Hong Kong's Schroder (SFC) has fined Securities and Futures Commission Investment Management HKD 1.8m ($231,913) and State Street Global Advisors (SSGA) HKD 4m ($515,507) for two separate regulatory breaches. Securities and Futures Commission's fine came as a regulatory investigation found the company failed to disclose all notifiable interests in Hong Kong listed shares to the regulator, but the company has since improved its system for the monitoring and disclosure of shares in Hong Kong listed companies and maintains a clean record. SSGA faced regulatory penalty after the inadequate management of a Hong Kong tracker fund resulted in the offering of interest rates lower than the prevailing commercial rate, but has since conducted an internal controls review of its cash management policies.
Hong Kong's Securities and Futures Commission (SFC) has fined Schroder Investment Management HKD 1.8m ($231,913) and State Street Global Advisors (SSGA) HKD 4m ($515,507) for two separate regulatory breaches. Schroder's fine came as a regulatory investigation found the company failed to disclose all notifiable interests in Hong Kong listed shares to the regulator, but the company has since improved its system for the monitoring and disclosure of shares in Hong Kong listed companies and maintains a clean record. SSGA faced regulatory penalty after the inadequate management of a Hong Kong tracker fund resulted in the offering of interest rates lower than the prevailing commercial rate, but has since conducted an internal controls review of its cash management policies.