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Hong Kong SFC Fines Hang Seng Investment $380,000 for Paying Lower Interest Rates

Hong Kong’s Securities and Futures Commission (SFC) has reprimanded has fined Hang Seng Investment Management Limited (HSIM) $380,000 (HKD 3 million) for paying lower deposit rates than prevailing commercial rates to connected persons account.

” Hong Kong SFC Fines Hang Seng Investment $380,000 for Paying Lower Interest Rates “

Following an independent review jointly agreed by the SFC and HSIM, from 2010 to 2016, HSIM paid the interest rate lower than the prevailing commercial rate for cash deposits with connected persons.  The amount of interest involved was approximately $111,614 (HKD 875,648).  HSIM has agreed to make a voluntary payment of the equivalent amount to the affected funds.

The review also found that although HSIM had procedures in place to check the interest rate offered by other banks, it did not apply the procedures to deposits placed in the funds’ current accounts maintained with HSBC.  HSIM had mistakenly presumed that those accounts were non-interest bearing.



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The misconception lasted until July 2016 when HSIM communicated with the funds’ trustees to confirm the nature of the current accounts, only then did the trustees indicate that those current accounts were in fact interest bearing, even though the interest rate at that time was 0%.

Source: SFC

 

About Securities and Futures Commission (SFC) 

The Securities and Futures Commission (SFC) is an independent statutory body set up in 1989 to regulate Hong Kong’s securities and futures markets.

We derive our investigative, remedial and disciplinary powers from the Securities and Futures Ordinance (SFO) and subsidiary legislation. Operationally independent of the Government of the Hong Kong Special Administrative Region, we are funded mainly by transaction levies and licensing fees.




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