The Securities and Futures Commission of Hong Kong has issued a restriction notice to Agg Asset Management Ltd because it doubts Agg’s reliability, integrity and ability to do business competently, honestly and fairly, and hence its 'fitness and propriety' as a licensed firm.

The restriction notice prohibits Agg, without prior written consent from the SFC and until further notice, from carrying out any business, whether directly or through agents, which constitutes regulated activity for which it is licensed under the Securities and Futures Ordinance.

Agg is licensed under the SFO to carry on Type 1 (dealing in securities), Type 4 (advising on securities) and Type 9 (asset management) regulated activities. Licensing conditions imposed on Agg’s licences include a prohibition for it to hold clients' assets.

The SFC says that it is acting in the interest of the investing public. An investigation is still in progress.