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Hong Kong SFC Fines RBC $980,000 for Failure to Segregate Client Money 86 Times with Highest Single Transaction was $6.62 Million, Transferred Securities from 65 Accounts to Options Clearing House as Collateral without Authorisation
21st July 2022 | Hong Kong
The Hong Kong Securities & Futures Commission (SFC) has fined RBC Investment Services Asia $980,000 (HKD 7.7 million) for regulatory breaches, failing to segregate client money 86 times with the highest single transaction of $6.62 million (HKD 52 million) and transferring securities from 65 clients accounts held by non-professional investors to Hong Kong Options Clearing House as collateral without proper authorisation. HK SFC: “The SFC’s investigation found that between January 2018 and August 2020, RBC had failed to segregate client money as required under the Securities and Futures (Client Money) Rules (Client Money Rules) on 86 occasions, involving individual transaction amounts ranging from $146 to $52 million. The SFC also found that between 3 December 2012 and 26 March 2020, RBC had breached the Securities and Futures (Client Securities) Rules (Client Securities Rules), by transferring securities from 65 client accounts held by non-professional investor clients to SEHK Options Clearing House Limited as collateral without valid standing authority.”
“ Hong Kong SFC Fines RBC $980,000 for Failure to Segregate Client Money 86 Times with Highest Single Transaction was $6.62 Million, Transferred Securities from 65 Accounts to Options Clearing House as Collateral without Authorisation “
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Hong Kong SFC
In deciding the disciplinary sanction, the SFC took into account all relevant circumstances, including:
- RBC’s remedial actions and self-report to the SFC regarding its breaches of the Client Money Rules and Client Securities Rules;
- RBC’s co-operation in resolving the SFC’s concerns and accepting the SFC’s findings and disciplinary action; and
- there is no evidence of client loss from RBC’s non-compliance.
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