On 8 February, HK SFC fined Credit Suisse $39.3mn for regulatory breach.

• Followed self-reporting of breaches, agreed independent reviews, and investigation.
• Failures in segregating client securities, and reporting direct business transactions.
• Complying with short selling, electronic trading requirements, contract note rules.
• Failures in internal controls to ensure suitable investment products sold to customers.
• Co-operation expedited resolution, otherwise sanctions would be substantially higher.