HK regulator fines, reprimands Morgan Stanley over internal control failures
Add BT as a preferred source
DeeperDive is a beta AI feature. Refer to full articles for the facts.
[HONG KONG] Hong Kong's securities regulator said it fined and reprimanded the local securities unit of Morgan Stanley for internal control failures related to disclosure of short selling orders and comprehensive documentation of electronic trading services.
Morgan Stanley Hong Kong Securities Ltd was fined HK$18.5 million (S$3.2 million) related to failures that took place between 2013 and 2016, the Securities and Futures Commission (SFC) said in an e-mailed statement on Wednesday.
The breaches of Hong Kong's code of conduct included failure to avoid "conflicts of interest between principal and agency trading" and to comply with certain disclosures in short selling orders, as well as to properly document its electronic trading systems, the SFC said.
Morgan Stanley has agreed to hire an outside firm to review its internal controls, the SFC added. The US firm didn't immediately reply to a Reuters request for comment.
REUTERS
Share with us your feedback on BT's products and services
TRENDING NOW
Autobahn Rent A Car directors declared bankrupt over S$50 million each owed to DBS
Amazon’s MGM Studios gains creative control over ‘James Bond’ franchise
UOB’s Wee Ee Cheong says S$4.9 billion Citi deal ‘paying off’ as Asean push accelerates
In taxing wealth, how far can Singapore push property owners?
