News in Brief - Caproasia Online
Caproasia.com | The leading source of data, research, information & resource for financial professionals, institutional investors, professional investors and private investors (UHNWs, & HNWs). 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?

This site is for accredited investors, professional investors, investment managers and financial professionals only. You should have assets around $3 million to $300 million or managing $20 million to $3 billion.





Hong Kong SFC Fines Hang Seng Investment $380,000 for Paying Lower Interest Rates

Hong Kong’s Securities and Futures Commission (SFC) has reprimanded has fined Hang Seng Investment Management Limited (HSIM) $380,000 (HKD 3 million) for paying lower deposit rates than prevailing commercial rates to connected persons account.

” Hong Kong SFC Fines Hang Seng Investment $380,000 for Paying Lower Interest Rates “

Following an independent review jointly agreed by the SFC and HSIM, from 2010 to 2016, HSIM paid the interest rate lower than the prevailing commercial rate for cash deposits with connected persons.  The amount of interest involved was approximately $111,614 (HKD 875,648).  HSIM has agreed to make a voluntary payment of the equivalent amount to the affected funds.

The review also found that although HSIM had procedures in place to check the interest rate offered by other banks, it did not apply the procedures to deposits placed in the funds’ current accounts maintained with HSBC.  HSIM had mistakenly presumed that those accounts were non-interest bearing.


The misconception lasted until July 2016 when HSIM communicated with the funds’ trustees to confirm the nature of the current accounts, only then did the trustees indicate that those current accounts were in fact interest bearing, even though the interest rate at that time was 0%.

Source: SFC

 

About Securities and Futures Commission (SFC) 

The Securities and Futures Commission (SFC) is an independent statutory body set up in 1989 to regulate Hong Kong’s securities and futures markets.

We derive our investigative, remedial and disciplinary powers from the Securities and Futures Ordinance (SFO) and subsidiary legislation. Operationally independent of the Government of the Hong Kong Special Administrative Region, we are funded mainly by transaction levies and licensing fees.



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

Join 14,000+ leading financial professionals and professional investors in Asia. Stay ahead of your peers & competition.
For press release, email to press@caproasia.com
For editorial, media kit, listing on TFC, events, seminars or research & data services, email to mail@caproasia.com


Previous articleS$7.8 Million Losses from Trading with Unlicensed Platforms in 2017 in Singapore
Next articleFormer HSBC SVP Pleads Guilty of Cheating $5.2 Million Via Non-Existent Investments
Caproasia.com covering capital markets, investments and private wealth in Asia. Our users manage, advise & invest $25 trillion assets in Asia