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Hong Kong regulator fines Adamas Asset Management HK$2.5M for disclosure failure

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Hong Kong regulator fines Adamas Asset Management HK$2.5M for disclosure failure

Hong Kong's Securities and Futures Commission reprimanded and fined Adamas Asset Management (HK) Ltd. HK$2.5 million for its failure to disclose its notifiable interests in eight listed companies between February 2013 and March 2016.

The regulator said Dec. 23 the asset manager had failed to disclose to the Stock Exchange of Hong Kong Ltd. and the relevant listed companies all notifiable interests by filing 339 disclosure notices incorrectly or late during the period.

Adamas Asset Management had applied to the Securities and Futures Appeals Tribunal for a review of the Securities and Futures Commission's sanction Sept. 11. The asset manager withdrew the application when the tribunal granted the commission an order for costs Dec. 20.