Arab Today, arab today hsbc unit fined 125m for unregistered us services
Last Updated : GMT 16:29:09
Arab Today, arab today
Arab Today, arab today

HSBC unit fined $12.5m for unregistered US services

Arab Today, arab today

Arab Today, arab today HSBC unit fined $12.5m for unregistered US services

shows a logo of the Swiss bank HSBC
New York - AFP

A Swiss unit of British bank HSBC has agreed to pay $12.5 million for flouting US rules requiring registration of cross-border brokerage services, the Securities and Exchange Commission announced Tuesday.
HSBC's Swiss-based private banking arm, HSBC Private Bank, amassed as many as 368 US clients and collected fees of about $5.7 million for conducting securities transactions and other cross-border brokerage services in the US, the SEC said.
However, the HSBC Swiss relationship managers were not registered investment advisers or broker-dealers, as is required under US law, the agency said.
"HSBC's Swiss private banking unit illegally conducted advisory or brokerage business with US customers," said Andrew Ceresney, director of the SEC's enforcement division.
"HSBC Private Bank's efforts to prevent registration violations ultimately failed because their compliance initiatives were not effectively implemented or monitored."
The Swiss unit of HSBC decided to exit the cross-border brokerage business with US clients in 2010.
In settling the case, HSBC Private Bank agreed to admit the facts in the SEC order and acknowledge that it had violated federal securities laws, the agency said.
The SEC fine follows a disclosure Friday by the HSBC unit that it had been placed under formal investigation as part of a French tax fraud probe.
In France, being placed under formal investigation is the nearest equivalent to being charged, and occurs when an examining magistrate decides there is a case to be answered.
The French newspaper Le Monde reported that French investigators had calculated that the bank had assisted more than 100,000 people and 20,000 companies hide some 180 billion euros ($225 billion) in 2006 and 2007.
The same Swiss subsidiary was charged on November 17 in Brussels with fraud and money-laundering worth hundreds of millions of euros, mainly for helping diamond dealers in the industry's international hub of Antwerp evade Belgian taxes.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today hsbc unit fined 125m for unregistered us services Arab Today, arab today hsbc unit fined 125m for unregistered us services

 



Arab Today, arab today
Arab Today, arab today Rabia Fatima reveals role of "Facebook" in her career

GMT 13:47 2017 Friday ,24 February

Rabia Fatima reveals role of "Facebook" in her career
Arab Today, arab today Messi visit will contribute in tourism

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Mental conflict endures

GMT 07:36 2017 Friday ,24 February

Mental conflict endures
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Wafaa Amer is happy for Sherihan’s return

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday