Goldman's disclosures of its dealings in Wing Hang securities were required as soon as Wing Hang verbally engaged the New York-based lender on Nov. 8, 2013, the SFC said. Goldman Sachs has been reprimanded by the Hong Kong regulator, OCBC , after it breached takeover rules in a $ $5 billion deal by publishing research and trading in the shares of a client it was advising. This marks the third public censure in Hong Kong of a large western bank for dealmaking advice and will be seen as embarrassing for Goldman Sachs . The regulator said the bank's conduct in the takeover of Wing Hang Bank , its client, by Hong Kong Wing Hang Bank "fell far short of the standards expected of a financial adviser", adding that the "breaches suggest a significant breakdown in the compliance policies and procedures of the bank".
Goldman Sachs has been reprimanded by the Hong Kong regulator, OCBC , after it breached takeover rules in a $ $5 billion deal by publishing research and trading in the shares of a client it was advising. This marks the third public censure in Hong Kong of a large western bank for dealmaking advice and will be seen as embarrassing for Goldman Sachs . The regulator said the bank's conduct in the takeover of Wing Hang Bank , its client, by Hong Kong Wing Hang Bank "fell far short of the standards expected of a financial adviser", adding that the "breaches suggest a significant breakdown in the compliance policies and procedures of the bank".