledtheNationalQuotationBureauwhichiselectronicallyupdateddaily.AbrokerwhichhassubscribedtothePinkSheetscandiscoverthenamesandphonenumbersofthebrokersthatarecommittedtobuyingandsellingvariousOTCstocks.UnlessaninvestorhasesstothePinkSheetsorknowsthemarketmakersofastock,he/shewillhavedifficultiesinfindingpricesensitiveinformationaboutastockevenifitisquotedinthePinkSheets.
3 SFCBULLETINOctober-December2000 ArticlesandSpeechesWatchOutfor“Boiler-Rooms” Coldcallingor"securitieshawking"Section74oftheSecuritiesOrdinancemakesitacrime,tocallfromplacetoplace(includinginpersonorbymakingphonecalls)makingorofferingtomakewithanypersonanagreementforthatotherpersontobuyspecificsecurities,ormakingorofferingtomakeanagreementforsecuringaprofitforthatotherpersonfromtheyieldofspecificsecurities,orbyreferencetofluctuationsinthevalueofspecificsecuritiesortoinduceapersontoenterintoeithersortofagreement. MisrepresentationsSection3oftheProtectionofInvestorsOrdinancemakesitacrimeforapersontoknowinglyorrecklesslybyafalse,misleadingordeceptivestatement,promiseorforecasttoinduceanotherpersontoenterintoanagreementforacquiring,disposingof,subscribingfororunderwritingsecurities,orforthepurposesofsecuringaprofitfromtheyieldofsecuritiesortotakepartinanyinvestmentarrangementsconcerningpropertyotherthansecurities.Undersection8oftheOrdinance,apersonwhodoessoisliabletopensationtoaninvestorforanyarylossthattheinvestorsustainsbyrelyingonthemisrepresentation.Boiler-roomoperatorsregularlylieorgivemisleadinginformationabouttheinvestmentstheypromote. UnauthorisedadvertisementsorinvitationsUndersection4oftheProtectionofInvestorsOrdinance,itisalsoacrimetoissueadvertisementsorinvitationstoinduceotherpeopletoenterintosuchagreementsunlesstheSFCapprovestheadvertisementoritispartofthemarketingofsecuritiesorinvestmentsotherwiseauthorisedbythelegislation.Itisevenacrimeforapersontopossesssuch advertisementsorinvitationsforthepurposeofissuingthem.Boiler-roomoperatorsmaysometimesadvertiseinwell-knownfinancialnewspapersormagazinesencouraginginvestorstocontactthem.Butinvestorsshouldnotethatboiler-roomspayforsuchadvertisementsandputtinganadvertisementinthenewspapersdoesnotmeanthattheyarelegitimateoperations. IllegalsecuritiesoffersUndersections38and342oftheCompaniesOrdinanceandsubjecttocertainexceptions,itisacrimetodistributeinHongKonganapplicationforsharesinaHongKongoroverseaspany,respectively,tothepublicwithoutaregisteredprospectusplieswiththeCompaniesOrdinancerequirements.Aboiler-roomoperatorthatoffersstocksforsaleinpanyusuallydoessowithoutaproperprospectusplieswiththeserequirements. Therearealsoahostofgeneralcriminallawfraudanddeceptioncrimesthatboiler-roomsmightmitted.Mostoftheseoffencesusuallyhavetheirequivalentsoverseas. HowtheSFCAttacksBoiler-RoomActivities TheSFChasathree-prongedapproachtoattackingboiler-roomactivities:investoreducation,surveillanceandenforcement. InvestorEducation TheSFCstronglybelievesthateducatedinvestorsaretheirownbestdefenceagainstfraudordeception.Investorswhoknowwhatquestionstoaskandhowtodetectfraudwillbelesslikelytofallintotraps. SFCBULLETINOctober-December2000
4 ArticlesandSpeechesWatchOutfor“Boiler-Rooms” TheSFCrunsproactiveinvestoreducationprogrammesthroughallmajormediaincludingnewspapers,radio,TVandthe;anisesvariousoutreachactivities.Forinstance,weoperatetheElectronicInvestorResourcesCentre(eIRC)onthe,locatedat,toprovideinvestorswithinformationoninvestmentsandregulations. On2November2000,inordertohelpinvestorsmakemoreinformedchoicesinselectingtheirbrokers,theSFCsetupanewInvestorAlertsubsectionwithintheInvestorEducationsectionontheSFCwebsite(.hk).Itlistsnamesoffirms,whicharenotregisteredinHongKong,butclaimtodealinsecuritiesinHongKong.Infact,thesefirmsonlyusedthefacilitiesofHongKongbusinesscentrespanysecretarialfirmstomakeitappearthattheyoperatedfromHongKong. Atypicalplaintaboutboiler-roomislikethis:- "SomeoneclaimingtoworkforaninvestmentgrouporabrokerinHongKonghasbeencallingme.First,heofferedmesharesinpanyonNASDAQ.Hesaidthathehadinsiderinformationaboutpanyandthatithadexcellentprospects.Hesaidthathewoulde-mailmedetailsofsitesIcouldusetoverifyhisclaims.Later,hecalledagaintourgemetobuynow.Isaid'no'.But,afewdayslater,IgotacontractnotefromthebrokersayingthatIhadboughtthestocksthatheofferedmeanddemandingthatIimmediatelypaymoneyintoabankountoverseas.WhatshouldIdo?
