SFC Fines HSBC $2.5 Million for Internal Control Failures
Posted: Tue Sep 13, 2016 10:33 am
Hong Kong’s Securities and Futures Commission (SFC) has reprimanded and fined Hongkong and Shanghai Banking Corporation (HSBC) $2.5 million for regulatory breaches and internal control failings related to position limit failures, according to a statement issued by the watchdog today.
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Breach of Prescribed Position Limit
The disciplinary action follows an SFC investigation into the holding of open positions by HSBC in Hang Seng China Enterprises Index futures and options contracts in breach of the prescribed limit on 18 different occasions from 26 May to 1 ... (read more)