Hong Kong MPs responded to failure to intervene in the JPEX case early: Unlicensed trading platforms are not regulated by the Securities and Futures Commission and can only be handed over to the police for investigation

Odaily News JPEX has been widely publicized and attracted a large number of investors, but the China Securities Regulatory Commission did not intervene early and was questioned as one of the reasons for the geometric increase in the number of victims. However, Hong Kong Legislative Council member of the financial sector Chan Chun-ying said that the Securities and Futures Commission has been monitoring the problem of unlicensed operations, but the Securities and Futures Commission must collect evidence to prove that the platform has business operations before it can intervene. Since the platform is unlicensed, it is not under the supervision of the China Securities Regulatory Commission, and customers cannot receive compensation if it goes bankrupt. Therefore, the JPEX case can only be handed over to the police for investigation in the direction of fraud. Based on this experience, he understood that if the SFC discovers unlicensed trading platforms selling advertisements in the future, it will alert investors online, and investors should also check the SFCs list of licensed trading platforms before making investments. (Hong Kong Wen Wei Po)