SFC reprimands and fines Credit Suisse (Hong Kong) Limited

Reason:
Abuse, Miscodunct
Content of Penalty:

The Securities and Futures Commission (SFC) has resolved its concerns with Credit Suisse (Hong Kong) Limited (CSHK), Credit Suisse Securities (Hong Kong) Limited (CSSHK) and Credit Suisse AG (CSAG) (collectively, Credit Suisse) over internal control failures.

Under the resolution, the SFC reprimanded and fined Credit Suisse a total of $39.3 million for regulatory breaches, including failures in segregating client securities, reporting direct business transactions, complying with short selling requirements, electronic trading requirements and contract notes rules as well as failures in internal controls designed to ensure that investment products sold to customers were suitable (Notes 1 & 2).

Date: 08/02/2018
Amount: 39300000.00
Link: http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=18PR12

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