HSBC Fined by Hong Kong Regulators Over Disclosure Errors
AFP l China
Email : editor@newsofbahrain.com
Hong Kong regulators have fined banking giant HSBC HK$4.2 million ($540,000) after the bank failed to properly disclose its relationships with companies featured in its research reports for nearly a decade.
The Securities and Futures Commission (SFC) said the disclosure mistakes affected more than 4,200 research reports on Hong Kong-listed companies published between 2013 and 2021. However, the regulator confirmed there is no evidence that clients suffered any losses because of the errors.
The SFC explained that the issues were caused by flaws in HSBC’s data recording and tracking systems. HSBC said it had already fixed the problems and improved its controls to prevent similar mistakes in the future.
“This is a historic matter that HSBC self-reported following internal detection,” the bank said in a statement.
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