Caproasia.com | The leading source of data, research, information & resource for financial professionals, investment managers, professional investors, family offices & 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
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 2023 Investment Day | 5/9 HK & 12/9 SG
Private Equity, Hedge Funds, Boutique Funds, Private Markets & more. Taking place on 5th Sept 2023 in Hong Kong, 12th Sept 2023 in Singapore.
Visit | Register here
The 2023 Family Office Summit | 25/10 HK & 7/11 SG
Join 100+ single family offices & family office professionals in Hong Kong & Singapore
Links: 2023 Family Office Summit | Register here
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%.
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.
Managing $20 million to $3 billion. Investing $3 million to $300 million.
For Investment Managers, Hedge Funds, Boutique Funds, Private Equity, Venture Capital, Professional Investors, Family Offices, Private Bankers & Advisors, sign up today. Subscribe to Caproasia and receive the latest news, data, insights & reports, events & programs daily at 2 pm.
Join Events & Find Services
Join Investments, Private Wealth, Family Office events in Hong Kong, Singapore, Asia-wide. Find hard-to-find $3 million to $300 million financial & investment services at The Financial Centre | TFC. Find financial, investment, private wealth, family office, real estate, luxury investments, citizenship, law firms & more. List hard-to-find financial & private wealth services.
Have a product launch? Promote a product or service? List your service at The Financial Centre | TFC. Join interviews & editorial and be featured on Caproasia.com or join Investments, Private Wealth, Family Office events. Contact us at [email protected] or [email protected]Caproasia.com | The leading source of data, research, information & resource for financial professionals, investment managers, professional investors, family offices & 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?