SFC Fines Hang Seng Investment HK$3 Million for Regulatory Failings

[kreslik.news]

Another day, another fine for an investment company in the Hong Kong jurisdiction. The Securities and Futures Commission (SFC), a local regulator, announced today that it is fining Hang Seng Investment Management Limited (HSIM) HK$3 million ($380,000) for regulatory breaches related to funds’ cash management.

The fine comes as result of an independent review agreed upon by both the SFC and HSIM. This review found that HSIM maintained a number of cash deposits that received a level of interest lower than that of the average commercial rate.

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