The disciplinary action follows an SFC investigation into Ho’s conduct which found that, between 2009 and 2011, Ho had:

· failed to identify and disclose to his employer all securities accounts related to him and the stock trading activities conducted through these accounts;

· failed to take adequate steps to avoid conflicts of interest between the stock trading activities in the securities accounts related to him and his employment as a research associate; and

· made false and/or misleading declarations in relation to outside securities accounts related to him.

The SFC said it called into question his “fitness and properness as a licensed person”. In deciding the sanction, it took into account:

· candid disclosure is fundamental to the character of a licensed representative;

· avoidance of conflicts is a primary duty of a research analyst;

· Ho’s clean disciplinary record; and

· he co-operated in resolving these disciplinary proceedings.

The announcement follows the SFC’s lifetime ban of Du Jun, former managing director of Morgan Stanley Asia, last month for insider dealing in the shares of CITIC Resources Holdings.