" Scepticalorwell-educatedinvestorscanbeagreathelptotheSFCinstampingoutfraudsbyplaintsorinquiriesaboutthetoogoodtobetrue"investmentopportunities"offeredbyboiler-rooms.PleaseinformtheSFCat2840-9333ifyouareapproachedbyboilerrooms. Surveillance Surveillanceiscrucialtoprotectinginvestorsbydetectingpossiblefrauds.TheSFChasanactivemarketsurveillanceprogrammefocusedonHongKong'sexchangestolookforunusualmarketactivities.TheSFCalsomonitorsnewspapersandpublicationsforunauthorisedadvertisementspromotinginvestmentopportunities.SinceJune1999,theSFCalsomonitorswebsitesonthetoidentifyunauthorisedadvertisementsconcerninginvestmentstargetingHongKonginvestors.ThesurveillancestaffoftheSFCalsosubscribetovariousnewsgroups,participateinchatroomsandreviewmessagespostedonmessageboardstoidentifyanypossiblescams.Tokeepitsstaffup-to-datewiththelatesttechniquesusedindetectingfraud,theSFCsendsitsstaffoverseastoattendothersecuritiesregulators'trainingprogrammes. However,boiler-roomsusuallypromote"investmentopportunities"thatdonotinvolveinvestmentstradedonHongKong'sexchanges.And,whilesomeboiler-roomsadvertisetheirclaimedservicesinthemedia,mostwouldcontactinvestorsdirectlybyphone,e-mail,faxormail. TheSFChasalsofoundthatsomeboiler-roomoperatorshavesetupwebsitestoadvertisetheir
5 SFCBULLETINOctober-December2000 ArticlesandSpeechesWatchOutfor“Boiler-Rooms” "brokerage"and"investmentadvice"services.Theyhavepackagedtheirwebsitestolookconvincingbyimitatingwebsitessetupbyreputablefinancialpanies. Enforcement TheSFCwillconductapreliminaryreview,basedontheinformationitdiscoversthroughitssurveillanceorthatprovidedbythepublic.Ifthereviewrevealssufficientgroundsforconcern,theSFCmaystartaformalinvestigation.AformalinvestigationgivestheSFCthepowertodemanddocumentaryevidence,answerstoquestionsandotherassistance.Thecourtcanpunishthosewhounreasonablyrefusetocooperate. Ifthereissufficientevidence,andthereissomeoneinHongKongthattheSFCcantakeactionagainst,theSFCwillconsiderprosecutingthatperson.Inurgentcaseswhereinvestorsareatseriousriskofimmediateharm,theSFCmayapplytothecourtforanorder,forexample,anordertoaboiler-roomfromoperatinganddisposingofsecurities,todeclarecontractsbetweenaboiler-roomandinvestorsvoidorvoidable,ortoappointsomeonetoadministeraboiler-room'sproperty. Todate,theSFChasessfullyprosecutedonepersonforofferingunlicensedleverageforeignexchangetradingservicesovertheandafirmforofferingunauthorisedinvestmentproductsoverthe.Anotherregisteredsecuritiesdealerhasbeendisciplinedfortryingtorecruitunregistereddealingrepresentativesoverthe.TheSFCpresentlyhastwomoresuspectedcrimecasesbeforethecourt.IntheunlikelyeventthatapersonregisteredwiththeSFCisinvolved,theSFCmaydisciplinethem. Whenaboiler-roomoperationisnotphysicallyinHongKong,theSFCusuallycannotprosecuteanyofitsoperators.ExtraditingsuspectedcriminalsfromoverseasisusuallyonlypossiblewhenbothHongKongandtheoverseasjurisdictionhavepreviouslynegotiatedanextraditiontreaty.Boiler-roomoperatorsoftenchoosetooperatefromplaceswhereextraditionisnotpossible.Evenwhenextraditionispossible,itisplex,andtimeconsumingprocesswithnoguaranteeofess. ThereareotherthingstheSFCcandothough.TheSFChasfoundthatsomeboiler-rooms,claimingtobeHongKongbrokersorinvestmentadvisers,wereactuallybasedoverseas.Theyusedbankservicesandmunicationsfacilitiestomaintaina"virtualoffice"inHongKong.TheyusedbanksinHongKongforsettlement,andtheservicesofbusinesscentresforforwardingtheirmailsandphonecallstowherevertheactualoperationisactuallybased.TheSFCwill,andhaswarnedbusinesscentresandotherfacilitiesprovidersnottodobusinesswithboiler-rooms.Ifapersonknowinglyprovidescall-redirectionfacilities,officemodationorbankingservicestoboiler-rooms,theSFCwillconsiderprosecutingthemforaidingandabettingtheoverseasboiler-roomoperatorsinwhatevercrimestheymaymittedunderHongKonglaw. Whenaboiler-roomisoutsideHongKong,internationalregulatoryco-operationesveryimportant.TheSFCactivelyco-operateswithoverseasregulatorsandlawenforcementagenciestofraudsthatcrossinternationalborders.Boiler-roomsareoneofthemoncross-borderfrauds.TheSFCwillsenddetailsofthesuspectedboiler-roomoperationstotheappropriateregulatorinthejurisdictionwheretheoperationisbased.Whatactionthat SFCBULLETINOctober-December2000
6 ArticlesandSpeechesWatchOutfor“Boiler-Rooms” overseasregulatorswilltakedependsontheirlaws.Oftentheywillcheckwhethertheboilerroomoperatorsarelicensed.Iftheyarelicensed,theywillusuallytakedisciplinaryactionandmayevenbanthepersonfromofferinginvestmentadviceordealinginsecurities.Iftheyarenotlicensedoriftheyarelicensedbuthavemittedcrimes,theoverseasauthoritieswillusuallyinvestigateandseektoprosecutetheboiler-roomoperatorsforsecuritiesorgeneralcriminaloffences.Theymayalsotrytofreezebankountsandreturnmoneytoinvestorsifpossible. In2000,theSFCissuedninewarningletterstobusinessservicescentresusedbyoverseas-basedboiler-rooms,andon12asionsreferreddetailsofpotentialboiler-roomoperationstooverseassecuritiesregulators. Thoseoperatingaboiler-roomfraudarelightfootedandcanquicklyclosedownandmovetoanotherplacetotargetinvestorsinanewplace.Boiler-roomsoftenoperatefromplaceswithlessstrictimmigrationcontrolstomakemovingeasy.Transferringmoneytoanotherjurisdictioniseveneasierandrequiresamatterofhourstoeffect.Boiler-roomswilloftenchoosetooperatefromplaceswithnoorlessstrictmoneylaunderinglawssothatitishardtotrackmoneytheyhavetakenfrominvestors. Itisadmittedlydifficulttocatchboiler-roomoperatorsandtracemoneyacrossmanyinternationalborders.Butlaw-enforcementagenciesandsecuritiesregulatorshavemadeitaprioritytoshutdownboiler-rooms,punishtheoperatorsandreturnmoneytoinvestors. WhatShouldInvestorsDo?
Investorscanprotectthemselvesagainsttheactivitiesofboiler-roomsbyfollowingafeweasystepsincluding: lHangup!
Donotchatwithcoldcallers.Donotwaitforthecallertoendthecall.Youcanhangupatanytime.Boiler-roomoperatorsknowhowtokeepyoulisteningevenifyoudonotwanttoandrelyonthefactthatmostpeopledonotliketoseemrude.Donotplaytheirgames. lTellthemnottocallyouagain.Ifyouaredealingwithlegitimatesecuritiesdealersorinvestmentadvisers,theyshouldrespectyourwishes.Somemaykeepyournameonalistofpeoplenottobecalledagain.Ifyouaredealingwithfraudulentoperations,theymaymoveontoeasiertargetsifyouarefirmandshownointerest. lReportcoldcallers,spame-mails,junkfaxesanddirectmail-outsofferinginvestmentopportunitiestotheSFC.Writedowntheirnames,thenameofthefirm,theircontactdetailsincludingphoneandfaxnumbersande-mailaddress,thedateandtimeofthecallorcalls,whatthecallerssaidtoyou,andwhatyousaidtothecallers,faxorsendtheinformationtotheSFC. lNeverbuyaninvestmentbasedsimplyonatelephonesalespitch,oranunsolicitedemail,faxormail-out.Awiseinvestorwillaskquestions,getwritteninformationaboutpanywhosestocktheyareinterestedin,andinquireaboutthebackgroundofthepersonorfirmtheyaredealingwith.
