Private Bank Case Study: Breaches, Implications & Lessons Learnt

Private Bank Case Study: Breaches, Implications & Lessons Learnt

Overview

HSBC Private Bank (Suisse) SA v Securities and Futures Commission, SFAT 3/2015
The Securities and Futures Appeals Tribunal (SFAT) handed down the judgement on 21 November 2017 with a pecuniary fine of HK$400 million and one year suspension of Type 4 license and one year partial suspension of Type 1 license.
The case raised interesting issues of “hindsight” of the Lehman problems, commonality of industry practice, improving process of the bank, “contract out” of regulatory obligations and most importantly the SFAT’s interpretation of s196(2) confirming that SFC can multiply the fine for each systemic failure by the number of legitimate complaints.
The session will give the background of SFC’s allegation of breaches and SFAT’s discussions on the above issues. Above all, a lesson-learnt for all intermediaries in ensuring a structured process is in place to safeguard suitability compliance.

Content

1. Summary of the SFAT hearing
2. SFAT’s reason for determination and interesting observations
3. Lessons learnt

Who should attend

This course is suitable for private bankers, wealth and asset managers, investment product managers, compliance officers, Executive Officer/S72B Managers for authorised institutions, Responsible Officer/Manager-in-charge for licensed corporations and board members of financial institutions.

Speaker/Course Instructor

WONG Wai Kwan Anna
Prof Wong is a Professor of Practice in Finance at the University of Hong Kong. She teaches compliance and financial regulations in the Master of Law programme at the Faculty of Law and in the Bachelor of Finance programme at the Faculty of Business and Economics. Before she took up an academic role, Prof Wong was the Head of Private Banking, Greater China at Credit Suisse. Prof Wong has extensive experience in the financial sector covering private bank, corporate bank, securities and risk management. She had served as the Chief Executive Officer, Executive Officer and Responsible Officer of various financial institutions. Prof Wong holds a Master of Business Administration at the Chinese University of Hong Kong and a Juris Doctor at the University of Hong Kong.

Details

Code
TPPWM18003001
Date & Time
Tuesday, 13 Mar 2018 (6:30PM - 8:30PM)
Venue
HKSI Institute Training Centre
Language
English
Hours
SFC:2.0, PWMA:2.0
Fees
All Member: HK$500
Staff of Corporate Member: HK$500
Non-Member: HK$1000