HSBC Securities unit rapped over knuckles in Japan
(Japan) HSBC Securities has been forced to suspend its stockbroking activities in Japan for three days after local regulator, Financial Services Agency, found it had transgressed securities regulations.
The suspension, which begins on August 4, comes after the Securities and Exchange Surveillance Commission cited the HSBC unit for making special payments to an advisory firm in order to solicit transaction orders.
HSBC received some 25 million yen in commission after paying the investment advisory outfit around 15 million yen.
The HSBC unit will also be banned from participating in the Japanese Ministry of Finance’s auction of government bonds during the three day ban.
HSBC received some 25 million yen in commission after paying the investment advisory outfit around 15 million yen.
The HSBC unit will also be banned from participating in the Japanese Ministry of Finance’s auction of government bonds during the three day ban.
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