The Securities and Futures Commission imposed the penalty on Yue Siying for her actions in December 2009 when a client wanted to sell his shares of stock to a buyer through manual cross trades.
Yue did not know how to carry out cross trades, the SFC said.
“Instead of placing cross trades as initially instructed by the client, Yue and her assistant coordinated with the buyer to conduct a series of on-exchange matched trades.
“Yue failed to make reasonable efforts to clarify and to ascertain the appropriate way to execute her client’s trading instructions when she was unsure about them,” the regulator said.
She also didn’t report the matter to UBS’ compliance department.
However, the SFC said there is “insufficient evidence to prove to the requisite standard that the matched trades were carried out with manipulative intent”.
In August, the SFC took disciplinary action against the assistant of Yue at UBS, fining her HK$120,000.
