SFC slaps HSBC for bond sale breaches in Asia

By naming and shaming the biggest bond salesman in the market, HK securities watchdog sends strong message: it won’t tolerate similar misconduct by others. After a record-breaking string of fines it seems the SFC is shrinking is backlog of cases.

The Securities and Futures Commission SFC has fined a retail broking unit of HSBC in Asia a hefty HK$9.6 million $1.22 million for sloppy sales of bonds.

Hong Kong’s top securities watchdog has taken issue with the way British-headquartered HSBC has been selling bonds to clients without doing its homework first neither did it carefully match the bonds to the risk appetite of those clients, it said in a statement on Thursday.

The SFC appears to making inroads into its backlog of old case files and making an example of key market players. The SFC levied a record HK$497 million in fines last year a...

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