News in Brief - Caproasia Online
Caproasia.com | The leading source of data, research, information & resource for investment managers, professional investors, UHNW & HNW investors, and advisors to institutions, billionaires, 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? Caproasia - Learn more

Contact Us / Sign Up: Click here
Visit: Caproasia.com | Caproasia Access | 2022 Events | TFC - Find Services | Grow Business | Sign Up

For Media, Events, Networking, Roundtable, Membership - Contact Us
Grow Your Clients, Business & AUM. Start in 24 hours.
List Services: HNW | Private Wealth | Family Office | Investment

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.












For CEOs, Heads, Senior Management, Market Heads, Desk Heads, Financial Professionals, Investment Managers, Asset Managers, Fund Managers, Hedge Funds, Boutique Funds, Analysts, Advisors, Wealth Managers, Private Bankers, Family Offices, Investment Bankers, Private Equity, Institutional Investors, Professional Investors

Get Ahead in 60 Seconds. Join 10,000 +

Sign Up / Contact Us


    Free TrialBasic $120Professional $380Executive $2,000MembershipTeam / Corporate


    Private WealthFamily OfficePrivate BankingWealth ManagementInvestmentsAlternativesPrivate MarketsCapital MarketsESG & SICEO & EntrepreneursTax, Legal & RisksHNW & UHNWs Insights










    Caproasia | Driving the future of Asia
    a financial information technology co.
    since 2014


    Web links may be disabled on mobile for security.
    Please click on desktop.










    Caproasia.com | The leading financial website for investment managers, professional investors, UHNW & HNW investors and advisors to institutions, billionaires, 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?

    Caproasia is a financial information technology co. founded in 2014. We have 4 businesses in Media, Information, Services and Technology. We created 3 solutions: Membership, Events & Platforms to drive investment decisions in Asia through information, services, technology & people, that impact economies, societies & people. Our Mission: Driving the future of Asia

    For 2022 Investment Day: mail@caproasia.com
    For Family Office, Professional Investor, HNW Investor Events: mail@caproasia.com
    For Membership, Events, Networking, Roundtable, Summits: mail@caproasia.com
    For Investment Relations Network: mail@caproasia.com
    For Platforms, Media Kit, Advertising, Campaigns, Partnerships: angel@caproasia.com
    For press release: press@caproasia.com
    For all other enquiries: mail@caproasia.com

    2022 Upcoming Events
    Join Events in Hong Kong & Singapore. Investments, Alternatives, Private Markets
    Hedge Funds, Private Equity, Private Wealth, Family Office & more.
    View: 2022 Upcoming Events | Register here

    Join as Delegate, Speaker, Moderator, Host, Sponsor & Partner
    Contact: events@caproasia.com or mail@caproasia.com




    Caproasia Users
    • Manage $20 million to $3 billion of assets
    • Invest $3 million to $300 million
    • Advise institutions, billionaires, UHNWs & HNWs
    • Learn More | Caproasia Users
    Caproasia Platforms | Join 10,000 Investors & Advisors Monthly Networking & Roundtables: Membership | Join a Powerful Network: Family Office Programs: Caproasia Summits: Special Coverage


    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