Assets under management Growth by Quarter
Quarterly points use the latest ADV filing or SEC roster snapshot available in each quarter.
Total AUM
Total Accounts
10Y AUM Change
Private Funds
Private funds reported by Hsbc Global Asset Management (Hong Kong) Limited
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Employee Growth by Quarter
Quarterly points use the latest ADV filing or SEC roster snapshot available in each quarter.
Total Employees
Clients per Employee
10Y Employee Change
Historical AUM and employee figures reflect available SEC Form ADV filings under this CRD. Filing gaps may reflect registration status changes, dormant periods, state registration periods, firm restructuring, or other reporting changes. Rialytix does not interpolate missing periods.
Ownership
Reported direct and indirect ownership ranges
Each range applies to a separate reported relationship and should not be added together.
Reported ownership ranges
Highlighted bands show the percentage range reported in Form ADV.
0%25%50%75%100%
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITEDDirect owner · Schedule AInterest in HSBC GLOBAL ASSET MANAGEMENT (HONG KONG) LIMITED
75%+
HSBC ASIA HOLDINGS LIMITEDIndirect owner · Schedule BInterest in THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED
75%+
HSBC HOLDINGS PLCIndirect owner · Schedule BInterest in HSBC ASIA HOLDINGS LIMITED
75%+
Bars represent the reported range at that individual ownership step, not an estimated percentage of the advisory firm. Indirect relationships may refer to intermediate entities rather than directly to Hsbc Global Asset Management (Hong Kong) Limited.
Reported ownership and control details
Form ADV · Filing date 2026-08-19 · Schedules A and B
| # | Owner / person & role | Interest in entity | Reported interest | Control person | Title / status acquired | Source |
|---|---|---|---|---|---|---|
| 1 | THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITEDIMMEDIATE HOLDING COMPANYForeign entity | HSBC GLOBAL ASSET MANAGEMENT (HONG KONG) LIMITED | 75% or moreCode E | Yes | IMMEDIATE HOLDING COMPANY09/2014 | Schedule APDF page 34 |
| 2 | WAI FUN HODIRECTOR/CHIEF EXECUTIVE OFFICER ASIA PACIFICIndividual | HSBC GLOBAL ASSET MANAGEMENT (HONG KONG) LIMITED | Less than 5%Code NA | Yes | DIRECTOR/CHIEF EXECUTIVE OFFICER ASIA PACIFIC11/2021 | Schedule APDF page 34 |
| 3 | PAN LANG YEUNGCHIEF COMPLIANCE OFFICERIndividual | HSBC GLOBAL ASSET MANAGEMENT (HONG KONG) LIMITED | Less than 5%Code NA | No | CHIEF COMPLIANCE OFFICER12/2021 | Schedule APDF page 34 |
| 4 | KOK WING TODIRECTORIndividual | HSBC GLOBAL ASSET MANAGEMENT (HONG KONG) LIMITED | Less than 5%Code NA | Yes | DIRECTOR02/2023 | Schedule APDF page 34 |
| 5 | Wai Nga Sylvia ChenDIRECTORIndividual | HSBC GLOBAL ASSET MANAGEMENT (HONG KONG) LIMITED | Less than 5%Code NA | Yes | DIRECTOR11/2025 | Schedule APDF page 34 |
| 6 | Yee Ting Jasmine HungDIRECTOR / CHIEF EXECUTIVE OFFICER HONG KONGIndividual | HSBC GLOBAL ASSET MANAGEMENT (HONG KONG) LIMITED | Less than 5%Code NA | Yes | DIRECTOR / CHIEF EXECUTIVE OFFICER HONG KONG02/2026 | Schedule APDF page 34 |
| 7 | HSBC ASIA HOLDINGS LIMITEDSHAREHOLDERForeign entity | THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED | 75% or moreCode E | Yes | SHAREHOLDER11/2018 | Schedule BPDF page 35 |
| 8 | HSBC HOLDINGS PLCSHAREHOLDERForeign entity | HSBC ASIA HOLDINGS LIMITED | 75% or moreCode E | Yes | SHAREHOLDER11/2018 | Schedule BPDF page 35 |
Less than 5% may include zero. Code F identifies a role without specifying a percentage. Reported interests may overlap and may not include every owner. Total indirect ownership is not calculated.
Compliance & Disclosures
Filing dated 8/19/2026 10:22:51 AM
Responses were selected by the RIA in its filing. Questions are shortened for readability; “you” refers to the reporting firm, and some questions also cover advisory affiliates.
