HSBC fined by Hong Kong securities regulator

HSBC's Hong Kong offices

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HSBC’s Hong Kong offices

The Securities and Futures Commission fined the Hongkong and Shanghai Banking Corp 2.5 million Hong Kong dollars (US$ 322,000) for the misconduct, which the regulator said took place in 2014.

The regulator said HSBC breached the position limits for Hang Seng China Enterprises Index futures and options contracts, and hadn’t implemented “adequate measures to ensure compliance” with the limits.

A spokesman for HSBC said the bank apologises for the breaches and has cooperated fully with the securities regulator. HSBC “has taken actions to improve our internal controls regarding our compliance with the prescribed position limits in Hong Kong”, he said.

The Securities and Futures Commission over the past year has focused on internal controls at banks.

Write to Julie Steinberg at julie.steinberg@wsj.com

This story was first published by The Wall Street Journal

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