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Hong Kong SFC Fines UBS Securities Asia $570,000 for Failure to Record Client Transactions

Hong Kong’s Securities and Futures Commission (SFC) has reprimanded and fined UBS Securities Asia $570,000 (HK$4.5 million) for failing to put in place effective controls to record transactions and recording client consents for trade transactions.

“ UBS fined HK$4.5 million for failure to record client transactions “

In 2016, UBS Securities had failed to provide SFC with complete information on its client trades in an inspection.  UBS Securities was only able to locate client consent records for about half of the client trades it conducted between June 2015 and June 2016.

An independent reviewer in a sample review found no client consent or unable to determine if client consent was obtained in about 11% of the trades.  In the sample review with client consent obtained, about 83% did not have all trade specific information in the record (date of trade, equity symbol, quantity to be traded, and/or execution price).



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In determining the penalties, SFC took into account the initiative of UBS Securities to cooperate fully with SFC.

Source: Official Press Release

 

About UBS

UBS Bank
UBS Bank

UBS Group AG (NYSE:UBS) is a global firm providing financial services to private, corporate and institutional clients. It was founded in 1862 and merged several times prior to 1998, when the Union Bank of Switzerland merged with Swiss Bank Corporation – become UBS Group AG. The operational structure of the Group is comprised of Corporate Center and five business divisions: Wealth Management, Wealth Management Americas, Personal & Corporate Banking, Asset Management and the Investment Bank. The UBS Group is present in all major financial centers and has offices in over 50 countries.

  • Origin : Zurich, Switzerland
  • Assets : CHF 942.82 billion
  • Revenue : CHF 30.61 billion
  • Employees : 60,000

Official Website: www.ubs.com

News & Media: Press Release

Updated on 8th August 2016

 




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