RIA or supervised-person involvementThe RIA reported that one or more events below involve the firm or its supervised persons.RIA responseYes
AFelonies1 Yes1 No
In the past ten years, have you or any advisory affiliate:
- A1Been convicted of or pleaded guilty or no contest to a felony?No
- A2Been charged with a felony?Yes
BMisdemeanors2 No
In the past ten years, have you or any advisory affiliate:
- B1Been convicted of or pleaded guilty or no contest to a misdemeanor involving investments, an investment-related business, fraud, false statements or omissions, wrongful taking of property, bribery, perjury, forgery, counterfeiting, or extortion?No
- B2Been charged with a misdemeanor of the kind listed above?No
CSEC or CFTC actions5 No
Has the SEC or CFTC ever:
- C1Found you or an advisory affiliate made a false statement or omission?No
- C2Found you or an advisory affiliate violated SEC or CFTC regulations or statutes?No
- C3Found you or an advisory affiliate caused an investment-related business to have its authorization to do business denied, suspended, revoked, or restricted?No
- C4Entered an order against you or an advisory affiliate in connection with investment-related activity?No
- C5Imposed a civil money penalty on you or an advisory affiliate, or ordered you or an advisory affiliate to cease and desist from any activity?No
DOther regulatory actions3 Yes2 No
Has any other federal regulatory agency, state regulatory agency, or foreign financial regulatory authority ever:
- D1Found you or an advisory affiliate made a false statement or omission, or was dishonest, unfair, or unethical?Yes
- D2Found you or an advisory affiliate violated investment-related regulations or statutes?Yes
- D3Found you or an advisory affiliate caused an investment-related business to have its authorization to do business denied, suspended, revoked, or restricted?No
- D4In the past ten years, entered an order against you or an advisory affiliate in connection with investment-related activity?Yes
- D5Denied, suspended, or revoked your or an advisory affiliate’s registration or license, or otherwise prevented association with an investment-related business or restricted activities?No
ESelf-regulatory organization actions4 No
Has a self-regulatory organization or commodities exchange ever:
- E1Found you or an advisory affiliate made a false statement or omission?No
- E2Found you or an advisory affiliate violated its rules, other than a violation designated as a minor rule violation under an SEC-approved plan?No
- E3Found you or an advisory affiliate caused an investment-related business to have its authorization to do business denied, suspended, revoked, or restricted?No
- E4Disciplined you or an advisory affiliate by expulsion, suspension, barring association with other members, or otherwise restricting activities?No
FProfessional authorizations1 No
- FHas an authorization to act as an attorney, accountant, or federal contractor granted to you or an advisory affiliate ever been revoked or suspended?No
GPending regulatory proceedings1 No
- GAre you or any advisory affiliate now the subject of a regulatory proceeding that could result in a “Yes” answer to any part of C, D, or E?No
HCivil judicial actions and proceedings4 No
(1) Court actions
Has a domestic or foreign court:
- H(1)(a)In the past ten years, enjoined you or an advisory affiliate in connection with investment-related activity?No
- H(1)(b)Found that you or an advisory affiliate violated investment-related statutes or regulations?No
- H(1)(c)Dismissed, pursuant to a settlement agreement, an investment-related civil action brought against you or an advisory affiliate by a state or foreign financial regulatory authority?No
(2) Pending civil proceedings
- H(2)Are you or any advisory affiliate now the subject of a civil proceeding that could result in a “Yes” answer to any part of H(1)?No
Additional DRP filings 13 source blocks
Verbatim excerpts from supporting DRP filings, which may concern the firm or advisory affiliates. Amounts retain their filed labels; no total or attribution is inferred.
criminal · block 1PDF pages 35–37
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.A. or
11.B. of Form ADV.
Criminal
Check item(s) being responded to:
11.A(1)
11.A(2)
11.B(1)
11.B(2)
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.
Multiple counts of the same charge arising out of the same event(s) should be reported on the same DRP. Unrelated criminal actions, including separate
cases arising out of the same event, must be reported on separate DRPs. Use this DRP to report all charges arising out of the same event. One event may
result in more than one affirmative answer to the items listed above.
PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name).
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
This advisory affiliate is
a Firm
an Individual
Registered:
Yes
No
Name:
THE HONGKONG AND
SHANGHAI BANKING
CORPORATION LIMITED
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances:
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
Yes
No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1. If charge(s) were brought against an organization over which you or an advisory affiliate exercise(d) control: Enter organization name, whether or not
the organization was an investment-related business and your or the advisory affiliate's position, title, or relationship.
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED
2.
Formal Charge(s) were brought in: (include name of Federal, Military, State or Foreign Court, Location of Court - City or County and State or Country,
Docket/Case number).
SEOUL SOUTHERN DISTRICT COURT, KOREA
3.
Event Disclosure Detail (Use this for both organizational and individual charges.)
A. Date First Charged (MM/DD/YYYY):
03/28/2024
Exact
Explanation
If not exact, provide explanation:
B.
