Credit Suisse Fined $5M By Hong Kong Securities Regulator

Hong Kong’s Securities and Futures Commission has fined three Credit Suisse entities a total of HK$39.3 million ($5 million) for various internal control failures, the agency said Thursday.

The SFC will fine Credit Suisse Hong Kong Ltd., Credit Suisse Securities Hong Kong Ltd and Credit Suisse AG for alleged regulatory breaches including failures in segregating client securities, reporting direct business transactions, complying with short-selling requirements and electronic trading requirements as well as failure to ensure that investment products sold to customers were suitable.

“In this instance,...

Already a subscriber? Click here to view full article