SFC Fines Investment Manager HK$5 Million Over Risk Assessment Failures

[kreslik.news]

The Securities and Futures Commission (SFC), a Hong Kong regulator, announced today that it is fining Noah Holdings Limited (Noah HK) HK$5 million ($640,000). The regulator stated that the investment manager failed to meet regulatory standards regarding internal systems and controls in its sale and distribution of investment products. The announcement comes shortly after the Hong Kong regulator fined Citigroup HK$57 million ($7.26 million) for a botched listing application.

The SFC did note that Noah HK had no prior disciplinary action taken against it by regulatory authorities. Moreover, the investment manager hired an independent reviewer to address the ... (read more)