Hong Kong SFC Fines EFG Bank HK$2 Million for Unauthorised Dealing in 139 Futures Transactions
The Securities and Futures Commission (SFC) has reprimanded and fined EFG Bank HK$2 million for dealing in futures contracts without the required registration. Between 1st April 2003 and 22th November 2016, EFG Bank executed 139 transactions in offshore listed index options for 11 clients without the required registration to deal in futures contracts.
“ EFG fined HK$2 million for unauthorised dealing in futures controls “
In determining the disciplinary sanctions of HK$2 million, SFC took into account EFG Bank having initiated a review of its offshore listed index options activities and self-reported the unlicensed activities to the SFC. The bank had also co-operated with SFC and implemented internal controls.
European Financial Group International (SIX:EFGN) is a multinational Swiss private banking group offering private banking and asset management services. It was formed in 1995 by Jean Pierre Cuoni and Lawrence D. Howell, and five others. The genesis of the bank was by the acquisitions of both the right to operate from the Zurich office of Banque de Deposits and the Swiss operations of the Royal bank of Scotland.
- Origin : Zurich, Switzerland
- Assets : CHF 26.8 billion
- Revenue : CHF 696.7 million
- Employees : 2,600
Official Website: www.efginternational.com
News & Media: Press Release
Updated on 8th August 2016
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