First Digital Trust (FDT) have blatantly defied all fiduciary and regulatory norms by claiming to manage a $501.8 million securities portfolio in the Aria Commodity Finance Fund under its own legal title — supposedly on behalf of Techteryx.
According to Hong Kong’s Securities and Futures Ordinance (“SFO”), any person or company offering securities portfolio management services must hold an SFC Type 9 license — unless it's exclusively for a wholly owned subsidiary or a parent company holding 100% of its shares.
Clearly, FDT is not just flouting trust industry norms — it is outright disregarding the rules governing banking and investment in Hong Kong. In other words, its actions show total contempt for Hong Kong’s regulators and enforcers.
According to Hong Kong’s Securities and Futures Ordinance (“SFO”), any person or company offering securities portfolio management services must hold an SFC Type 9 license — unless it's exclusively for a wholly owned subsidiary or a parent company holding 100% of its shares.
Clearly, FDT is not just flouting trust industry norms — it is outright disregarding the rules governing banking and investment in Hong Kong. In other words, its actions show total contempt for Hong Kong’s regulators and enforcers.