Hong Kong Fines HSBC $51m, Revokes License for Selling Lehman-Related Notes

[kreslik.news]

The Securities and Futures Commission (SFC), Hong Kong’s paramount securities regulator, today fined HSBC Holdings Plc’s private-banking unit HK$400 million ($51 million) for engaging in selling Lehman Brothers-related notes between 2003 to 2008.

The fine is the largest ever imposed by the SFC. HSBC, the biggest lender in Hong Kong and Europe, previously launched an appeal arguing that the penalty was excessive. The watchdog has also announced a temporary revocation of HSBC’s licenses to advise and deal on securities-related business (Type 4 and Type 1 respectively) for a period of one year.

According to the Securities and Futures Appeals Tribunal’s ruling, there ... (read more)