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MAS raps HSBC for breaching Financial Advisers Act

TAKEN TO TASK: HSBC allowed two representatives who were neither appointed nor provisional representatives to deliver financial advisory services.


THE Singapore branch of the Hongkong and Shanghai Banking Corporation (HSBC) has been reprimanded by the Monetary Authority of Singapore (MAS) for breaching Section 23B(3) of the Financial Advisers Act (FAA).

Under the section, a principal cannot allow any individual to