7 SFCBULLETINOctober-December2000 ArticlesandSpeechesWatchOutfor“Boiler-Rooms” lNevergivebankount,creditcardorotherprivateinformation.Boiler-roomoperatorscanmisuseitandyoumaylosemoney. Aninvestorshouldcheckthestatusofthepersonorthefirmheisdealingwithbyaskingthefollowingquestions: Finally,besceptical.Ifsomethingsoundstoogoodtobetrue,itusuallyis.Returnswithnorisksareimaginary;soareabnormallyhighreturns.Bewaryofanythingthatisclaimedtobeasecretespeciallyifyouareaskedtokeepitsecrettoo.Investorsshouldtaketimetoaskquestionsandinvestigatethingstheydonotunderstand. listhepersonorfirmlicensedtodoIfthereadershaveanyquestionsaboutboiler- businessinHongKongorintheplacetheyroomsorwanttoreportasuspectedboiler-room, claimefrom?
pleasecalltheSFChotlineat2840-9333.You lwhatsortofbusinessisthepersonorfirmmayalsovisittheeIRCathttp://www.HKeIRC. licensedtodo?
orgortheSFCat.hktoget lhavethereplaintsaboutthemormoreinformationaboutinvestingandtheSFC. havetheybeendisciplinedinthepast?
listheinvestmentbeingofferedtradedona reputableexchangeorauthorisedbythe relevantregulator?
Checkwiththeregulatorconcerned.Mostregulatorshavewebsitesonthe.Donotrelyontheclaimsofthesalespersonorfirm.Aninvestorshouldalsocheckwithhisowninvestmentadviseraboutthestocksmendedtothembyboiler-rooms.Investorsshouldreadtheprospectusandpany'slatestfinancialreportsbeforeinvesting.Ifitisanoverseasstock,thereareanumbermercialresourcesaninvestormayconsult.Aninvestorshouldalsobecarefulaboutusinginformationfromthe,assomemaybeunreliable. SFCBULLETINOctober-December2000
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C 15 ˆ”˚•|T2000ƒ~10⁄ºƒ12⁄º ArticlesandSpeeches ALandmarkYearintheHistoryoftheHongKongSecuritiesandFuturesMarkets 2000Year-endBriefingMrAndrewSheng,ChairmanoftheSecuritiesandFuturesCommission 2000wasanextremelybusybutfruitfulyear.ItwasalandmarkyearinthehistoryoftheHongKongsecuritiesandfuturesmarkets.Majorreformswereintroducedandpletedwithamazingspeed.Manysignificantandmemorableeventstookplace.Withpletionofmajorreforms,andthetablingoftheSecuritiesandFuturesBillbeforetheLegislativeCouncil,2001willbeayearofimplementation. Ireportedinmylastyear-endbriefingthatthethree-prongedfinancialmarketreformsannouncedbytheFinancialSecretaryinMarch1999wereprogressingwell.Iamgladtotellyoutodaythatthereformshavelargelybeenimplemented. Fifteenmonthsafterthereforminitiativeswereannounced,theexchangesandclearinghousesweremergedanddemutualised.TheHongKongExchangesandClearingLimited(HKEx)wasestablishedon6MarchandwaslistedonitsExchangeon27June.Inconjunction,theSFChasassumedresponsibilityforfront-linesupervisionofexchangeparticipantsandtookovertheresponsibilityfordisciplinarymattersinvolvingtheconductofexchangeparticipants. ModernizationofourfinancialinfrastructurebeganimmediatelyaftertheFinancialSecretaryhaseptedthereportbytheSteeringCommitteeontheEnhancementofFinancialInfrastructure(SCEFI).Mostnotably,theSecuritiesandDerivativesCommunicationNetwork(SDNet)whichelectronicallylinksmembersofthesecuritiesandmunity hasbeenestablished.ElectronicsubmissionoftheFinancialResourcesRulesreturns(eFRRR)-thefirstapplicationontheSDNet-waslaunchedinAugust.Moreapplicationsareinthepipeline,includingelectronicsubmissionofannualreportsandcorporatefinancedocuments.WeareworkingwiththeHKEx,theGovernmentandmarketparticipantstoimplementanumberoflonger-terminitiatives,includingstraightthroughprocessing,scriplesstransactionsandarrangementsforasingleclearingprocess.SCEFIhasalreadyreconvenedtoexaminetheseissues.Itsreportwillbemadein2001. ThankstothehardworkanddedicationoftheFinancialServicesBureau,theDepartmentofJustice,ourlegalandpolicyteams,aswellassupportfrommunity,thedraftingandconsultationsforthenewSecuritiesandFuturesBillpletedandsubmittedtoLegCoinNovember2000.TheLegCoBillsCommitteehasbeenformedandwelookforwardtotheapprovaloftheBillbyApril2001. Inadditiontothethreeinitiatives,thereweremajordevelopmentsthatshapedthedevelopmentofHongKong'ssecuritiesandfuturesmarketslastyear.Tostarttheyear,thefinancialsectorofHongKonghaspassedY2Kwithoutanymishap.Itwasfortunatethattherewasnoneedtoinvokethecontingencymeasuresthatwehavespentalotoftimeandresourcestoprepare. Wehaveexperiencedawholecycleoftechstockfeverwithinoneyear.Hi-techstockfeverpeakedinApril,andbytheendoftheyear,ourGEMstockindexwasdownfromitspeakby SFCBULLETINOctober-December2000 16 ArticlesandSpeeches ALandmarkYearintheHistoryoftheHongKongSecuritiesandFuturesMarkets 70%.Asyouareaware,wegavetheinvestorslotsofhealthwarningsduringtheyear.Iampleasedtoreportthateventhoughinmanyways,thehi-techstockcyclewasnotunliketheRedChipcycleof1997,therewerenofailuresofintermediariesbecauseofthefever.Asaregulator,Iwouldnothesitatetoissuehealthwarningswiththeclassicthreequestions:- Doyouknowwhatyouarebuying?
Doyouknowtherisksthatyouareundertaking?
Doyouknowtherulesofthegame?
