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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.
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