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