parisonbetweenHongKongandinternationalmarketsfortheyearendedNovember2000showedthatweconsolidatedourpositionasthesecondlargestmarketinAsiaafterTokyo.Ourmarketturnoverincreasedover60%,exceededonlybytheMainland.Ourmarketcapcontinuestogrow,eventhoughthefourlargestmarkets[US,Japan,Germany&UK]showeddeclines.Theamountoffundsraised,US$59.4billion,wasagrowthof208%,arecordyear.HongKonghasdemonstratedthatitisthelargestfundraisingcentrefortheMainland,ountingformorethan70%oftheforeigncurrencyfundsraisedabroadin2000.ThanksmainlytotheintroductionoftheGEM,thenumberofpaniesrose11.6%.WiththeessfullaunchoftheAutomatedTradingSystem(HKATS),thenumberoffuturescontractstradedontheHKFEalsorose10%. Technologywasamajordrivingforceinoursecuritiesandfuturesmarketsin2000.WeessfullymonitoredthelaunchoftheHKATSinJuneandtheAutomaticOrderMatchingandExecutionSystem(AMS/3)inOctober.Wehelpeddesignandimplementtheelectronicapplicationforshares(eIPO)systemforthe essfulprivatizationofMTRCinSeptember.Wefoundthat12%ofthetotalHongKongpublicofferand13%ofthevalueoftheapplicationsweremadethrougheIPO.GiventhebroaderbaseofinvestorsthroughtheMTRCIPO,andthelaunchoftheMPFscheme,wehaveworkedhardwithmunitytolaunchtheElectronicInvestorResourcesCentre(eIRC)inJune.InvestoreducationpriorityintheSFC. Wecontinuetobeactiveonexternalrelationsandinternationalactivities,includingourworkintheInternationalOrganisationofSecuritiesCommission(IOSCO).Allthekeysecuritiesregulatorsfromthemajormarkets,suchasMrArthurLevittoftheUSSecuritiesandExchangesCommission,MrZhouXiaochuanoftheChinaSecuritiesRegulatoryCommission(CSRC),SirHowardDaviesoftheUKFinancialServicesAuthorityandDrMehtaoftheSecuritiesandInvestmentsBoardofIndia,visitedus.ByMarch,theFinancialStabilityForum'sTaskForceonImplementationofStandards,whichIhadthehonourtochair,pletedandsubmitteditsreport.TheSFCalsohostedaseminarformembersoftheIOSCO'sAsiaPacificRegionCommittee(APRC)todiscussregulatoryissuesrelatingtoon-linetradinginSeptember.Itwasagoodforumforsecuritiesregulatorsmonchallengesofon-linetradingandprotectionofinvestorstoshareourexperienceintacklingtheproblems.WearecontinuingourprogrammetoexchangestaffwiththeCSRCandjointlyrananenforcementtrainingprogrammeinShenzhenwithSECtrainers. Internally,wehavebeenbusywithmakingtheinternalprocesschangesinordertomakeourworkmoretransparent,efficientandountable. 17 SFCBULLETINOctober-December2000 ArticlesandSpeeches ALandmarkYearintheHistoryoftheHongKongSecuritiesandFuturesMarkets IwanttopaytributespecificallytoourDeputyChairman,LauraCha,wholedthismajorinternalreforms.Wehavesignificantlyupgradedourresourcesforinvestoreducation,internalstafftrainingandexchangeprogrammes.WehavelaunchedourSFCtomakeourworkmoreuser-friendlyandstreamlinedefficiencythroughe-workflowprocessreview.ThisisdonethrougheFRRRregulatorydatasubmission,whichwouldassistthestraight-throughprocessingandscriplessenvironmentthatweareimplementing.WehavealsoobtainedISO9001CertificateforthedesignandprovisionofITservicesaspartofourefforttoraisethequalityandstandardofourservices. ChallengesAhead Lookingahead,whilethedirectionsareset,wewillstillfacealotofchallengesinimplementingthereforms.CompetitionagainstHongKongwillbekeenfromallneighbouringmarkets.LookattheperformanceandpotentialoftheMainlandmarkets:theirturnoverarenownearlydoublethatofHongKong;theyhavemorethan56millioninvestorounts,andmajorreformsareinplaceaftertheShanghaiandShenzhenStockExchangescelebratedtheir10thanniversaryinDecember. Weenvisagethattherewillbeamajorstructuralchangeinthesecuritiesindustryiningyears.Technology,withthelaunchofon-linetradingandAMS/3andHKATS,istransformingthemarkets.Banksande-tradersareenteringintothesecuritiesbusiness.Theyareincreasingtheirmarketshare.Weneedtomanagethisprocess.Weareworkingincloseconsultationwiththemarketparticipants,localandforeign,largeorsmall,toexaminetheissues.Wenowhaveverycleardelineationofroles-theHKExisinchargeofmarketdevelopment,butwework closelywiththeindustrytofacilitatethenecessaryregulatorychanges.ThroughSCEFI,wearealsoimprovingthefinancialinfrastructure,reduceoperationalcostsandrisks. Infacingthesechallenges,wehavetomoveupthevalue-addedcurve.ItisimportantforustoupgradethequalityofourmarketstoaparabletothatofNewYorkandLondon.Thisisourmissionforthenexttwotothreeyears.Thequalityofourmarketsdependsonthequalityofpanies,thequalityofintermediariesandultimatelythequalityoftheregulators. Asar
worthpeoplesuchasprofessionalswhohavethemoneybutnotimeforinvestmentareusuallythetargetsofboiler-rooms.Boiler-roomoperatorswillusuallyuseagroupofhighpressuresalespeopletomakecoldcallstoasmanypotentialinvestorsaspossible.Thesesalespeoplepersuadeinvestorstobuythestockstheymendthroughlong,haranguingphonecalls.Veryoften,theyreadfrompreparedscripts,givepromisesofhighreturns,deflectquestionsandusepsychologicalploystotrickpeopleintobuyingstockstheyknownothingaboutordonotreallywant.Tokeepupthepressure,boilerroomswilloftensupplementtheirtelephonecallswithfaxes,spame-mailsordirectmail-outs containingbogusstockresearchreports,stocktips,orprofilesoftheirshambrokerageorinvestmentadvisoryfirms. Ifaninvestordoesnotumbonthefirstcall,theboiler-roomoperatorswillcallagainandagainoftenatinconvenienttimes,urgingthemtobuy.Notsurprisingly,boiler-roomsareusuallyroomsfullofslick,professional-soundingsalespeoplecontinuouslyonthephoneharassingpotentialinvestorstobuythesamestockusingthesamesmoothscript.Hencetheboiler-roomname. Someboiler-roomoperatorsaremoresophisticatedandmaywaitbeforeturninguptheheat.Theywillcallaninvestorseveraltimesto
1 SFCBULLETINOctober-December2000 ArticlesandSpeechesWatchOutfor“Boiler-Rooms” slowlyspinouttheirsalespitch.Intheirfirstcall,theywilltrytocultivateaninvestor'strustbydescribingtheirfirm'spastessesandthehighqualityofitsresearch.Theywilloftenaskpermissiontocallagainifan"exciting"esalongorsendtheinvestortheir"researchmaterial"periodically.Intheirsecondcall,theywilloftenwhettheinvestor'sappetite,tellingtheinvestoraboutafabuloussharethattheythinktheycangettheinvestorinto.Intheirthirdcall,theywilloftenurgetheinvestortobuynoworelsetheinvestorswouldmissagoodopportunitytomakemoney. Someboiler-roomoperatorslurenewcustomersbypromotingwell-known,widelytradedbluechipstocks.Aftertheinvestortakesthebait,theboiler-roomoperatorswillpersuadetheinvestortoinvestinthesharesofsmall,panieswithlittleornoearnings. Boiler-RoomsUsuallymendMicroCapStocks Boiler-roomsusuallygetinvestorstobuythinlytradedstockspanieswithlowcapitalisation("micro-capstocks"),butmayoffermoreexoticinvestments.Theyareoftenconnectedwithinsidersfromthesepanies,orinvolvedinpanies'promotionorarethemarket-makersofthestocks,whichtheywillbuyandsellfortheirownount.Boiler-roomoperatorswillencourageinvestorstobuyonthebasisofinformationtheyprovideoverthephone,throughtheirfaxes,e-mails,ormail-outs,andwillusuallyrefusetogiveextrawritteninformationtotheinvestors. Investorsshouldnotethatindependentinformationaboutpaniescanbeextremelydifficulttofindbecause:- ltheirstocksareusuallynotlistedonrecognisedstockexchangesandsotheyarenotsubjecttotheminimumstandardsforlistingonanexchange; ltheyareusuallynotrequiredtomakeregularreportstosecuritiesregulatorsintheirhomejurisdiction; ltheywillbetoosmallforwell-knowninvestmentanalystsandfinancialpaniestoreporton;and ltheytendtobepanieswithnoprovenbusinesstrackrecords. Boiler-roomoperatorswilloftenmakeitmuchhardertofindinformationbyensuringthatthestocksofferedareofforeignpanies.TheywilloftenclaimthatthestocksareUSstocksastheassociationwiththeUSmarketlendscredibility.However,informationaboutasmallpanycanbedifficulttofindowingtothesizeoftheUSsecuritiesmarkets.Oftentheywillalsoclaimthatpaniestheymendareinexoticfieldslikeenvironmentalengineering,bio-technology,medicalresearchorhightechnologytomaketheinvestmentsoundexcitingandmoreattractivetoinvestors. Tomaketherisksinherentininvestinginthesemicro-capstockslessobvious,theboiler-roomoperatorsmaytellinvestorsthatthesestocksaretradedinthe"over-the-counter"(OTC)marketandquotedonOTCsystems,suchastheOTC SFCBULLETINOctober-December2000
