Private Bank Case Study: Breaches, Implications & Lessons Learnt
概要
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.
內容
1. Summary of the SFAT hearing
2. SFAT’s reason for determination and interesting observations
3. Lessons learnt
對象
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.
導師/講者
Professor Wong 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, Professor Wong was the Head of Private Banking, Greater China at Credit Suisse. Professor 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. Professor Wong holds a Master of Business Administration at the Chinese University of Hong Kong and a Juris Doctor at the University of Hong Kong.