The Hong Kong fund house has been reprimanded by the local regulator, which may harm its ability to compete on portfolio mandates, said the CIO of a large institutional investor.
The French private bank overcharged clients in Hong Kong HK$9.5 million ($1.23 million) over the course of three years.
The US bank’s HK securities business has been hit with sanctions for internal control failures. This reflects the growing regulatory burden, particularly for big firms, says a compliance specialist.
Bill Hwang and his hedge fund Tiger Asia have been handed a ban in Hong Kong. Separately, Hong Kong's SFC has disciplined the former chairman of PFC International.
The Australian Securities & Investments Commission alleges that Goldman Sachs caused the price of a stock to climb 95% because of an erroneous trade order.
Hong Kong's securities regulator has fined and reprimanded an employee of the Swiss bank for negligence in handling client trade orders.