2 ArticlesandSpeechesWatchOutfor“Boiler-Rooms” BulletinBoard1(OTCBB)orthe"PinkSheets"
2.Thesestockstendtobelowpricedandtradeinlowvolumes. Unknowntoinvestors,theboiler-roomoperatorsmaythemselvesholdstockinpanytheyarepromotingandsellthatstocktoinvestorswhenitspricepeaksattheheightofthebuyingfrenzytheboiler-roomsgenerate.Theboiler-roomoperatorsmayalsousethetospreadrumoursinchatroomsandonbulletinboardstoattractinvestorstobuythestockofpanytheyarepromoting.Investorsmaybemorelikelytobelieveinrumorstheyfindonthesincetheymayfeelthattheyhavediscoveredtheinformationforthemselvesandarenotforce-fedbyaphonesalesperson,spame-mail,junkfaxesordirectmail-outs.Afterinvestorsputinthemoney,thestockpricewillusuallyfallsharply,astherewillnolongerbesupportforpany'sstock.Theinvestorswillprobablybeleftholdingtheworthlessstockwhilsttheboiler-roomoperatorswillhavemadeahugeprofitbysellingthestockstheyhaveheld. Evenworse,onceinvestorsbuythe"mended"stockandpaythemoney,theywillfindthattheirboiler-room"brokers"refusetotakeorreturnphonecallsandeventuallydisappear. Someboiler-roomoperatorswillhitaninvestortwicebyposingasanother"broker",aftertheinvestor'sfirst"broker"hasdisappeared.Theymaypretendtohelptheinvestorstosellstocksthatthefirst"broker"soldtotheinvestor,ontheconditionthattheinvestorpromisestopaymoneyintoadesignatedbankount.Again,theboiler-roomoperatorwilldisappearoncetheinvestorpaysthemoney. HowDoestheLawProtectInvestors?
Boiler-roomoperatorsmaymittedanumberofcrimesunderHongKonglaw.Themainoffencestheymaymittedaregivenbelow: UnregistereddealingSections48and49oftheSecuritiesOrdinancemakeitacrimeforapersontocarryonabusinessinHongKongofdealinginsecuritiesorgivinginvestmentadvice,unlesstheyareregisteredwiththeSFC.Apersoncoldcallingtosellsecuritieswillprobablyhavebreachedeitherorbothsections.Forapersontoberegisteredasadealerorinvestmentadvisertheymustmeetcertainrequirementsastotheirhonesty,petenceandfinancialstability.Boiler-roomoperatorsarealmostneverregisteredinHongKongoroverseasandmaynotmeettheregistrationrequirements. 1TheOTCBBisanelectronicquotationsystemoperatedbyNASDAQformanyOTCsecuritiesthatarenotlistedontheNasdaqStockMarketorarecognisedsecuritiesmarket.However,itisNOTpartofthemainNASDAQstockmarketandsecuritiesquotedonitanddonothavetomeetthemorerequirementsforbeinglistedonthatmarket. 2The“PinkSheets”isaweeklypublicationofpanycalledtheNationalQuotationBureauwhichiselectronicallyupdateddaily.AbrokerwhichhassubscribedtothePinkSheetscandiscoverthenamesandphonenumbersofthebrokersthatarecommittedtobuyingandsellingvariousOTCstocks.UnlessaninvestorhasesstothePinkSheetsorknowsthemarketmakersofastock,he/shewillhavedifficultiesinfindingpricesensitiveinformationaboutastockevenifitisquotedinthePinkSheets.
3 SFCBULLETINOctober-December2000 ArticlesandSpeechesWatchOutfor“Boiler-Rooms” Coldcallingor"securitieshawking"Section74oftheSecuritiesOrdinancemakesitacrime,tocallfromplacetoplace(includinginpersonorbymakingphonecalls)makingorofferingtomakewithanypersonanagreementforthatotherpersontobuyspecificsecurities,ormakingorofferingtomakeanagreementforsecuringaprofitforthatotherpersonfromtheyieldofspecificsecurities,orbyreferencetofluctuationsinthevalueofspecificsecuritiesortoinduceapersontoenterintoeithersortofagreement. MisrepresentationsSection3oftheProtectionofInvestorsOrdinancemakesitacrimeforapersontoknowinglyorrecklesslybyafalse,misleadingordeceptivestatement,promiseorforecasttoinduceanotherpersontoenterintoanagreementforacquiring,disposingof,subscribingfororunderwritingsecurities,orforthepurposesofsecuringaprofitfromtheyieldofsecuritiesortotakepartinanyinvestmentarrangementsconcerningpropertyotherthansecurities.Undersection8oftheOrdinance,apersonwhodoessoisliabletopensationtoaninvestorforanyarylossthattheinvestorsustainsbyrelyingonthemisrepresentation.Boiler-roomoperatorsregularlylieorgivemisleadinginformationabouttheinvestmentstheypromote. UnauthorisedadvertisementsorinvitationsUndersection4oftheProtectionofInvestorsOrdinance,itisalsoacrimetoissueadvertisementsorinvitationstoinduceotherpeopletoenterintosuchagreementsunlesstheSFCapprovestheadvertisementoritispartofthemarketingofsecuritiesorinvestmentsotherwiseauthorisedbythelegislation.Itisevenacrimeforapersontopossesssuch advertisementsorinvitationsforthepurposeofissuingthem.Boiler-roomoperatorsmaysometimesadvertiseinwell-knownfinancialnewspapersormagazinesencouraginginvestorstocontactthem.Butinvestorsshouldnotethatboiler-roomspayforsuchadvertisementsandputtinganadvertisementinthenewspapersdoesnotmeanthattheyarelegitimateoperations. IllegalsecuritiesoffersUndersections38and342oftheCompaniesOrdinanceandsubjecttocertainexceptions,itisacrimetodistributeinHongKonganapplicationforsharesinaHongKongoroverseaspany,respectively,tothepublicwithoutaregisteredprospectusplieswiththeCompaniesOrdinancerequirements.Aboiler-roomoperatorthatoffersstocksforsaleinpanyusuallydoessowithoutaproperprospectusplieswiththeserequirements. Therearealsoahostofgeneralcriminallawfraudanddeceptioncrimesthatboiler-roomsmightmitted.Mostoftheseoffencesusuallyhavetheirequivalentsoverseas. HowtheSFCAttacksBoiler-RoomActivities TheSFChasathree-prongedapproachtoattackingboiler-roomactivities:investoreducation,surveillanceandenforcement. InvestorEducation TheSFCstronglybelievesthateducatedinvestorsaretheirownbestdefenceagainstfraudordeception.Investorswhoknowwhatquestionstoaskandhowtodetectfraudwillbelesslikelytofallintotraps. SFCBULLETINOctober-December2000
4 ArticlesandSpeechesWatchOutfor“Boiler-Rooms” TheSFCrunsproactiveinvestoreducationprogrammesthroughallmajormediaincludingnewspapers,radio,TVandthe;anisesvariousoutreachactivities.Forinstance,weoperatetheElectronicInvestorResourcesCentre(eIRC)onthe,locatedat,toprovideinvestorswithinformationoninvestmentsandregulations. On2November2000,inordertohelpinvestorsmakemoreinformedchoicesinselectingtheirbrokers,theSFCsetupanewInvestorAlertsubsectionwithintheInvestorEducationsectionontheSFCwebsite(.hk).Itlistsnamesoffirms,whicharenotregisteredinHongKong,butclaimtodealinsecuritiesinHongKong.Infact,thesefirmsonlyusedthefacilitiesofHongKongbusinesscentrespanysecretarialfirmstomakeitappearthattheyoperatedfromHongKong. Atypicalplaintaboutboiler-roomislikethis:- "SomeoneclaimingtoworkforaninvestmentgrouporabrokerinHongKonghasbeencallingme.First,heofferedmesharesinpanyonNASDAQ.Hesaidthathehadinsiderinformationaboutpanyandthatithadexcellentprospects.Hesaidthathewoulde-mailmedetailsofsitesIcouldusetoverifyhisclaims.Later,hecalledagaintourgemetobuynow.Isaid'no'.But,afewdayslater,IgotacontractnotefromthebrokersayingthatIhadboughtthestocksthatheofferedmeanddemandingthatIimmediatelypaymoneyintoabankountoverseas.WhatshouldIdo?
