Hong Kong SFC reprimands and fines EFG Bank AG

Content of Penalty:

 SFC took into account that:

  1. EFG Bank initiated a review of its offshore listed index options activities and self-reported the unlicensed activities to the SFC;
  2. There is no evidence to suggest that the non-compliance was intentional; 
  3. EFG Bank co-operated with the SFC in resolving the SFC’s concerns;
  4. EFG Bank has taken remedial measures to strengthen its internal controls to avoid recurrence of similar issues; and
  5. EFG Bank has an otherwise clean disciplinary record with the SFC. 

Date: 11/01/2018
Amount: 2000000.00
Link: http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=18PR2