Reprimand and fine for failing to disclose investment banking relationships in research reports (2013 to 2021)
After HSBC self-reported, the SFC and HKMA found that over 4,200 research reports on Hong Kong-listed securities published from 2013 to 2021 failed to disclose, or wrongly disclosed, the bank's investment banking relationships with the covered companies, caused by data mapping weaknesses. The SFC reprimanded the bank and fined it HK$4.2 million. The regulators noted no evidence of client loss, the self-report and cooperation.
reprimanded and fined The Hongkong and Shanghai Banking Corporation Limited (HSBC) HK$4.2 million
HSBC reviewed the root causes and extent of the breaches and upgraded its systems and controls.