The Securities and Exchange Commission (SEC) on Tuesday ordered Asia Wealth Securities (AWS) to cease all operations and transfer its assets to other securities companies, citing its ailing financial status.
In a statement issued yesterday, the SEC said AWS's net capital was negative for more than five business days from Nov 14 and all of its business activities would be suspended until it could maintain its net capital (NC) ratio and it receives permission from the SEC to resume operations.
The regulator also ordered AWS to transfer the assets of its clients to peer brokerages within 10 business days from Monday.