Event Disclosure Detail (include Charge(s)/Charge Description(s), and for each charge provide: (1) number of counts, (2) felony or misdemeanor,
(3) plea for each charge, and (4) product type if charge is investment-related).
CRIMINAL CHARGE: VIOLATION OF THE FINANCIAL INVESTMENT SERVICES AND CAPITAL MARKETS ACT IN KOREA APPLICABLE LAW: ARTICLES
448, 443(1)10 AND 180(1)1 OF THE FINANCIAL INVESTMENT SERVICES AND CAPITAL MARKETS ACT AND ARTICLES 37 AND 38 OF THE CRIMINAL
ACT IN KOREA 1. NUMBER OF COUNTS: 11 2. FELONY OR MISDEMEANOR: MISDEMEANOR 3. PLEA FOR EACH CHARGE: NOT GUILTY 4. PRODUCT
TYPE: SHARES TRADED ON THE KOREA EXCHANGE
C.
Did any of the Charge(s) within the Event involve a felony?
Yes
No
D.
Current status of the Event?
Pending
On Appeal
Final
E.
Event Status Date (complete unless status is Pending) (MM/DD/YYYY):
02/17/2025
Exact
Explanation
If not exact, provide explanation:
4.
Disposition Disclosure Detail:
Include for each charge (a) Disposition Type (e.g., convicted, acquitted, dismissed, pretrial, etc.), (b) Date, (c) Sentence/Penalty, (d) Duration (if
sentence - suspension, probation, etc.), (e) Start Date of Penalty, (f) Penalty/Fine Amount, and (g) Date Paid.
N/A
5.
Provide a brief summary of circumstances leading to the charge(s) as well as the disposition. Include the relevant dates when the conduct which was
the subject of the charge(s) occurred. (Your response must fit within the space provided.)
IN DECEMBER 2023, THE SECURITIES AND FUTURES COMMISSION IN KOREA FOUND THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED
("HBAP") TO BE IN VIOLATION OF SHORT SALE RESTRICTIONS UNDER THE FINANCIAL INVESTMENT SERVICES AND CAPITAL MARKETS ACT IN KOREA
FOR SHORT SALE ORDERS PLACED BETWEEN AUGUST AND DECEMBER 2021 IN RESPECT OF 9 STOCKS, AND IMPOSED A FINE AS WELL AS REFERRED
THE CASE TO THE KOREAN PROSECUTORS' OFFICE FOR INVESTIGATION. ON 28 MARCH 2024, THE SEOUL SOUTHERN DISTRICT PROSECUTORS' OFFICE
IN KOREA ISSUED AN INDICTMENT AGAINST, AMONG OTHERS, HBAP IN RESPECT OF THE SAME ABOVEMENTIONED SHORT SALE ORDERS. ON 11
FEBRUARY 2025, THE SEOUL SOUTHERN DISTRICT COURT HANDED DOWN ITS DECISION AND FOUND HBAP HK TO BE NOT GUILTY IN RESPECT OF THE
CHARGES IN THE INDICMENT. ON 17 FEBRUARY 2025, THE KOREAN PROSECUTORS FILED AN APPEAL TO THE SEOUL HIGH COURT IN RESPECT OF THE
SEOUL SOUTHERN DISTRICT COURT'S DECISION. ON 26 SEPTEMBER 2025, THE SEOUL HIGH COURT CONFIRMED THE SEOUL SOUTHERN DISTRICT
COURT'S DECISION THAT HBAP HK WAS NOT GUILTY OF THE CHARGES. THE KOREAN PROSECUTORS HAVE FURTHER APPEALED TO THE KOREAN
SUPREME COURT.regulatory · block 1THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED - INDIA BRANCHPDF pages 37–39
- Advisory affiliate name — filed text
- THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED - INDIA BRANCH
- Regulator name — filed text
- ENFORCEMENT DIRECTORATE OF INDIA
- Monetary/Fine Amount — filed text
- $ 16,347.00
- How was matter resolved — filed text
- Other
Action status / disposition — filed text
THE INTERIM ORDER WAS MADE ABSOLUTE ON 23FEB10 SUBJECT TO THE CONDITION THAT THE BANK GUARANTEE FURNISHED BY THE BANK EARLIER IN FAVOUR OF THE DIRECTORATE OF ENFORCEMENT BE KEPT ALIVE UNTIL DISPOSAL OF THE APPEAL. THE MATTER IS BEFORE THE DELHI HIGH COURT AND IS TO BE LISTED FOR HEARING ON 22 MARCH 2023. ON 22 MARCH 2023, DUE TO PAUCITY OF TIME THE COURT COULD NOT HEAR THE ARGUMENTS. ACCORDINGLY, THIS MATTER IS LISTED FOR HEARING BEFORE THE DELHI HIGH COURT ON DELHI 9 AUGUST 2023. THE MATTER WAS LAST LISTED FOR HEARING ON 10 FEBRUARY 2025 AND THE HEARING THE MATTER HAS STARTED. THE MATTER HAS NOW BEEN ADJOURNED TO 15 JULY 2025 FOR HEARING. THE MATTER WAS LISTED ON JANUARY 22, 2026 BEFORE THE DIVISION BENCH OF DELHI HIGH COURT. THE COURT WAS APPRISED BY OUR EXTERNAL LEGAL COUNSEL WITH THE FACTS AS TO HOW THE SHOW CAUSE NOTICE WAS ISSUED AFTER MORE THAN 10 YEARS FROM THE DATE OF TRANSACTIONS AND THE JUDGMENT PASSED BY THE SUPREME COURT IN ONE OF THE SIMILAR MATTERS WAS DECIDED IN FAVOUR OF THE BANKS. THE COURT AFTER HEARING THE SAME DIRECTED THE ENFORCEMENT DIRECTORATE TO ADDRESS THEIR ARGUMENTS ON MARCH 12, 2026 AFTER EXAMINING THE SUPREME COURT JUDGMENT.
