The appeal hearing began in the city on Wednesday after the Securities and Futures Commission previously alleged failures in internal controls and sales practices in relation to the sale of the Lehman notes and products called Leveraged Forward Accumulators. HSBC Private Bank (Suisse) SA is appealing against the HKD 605m ($78m) fine imposed by the Hong Kong regulator, the Securities and Futures Commission, over its sales of structured products, including Lehman Brothers Holdings related notes between 2003 and 2008. The bank said it was "disappointed" with the decision but would continue to fight for a fair outcome. As we previously noted, HSBC are arguing that this fine is excessive.
HSBC Private Bank (Suisse) SA is appealing against the HKD 605m ($78m) fine imposed by the Hong Kong regulator, the Securities and Futures Commission, over its sales of structured products, including Lehman Brothers Holdings related notes between 2003 and 2008. The bank said it was "disappointed" with the decision but would continue to fight for a fair outcome. As we previously noted, HSBC are arguing that this fine is excessive.