SFC Fines HSBC for Code of Conduct Breaches
The Securities and Futures Commission (SFC) has reprimanded and fined The HongKong and Shanghai Banking Corporation Limited (HSBC) HK$2.1 million for two incidents of internal control failures in relation to the telephone recording requirements under the Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission (SFC Code of Conduct). According to the Statement of Disciplinary Action, HSBC submitted a self-report to the Hong Kong Monetary Authority (HKMA) and the SFC regarding the failure of its voice recording function of the telephone lines in its Private Banking Division (PBD) during various periods between 8 April 2017 and 31 January 2018. Read More…