Hong Kong’s Securities and Futures Commission has issued a fine of HKD2.5m ($322,294) to HSBC for regulatory breaches and internal control failings in the past 12 months. It found that HSBC neglected to enforce adequate internal controls to ensure its compliance with regulations for Hong Kong Future Exchanges’ futures and options contracts. The SFC did note, however, that HSBC had since taken measures to improve the situation. The regulator has increased action against operational control failures in banks over 2014.
Hong Kong’s Securities and Futures Commission has issued a fine of HKD2.5m ($322,294) to HSBC for regulatory breaches and internal control failings in 2014. It found that HSBC neglected to enforce adequate internal controls to ensure its compliance with regulations for Hong Kong Future Exchanges’ futures and options contracts. The SFC did note, however, that HSBC had since taken measures to improve the situation. The regulator has increased action against operational control failures in banks over the past 12 months.