" Scepticalorwell-educatedinvestorscanbeagreathelptotheSFCinstampingoutfraudsbyplaintsorinquiriesaboutthetoogoodtobetrue"investmentopportunities"offeredbyboiler-rooms.PleaseinformtheSFCat2840-9333ifyouareapproachedbyboilerrooms. Surveillance Surveillanceiscrucialtoprotectinginvestorsbydetectingpossiblefrauds.TheSFChasanactivemarketsurveillanceprogrammefocusedonHongKong'sexchangestolookforunusualmarketactivities.TheSFCalsomonitorsnewspapersandpublicationsforunauthorisedadvertisementspromotinginvestmentopportunities.SinceJune1999,theSFCalsomonitorswebsitesonthetoidentifyunauthorisedadvertisementsconcerninginvestmentstargetingHongKonginvestors.ThesurveillancestaffoftheSFCalsosubscribetovariousnewsgroups,participateinchatroomsandreviewmessagespostedonmessageboardstoidentifyanypossiblescams.Tokeepitsstaffup-to-datewiththelatesttechniquesusedindetectingfraud,theSFCsendsitsstaffoverseastoattendothersecuritiesregulators'trainingprogrammes. However,boiler-roomsusuallypromote"investmentopportunities"thatdonotinvolveinvestmentstradedonHongKong'sexchanges.And,whilesomeboiler-roomsadvertisetheirclaimedservicesinthemedia,mostwouldcontactinvestorsdirectlybyphone,e-mail,faxormail. TheSFChasalsofoundthatsomeboiler-roomoperatorshavesetupwebsitestoadvertisetheir
5 SFCBULLETINOctober-December2000 ArticlesandSpeechesWatchOutfor“Boiler-Rooms” "brokerage"and"investmentadvice"services.Theyhavepackagedtheirwebsitestolookconvincingbyimitatingwebsitessetupbyreputablefinancialpanies. Enforcement TheSFCwillconductapreliminaryreview,basedontheinformationitdiscoversthroughitssurveillanceorthatprovidedbythepublic.Ifthereviewrevealssufficientgroundsforconcern,theSFCmaystartaformalinvestigation.AformalinvestigationgivestheSFCthepowertodemanddocumentaryevidence,answerstoquestionsandotherassistance.Thecourtcanpunishthosewhounreasonablyrefusetocooperate. Ifthereissufficientevidence,andthereissomeoneinHongKongthattheSFCcantakeactionagainst,theSFCwillconsiderprosecutingthatperson.Inurgentcaseswhereinvestorsareatseriousriskofimmediateharm,theSFCmayapplytothecourtforanorder,forexample,anordertoaboiler-roomfromoperatinganddisposingofsecurities,todeclarecontractsbetweenaboiler-roomandinvestorsvoidorvoidable,ortoappointsomeonetoadministeraboiler-room'sproperty. Todate,theSFChasessfullyprosecutedonepersonforofferingunlicensedleverageforeignexchangetradingservicesovertheandafirmforofferingunauthorisedinvestmentproductsoverthe.Anotherregisteredsecuritiesdealerhasbeendisciplinedfortryingtorecruitunregistereddealingrepresentativesoverthe.TheSFCpresentlyhastwomoresuspectedcrimecasesbeforethecourt.IntheunlikelyeventthatapersonregisteredwiththeSFCisinvolved,theSFCmaydisciplinethem. Whenaboiler-roomoperationisnotphysicallyinHongKong,theSFCusuallycannotprosecuteanyofitsoperators.ExtraditingsuspectedcriminalsfromoverseasisusuallyonlypossiblewhenbothHongKongandtheoverseasjurisdictionhavepreviouslynegotiatedanextraditiontreaty.Boiler-roomoperatorsoftenchoosetooperatefromplaceswhereextraditionisnotpossible.Evenwhenextraditionispossible,itisplex,andtimeconsumingprocesswithnoguaranteeofess. ThereareotherthingstheSFCcandothough.TheSFChasfoundthatsomeboiler-rooms,claimingtobeHongKongbrokersorinvestmentadvisers,wereactuallybasedoverseas.Theyusedbankservicesandmunicationsfacilitiestomaintaina"virtualoffice"inHongKong.TheyusedbanksinHongKongforsettlement,andtheservicesofbusinesscentresforforwardingtheirmailsandphonecallstowherevertheactualoperationisactuallybased.TheSFCwill,andhaswarnedbusinesscentresandotherfacilitiesprovidersnottodobusinesswithboiler-rooms.Ifapersonknowinglyprovidescall-redirectionfacilities,officemodationorbankingservicestoboiler-rooms,theSFCwillconsiderprosecutingthemforaidingandabettingtheoverseasboiler-roomoperatorsinwhatevercrimestheymaymittedunderHongKonglaw. Whenaboiler-roomisoutsideHongKong,internationalregulatoryco-operationesveryimportant.TheSFCactivelyco-operateswithoverseasregulatorsandlawenforcementagenciestofraudsthatcrossinternationalborders.Boiler-roomsareoneofthemoncross-borderfrauds.TheSFCwillsenddetailsofthesuspectedboiler-roomoperationstotheappropriateregulatorinthejurisdictionwheretheoperationisbased.Whatactionthat SFCBULLETINOctober-December2000
6 ArticlesandSpeechesWatchOutfor“Boiler-Rooms” overseasregulatorswilltakedependsontheirlaws.Oftentheywillcheckwhethertheboilerroomoperatorsarelicensed.Iftheyarelicensed,theywillusuallytakedisciplinaryactionandmayevenbanthepersonfromofferinginvestmentadviceordealinginsecurities.Iftheyarenotlicensedoriftheyarelicensedbuthavemittedcrimes,theoverseasauthoritieswillusuallyinvestigateandseektoprosecutetheboiler-roomoperatorsforsecuritiesorgeneralcriminaloffences.Theymayalsotrytofreezebankountsandreturnmoneytoinvestorsifpossible. In2000,theSFCissuedninewarningletterstobusinessservicescentresusedbyoverseas-basedboiler-rooms,andon12asionsreferreddetailsofpotentialboiler-roomoperationstooverseassecuritiesregulators. Thoseoperatingaboiler-roomfraudarelightfootedandcanquicklyclosedownandmovetoanotherplacetotargetinvestorsinanewplace.Boiler-roomsoftenoperatefromplaceswithlessstrictimmigrationcontrolstomakemovingeasy.Transferringmoneytoanotherjurisdictioniseveneasierandrequiresamatterofhourstoeffect.Boiler-roomswilloftenchoosetooperatefromplaceswithnoorlessstrictmoneylaunderinglawssothatitishardtotrackmoneytheyhavetakenfrominvestors. Itisadmittedlydifficulttocatchboiler-roomoperatorsandtracemoneyacrossmanyinternationalborders.Butlaw-enforcementagenciesandsecuritiesregulatorshavemadeitaprioritytoshutdownboiler-rooms,punishtheoperatorsandreturnmoneytoinvestors. WhatShouldInvestorsDo?
