H.K. SFC Fines FIL Investment Management HK$3.5M for Breaches

The Securities and Futures Commission fined FIL Investment Management (Hong Kong) for regulatory breaches including unlicensed dealing in futures contracts, delay in reporting the breach and submitting incorrect information during an application, the SFC says in statement.

• SFC found that FIMHK executed 6,738 trades in futures contracts for overseas affiliates with value of ~$40m without the required licence between August 2007 and July 2018
  • FIMHK identified the breach in a review between May and June 2018 but only reported it to the SFC in August 2018 after it obtained external legal advice
• SFC also found FIMHK submitted an incorrect ...