SFC Fines Private Bank HK$400 million – Issues & Implications

SFC Fines Private Bank HK$400 million – Issues & Implications

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Overview

HSBC Private Bank (Suisse) SA fined HK$400 million for systemic failures in selling structured products.  

The judgement handed down by the Securities and Futures Appeals Tribunal (SFAT) on 21 November 2017 resulted in an HK$400 million fine and a 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.

Our speaker, Prof Anna Wong, will discuss some of SFAT's reasoning on the identified issues and implications to intermediaries.  

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.
CHOW Kam To Richard
Dr. Chow is currently a Consultant of Hong Kong Monetary Authority after he retired from the SFC where he was a Director of the Enforcement Division of the Securities and Futures Commission. He had been in the regulatory industry for over 26 years. He had led various major SFC investigations involving listed companies affairs, misconduct of licensed persons and Anti-Money Laundering. He had also acted as an expert in various market misconduct cases.

He is also an Independent Non-Executive Director of China Southern Assets Management Co. Ltd., the second largest fund house in China. In addition, he provides consultancy services and training to regulatory authorities and institutions, including the SFC, the China Securities Regulatory Commission, financial institutions, and various professional bodies and universities in Hong Kong.

Dr. Chow holds a Doctor of Business Administration by the University of Hull of the UK. He is a senior fellow of the Hong Kong Securities and Investment Institute

Details

Code
TPPWM18003101
Date & Time
Thursday, 8 Mar 2018 (12:20PM - 1:20PM)
Venue
HKSI Institute Training Centre
Language
English
Hours
SFC:1.0, PWMA:1.0