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Hong Kong SFC Fines CLSA $1.15 Million over Internal Control Failures
The Securities and Futures Commission (SFC) has reprimanded and fined CLSA Limited (CLSA) $1.15 million (HK$9 million) over CLSA’s internal control failures.
” CLSA Fined $1.15 Million for Internal Control Failures “
In November 2016, SFC and CLSA had jointly engaged an independent reviewer to conduct a review of CLSA’s internal controls from the period between 2014 and 2016. The review found that CLSA did not put in place controls to prevent co-mingling of agency execution and client facilitation trading despite having introduced client facilitation services in 1986 only until March 2016.
CLSA had only notified SFC in February 2015 despite having learnt as early as April 2013 that its licensed representatives were suspected of violating overseas regulatory requirements and were being investigated by an overseas regulator.
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In deciding the penalties, SFC took into account CLSA’s initiative to bring this matter to a conclusion by cooperating fully with the SFC in resolving the regulatory concerns and undertook a review with the SFC to address the regulatory concerns and identify the deficiencies in its internal controls.
Source: Official Press Release
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