Hong Kong tribunal fines HSBC
A Hong Kong tribunal on Tuesday imposed a fine of HK$400 million ($51 million) on the private banking unit of HSBC in a case related to the sale of Lehman Brothers-linked structured financial products between 2003 and 2008.
HSBC headquarters is seen at the financial Central district in Hong Kong, China September 6, 2017. REUTERS/Bobby Yip
The Securities and Futures Commission (SFC) had originally imposed a penalty of HK$605 million in 2015 on the bank for its failure to meet “principles-based regulatory standards” at that time, which was later appealed by HSBC.
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