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.