SFC Reprimands and Fines Standard Chartered Securities Hong Kong $2.6 Million
The Securities and Futures Commission (SFC) has reprimanded and fined Standard Chartered Securities (Hong Kong) $2.6 million for internal control failures relating to short selling orders and breach of the Securities and Futures.
” Standard Chartered Securities (Hong Kong) Fined $2.6 million “
Between January 2014 to August 2015, Standard Chartered Securities (Hong Kong) failed to put in place adequate system and control procedures that resulted in at least 61 instances of regulatory breaches involving short sales executed by 11 traders from different trading desks.
The SFC also found that the Standard Chartered had also mis-interpreted and breached the Financial Resources Rules (FRR) by incorrectly including the amounts receivable from its clearing agent, Standard Chartered Bank (Hong Kong) as liquid assets in its financial returns for January to September 2015.
The SFC is of the view that SCSHK was in breach of the Code of Conduct and the Management, Supervision and Internal Controls Guidelines.
Source: Official Press Release
Caproasia Platforms:
- TFC Marketplace | Find Private Banks, Family Office Services, Hedge Funds
- Caproasia Jobs | Find jobs in Private Banks, Family Office, Hedge Funds
- Caproasia Access | Your Homepage
- Caproasia.com | You are already here
Caproasia Events & Coverage:
- The 2021 Private Wealth Series
- The 2021 Investment Series
- The 2021 Family Office Series
- The 2021 Investment Outlook
- The 2020 Family Office Series Highlights
- 2021 Upcoming Events
Caproasia.com | The leading financial website for financial professionals, professional investors and HNW investors. Covering capital markets, investments and private wealth in Asia. How do you invest $3 million to $300 million? How do you manage $20 million to $3 billion of assets? Quicklinks: Caproasia Access | TFC | Caproasia | Jobs