Investorscanprotectthemselvesagainsttheactivitiesofboiler-roomsbyfollowingafeweasystepsincluding: lHangup!
Donotchatwithcoldcallers.Donotwaitforthecallertoendthecall.Youcanhangupatanytime.Boiler-roomoperatorsknowhowtokeepyoulisteningevenifyoudonotwanttoandrelyonthefactthatmostpeopledonotliketoseemrude.Donotplaytheirgames. lTellthemnottocallyouagain.Ifyouaredealingwithlegitimatesecuritiesdealersorinvestmentadvisers,theyshouldrespectyourwishes.Somemaykeepyournameonalistofpeoplenottobecalledagain.Ifyouaredealingwithfraudulentoperations,theymaymoveontoeasiertargetsifyouarefirmandshownointerest. lReportcoldcallers,spame-mails,junkfaxesanddirectmail-outsofferinginvestmentopportunitiestotheSFC.Writedowntheirnames,thenameofthefirm,theircontactdetailsincludingphoneandfaxnumbersande-mailaddress,thedateandtimeofthecallorcalls,whatthecallerssaidtoyou,andwhatyousaidtothecallers,faxorsendtheinformationtotheSFC. lNeverbuyaninvestmentbasedsimplyonatelephonesalespitch,oranunsolicitedemail,faxormail-out.Awiseinvestorwillaskquestions,getwritteninformationaboutpanywhosestocktheyareinterestedin,andinquireaboutthebackgroundofthepersonorfirmtheyaredealingwith.
7 SFCBULLETINOctober-December2000 ArticlesandSpeechesWatchOutfor“Boiler-Rooms” lNevergivebankount,creditcardorotherprivateinformation.Boiler-roomoperatorscanmisuseitandyoumaylosemoney. Aninvestorshouldcheckthestatusofthepersonorthefirmheisdealingwithbyaskingthefollowingquestions: Finally,besceptical.Ifsomethingsoundstoogoodtobetrue,itusuallyis.Returnswithnorisksareimaginary;soareabnormallyhighreturns.Bewaryofanythingthatisclaimedtobeasecretespeciallyifyouareaskedtokeepitsecrettoo.Investorsshouldtaketimetoaskquestionsandinvestigatethingstheydonotunderstand. listhepersonorfirmlicensedtodoIfthereadershaveanyquestionsaboutboiler- businessinHongKongorintheplacetheyroomsorwanttoreportasuspectedboiler-room, claimefrom?
pleasecalltheSFChotlineat2840-9333.You lwhatsortofbusinessisthepersonorfirmmayalsovisittheeIRCathttp://www.HKeIRC. licensedtodo?
orgortheSFCat.hktoget lhavethereplaintsaboutthemormoreinformationaboutinvestingandtheSFC. havetheybeendisciplinedinthepast?
listheinvestmentbeingofferedtradedona reputableexchangeorauthorisedbythe relevantregulator?
Checkwiththeregulatorconcerned.Mostregulatorshavewebsitesonthe.Donotrelyontheclaimsofthesalespersonorfirm.Aninvestorshouldalsocheckwithhisowninvestmentadviseraboutthestocksmendedtothembyboiler-rooms.Investorsshouldreadtheprospectusandpany'slatestfinancialreportsbeforeinvesting.Ifitisanoverseasstock,thereareanumbermercialresourcesaninvestormayconsult.Aninvestorshouldalsobecarefulaboutusinginformationfromthe,assomemaybeunreliable. SFCBULLETINOctober-December2000
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C 15 ˆ”˚•|T2000ƒ~10⁄ºƒ12⁄º ArticlesandSpeeches ALandmarkYearintheHistoryoftheHongKongSecuritiesandFuturesMarkets 2000Year-endBriefingMrAndrewSheng,ChairmanoftheSecuritiesandFuturesCommission 2000wasanextremelybusybutfruitfulyear.ItwasalandmarkyearinthehistoryoftheHongKongsecuritiesandfuturesmarkets.Majorreformswereintroducedandpletedwithamazingspeed.Manysignificantandmemorableeventstookplace.Withpletionofmajorreforms,andthetablingoftheSecuritiesandFuturesBillbeforetheLegislativeCouncil,2001willbeayearofimplementation. Ireportedinmylastyear-endbriefingthatthethree-prongedfinancialmarketreformsannouncedbytheFinancialSecretaryinMarch1999wereprogressingwell.Iamgladtotellyoutodaythatthereformshavelargelybeenimplemented. Fifteenmonthsafterthereforminitiativeswereannounced,theexchangesandclearinghousesweremergedanddemutualised.TheHongKongExchangesandClearingLimited(HKEx)wasestablishedon6MarchandwaslistedonitsExchangeon27June.Inconjunction,theSFChasassumedresponsibilityforfront-linesupervisionofexchangeparticipantsandtookovertheresponsibilityfordisciplinarymattersinvolvingtheconductofexchangeparticipants. ModernizationofourfinancialinfrastructurebeganimmediatelyaftertheFinancialSecretaryhaseptedthereportbytheSteeringCommitteeontheEnhancementofFinancialInfrastructure(SCEFI).Mostnotably,theSecuritiesandDerivativesCommunicationNetwork(SDNet)whichelectronicallylinksmembersofthesecuritiesandmunity hasbeenestablished.ElectronicsubmissionoftheFinancialResourcesRulesreturns(eFRRR)-thefirstapplicationontheSDNet-waslaunchedinAugust.Moreapplicationsareinthepipeline,includingelectronicsubmissionofannualreportsandcorporatefinancedocuments.WeareworkingwiththeHKEx,theGovernmentandmarketparticipantstoimplementanumberoflonger-terminitiatives,includingstraightthroughprocessing,scriplesstransactionsandarrangementsforasingleclearingprocess.SCEFIhasalreadyreconvenedtoexaminetheseissues.Itsreportwillbemadein2001. ThankstothehardworkanddedicationoftheFinancialServicesBureau,theDepartmentofJustice,ourlegalandpolicyteams,aswellassupportfrommunity,thedraftingandconsultationsforthenewSecuritiesandFuturesBillpletedandsubmittedtoLegCoinNovember2000.TheLegCoBillsCommitteehasbeenformedandwelookforwardtotheapprovaloftheBillbyApril2001. Inadditiontothethreeinitiatives,thereweremajordevelopmentsthatshapedthedevelopmentofHongKong'ssecuritiesandfuturesmarketslastyear.Tostarttheyear,thefinancialsectorofHongKonghaspassedY2Kwithoutanymishap.Itwasfortunatethattherewasnoneedtoinvokethecontingencymeasuresthatwehavespentalotoftimeandresourcestoprepare. Wehaveexperiencedawholecycleoftechstockfeverwithinoneyear.Hi-techstockfeverpeakedinApril,andbytheendoftheyear,ourGEMstockindexwasdownfromitspeakby SFCBULLETINOctober-December2000 16 ArticlesandSpeeches ALandmarkYearintheHistoryoftheHongKongSecuritiesandFuturesMarkets 70%.Asyouareaware,wegavetheinvestorslotsofhealthwarningsduringtheyear.Iampleasedtoreportthateventhoughinmanyways,thehi-techstockcyclewasnotunliketheRedChipcycleof1997,therewerenofailuresofintermediariesbecauseofthefever.Asaregulator,Iwouldnothesitatetoissuehealthwarningswiththeclassicthreequestions:- Doyouknowwhatyouarebuying?
