The Swiss bank was fined HK$39.3 million for trading-related and other investment banking irregularities dating as far back as 2003. The bank also compensated clients, it emerged.
Hong Kong's regulator will fine several Credit Suisse entities in Hong Kong as well as Switzerland a total of HK$393. million, or $5 million.
The bank's controls failed on separating client securities, reporting transactions, short-selling, electronic trading, reporting short positions, disclosing information in contract notes, and charging clients commission, the Securities and Futures Commission of Hong Kong said in a statement.
Client Amends
Credit Suisse fully cooperated with its local regulator, and it paid clients who were affected in ten transactions a total of HK$7.6 million restitution, because they were found to be unsuitable for the products sold to them.
The transgressions won't go on Credit Suisse's record in Hong Kong, and the bank has no restrictions on its dealings there as a result of the penalty, according to «Bloomberg». The bank recently named veteran Carsten Stoehr as head greater China following the exit of veteran dealmaker Mervyn Chow.