Doyouknowtherisksthatyouareundertaking?
Doyouknowtherulesofthegame?
parisonbetweenHongKongandinternationalmarketsfortheyearendedNovember2000showedthatweconsolidatedourpositionasthesecondlargestmarketinAsiaafterTokyo.Ourmarketturnoverincreasedover60%,exceededonlybytheMainland.Ourmarketcapcontinuestogrow,eventhoughthefourlargestmarkets[US,Japan,Germany&UK]showeddeclines.Theamountoffundsraised,US$59.4billion,wasagrowthof208%,arecordyear.HongKonghasdemonstratedthatitisthelargestfundraisingcentrefortheMainland,ountingformorethan70%oftheforeigncurrencyfundsraisedabroadin2000.ThanksmainlytotheintroductionoftheGEM,thenumberofpaniesrose11.6%.WiththeessfullaunchoftheAutomatedTradingSystem(HKATS),thenumberoffuturescontractstradedontheHKFEalsorose10%. Technologywasamajordrivingforceinoursecuritiesandfuturesmarketsin2000.WeessfullymonitoredthelaunchoftheHKATSinJuneandtheAutomaticOrderMatchingandExecutionSystem(AMS/3)inOctober.Wehelpeddesignandimplementtheelectronicapplicationforshares(eIPO)systemforthe essfulprivatizationofMTRCinSeptember.Wefoundthat12%ofthetotalHongKongpublicofferand13%ofthevalueoftheapplicationsweremadethrougheIPO.GiventhebroaderbaseofinvestorsthroughtheMTRCIPO,andthelaunchoftheMPFscheme,wehaveworkedhardwithmunitytolaunchtheElectronicInvestorResourcesCentre(eIRC)inJune.InvestoreducationpriorityintheSFC. Wecontinuetobeactiveonexternalrelationsandinternationalactivities,includingourworkintheInternationalOrganisationofSecuritiesCommission(IOSCO).Allthekeysecuritiesregulatorsfromthemajormarkets,suchasMrArthurLevittoftheUSSecuritiesandExchangesCommission,MrZhouXiaochuanoftheChinaSecuritiesRegulatoryCommission(CSRC),SirHowardDaviesoftheUKFinancialServicesAuthorityandDrMehtaoftheSecuritiesandInvestmentsBoardofIndia,visitedus.ByMarch,theFinancialStabilityForum'sTaskForceonImplementationofStandards,whichIhadthehonourtochair,pletedandsubmitteditsreport.TheSFCalsohostedaseminarformembersoftheIOSCO'sAsiaPacificRegionCommittee(APRC)todiscussregulatoryissuesrelatingtoon-linetradinginSeptember.Itwasagoodforumforsecuritiesregulatorsmonchallengesofon-linetradingandprotectionofinvestorstoshareourexperienceintacklingtheproblems.WearecontinuingourprogrammetoexchangestaffwiththeCSRCandjointlyrananenforcementtrainingprogrammeinShenzhenwithSECtrainers. Internally,wehavebeenbusywithmakingtheinternalprocesschangesinordertomakeourworkmoretransparent,efficientandountable. 17 SFCBULLETINOctober-December2000 ArticlesandSpeeches ALandmarkYearintheHistoryoftheHongKongSecuritiesandFuturesMarkets IwanttopaytributespecificallytoourDeputyChairman,LauraCha,wholedthismajorinternalreforms.Wehavesignificantlyupgradedourresourcesforinvestoreducation,internalstafftrainingandexchangeprogrammes.WehavelaunchedourSFCtomakeourworkmoreuser-friendlyandstreamlinedefficiencythroughe-workflowprocessreview.ThisisdonethrougheFRRRregulatorydatasubmission,whichwouldassistthestraight-throughprocessingandscriplessenvironmentthatweareimplementing.WehavealsoobtainedISO9001CertificateforthedesignandprovisionofITservicesaspartofourefforttoraisethequalityandstandardofourservices. ChallengesAhead Lookingahead,whilethedirectionsareset,wewillstillfacealotofchallengesinimplementingthereforms.CompetitionagainstHongKongwillbekeenfromallneighbouringmarkets.LookattheperformanceandpotentialoftheMainlandmarkets:theirturnoverarenownearlydoublethatofHongKong;theyhavemorethan56millioninvestorounts,andmajorreformsareinplaceaftertheShanghaiandShenzhenStockExchangescelebratedtheir10thanniversaryinDecember. Weenvisagethattherewillbeamajorstructuralchangeinthesecuritiesindustryiningyears.Technology,withthelaunchofon-linetradingandAMS/3andHKATS,istransformingthemarkets.Banksande-tradersareenteringintothesecuritiesbusiness.Theyareincreasingtheirmarketshare.Weneedtomanagethisprocess.Weareworkingincloseconsultationwiththemarketparticipants,localandforeign,largeorsmall,toexaminetheissues.Wenowhaveverycleardelineationofroles-theHKExisinchargeofmarketdevelopment,butwework closelywiththeindustrytofacilitatethenecessaryregulatorychanges.ThroughSCEFI,wearealsoimprovingthefinancialinfrastructure,reduceoperationalcostsandrisks. Infacingthesechallenges,wehavetomoveupthevalue-addedcurve.ItisimportantforustoupgradethequalityofourmarketstoaparabletothatofNewYorkandLondon.Thisisourmissionforthenexttwotothreeyears.Thequalityofourmarketsdependsonthequalityofpanies,thequalityofintermediariesandultimatelythequalityoftheregulators. Asar
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