Other filed details
Description of allegations — filed text
CONTRAVENTION OF THE FOREIGN EXCHANGE MANAGEMENT ACT 1973
Sanction detail — filed text
A PENALTY O $16347 WAS IMPOSED BY THE ENFORCEMENT DIRECTORATE OF INDIA. THE BANK FILED AN APPEAL ON 14AUG08. AN APPEAL AGAINST THE TRIBUNAL ORDER WAS PREFERRED BY DELHI HIGH COURT ON SEP09 AND INTERIM STAY WAS GRANTED AGAINST THE SAID ORDER. THE INTERIM ORDER WAS MADE ABSOLUTE ON 23FEB10 SUBJECT TO THE CONDITION THAT THE BANK GUARANTEE FURNISHED BY THE BANK EARLIER IN FAVOUR OF THE DIRECTORATE OF ENFORCEMENT BE KEPT ALIVE UNTIL DISPOSAL OF THE APPEAL. THE MATTER IS BEFORE THE DELHI HIGH COURT AND IS TO BE LISTED FOR HEARING ON 22 MARCH 2023. ON 22 MARCH 2023, DUE TO PAUCITY OF TIME THE COURT COULD NOT HEAR THE ARGUMENTS. ACCORDINGLY, THIS MATTER IS LISTED FOR HEARING BEFORE THE DELHI HIGH COURT ON DELHI 9 AUGUST 2023. THE MATTER WAS LAST LISTED FOR HEARING ON 10 FEBRUARY 2025 AND THE HEARING THE MATTER HAS STARTED. THE MATTER HAS NOW BEEN ADJOURNED TO 15 JULY 2025 FOR HEARING. THE MATTER WAS LISTED ON JANUARY 22, 2026 BEFORE THE DIVISION BENCH OF DELHI HIGH COURT. THE COURT WAS APPRISED BY OUR EXTERNAL LEGAL COUNSEL WITH THE FACTS AS TO HOW THE SHOW CAUSE NOTICE WAS ISSUED AFTER MORE THAN 10 YEARS FROM THE DATE OF TRANSACTIONS AND THE JUDGMENT PASSED BY THE SUPREME COURT IN ONE OF THE SIMILAR MATTERS WAS DECIDED IN FAVOUR OF THE BANKS. THE COURT AFTER HEARING THE SAME DIRECTED THE ENFORCEMENT DIRECTORATE TO ADDRESS THEIR ARGUMENTS ON MARCH 12, 2026 AFTER EXAMINING THE SUPREME COURT JUDGMENT.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED - INDIA BRANCH (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) ENFORCEMENT DIRECTORATE OF INDIA 2. Principal Sanction: Other Other Sanctions: IN 2008, ENFORCEMENT DIRECTORATE LEVIED A PENALTY OF US$16,347. THE BANK FILED AN APPEAL ON 14AUG08. 3. Date Initiated (MM/DD/YYYY): 08/14/2008 Exact Explanation If not exact, provide explanation: EXACT DATE IS NOT AVAILABLE TO THE ADVISORY FIRM 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Other Product Types: FOREIGN EXCHANGE 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): CONTRAVENTION OF THE FOREIGN EXCHANGE MANAGEMENT ACT 1973 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: AN APPEAL AGAINST THE TRIBUNAL ORDER WAS PREFERRED BY DELHI HIGH COURT ON SEP09 AND INTERIM STAY WAS GRANTED AGAINST THE SAID ORDER. THE MATTER IS BEFORE THE DELHI HIGH COURT AND IS TO BE LISTED FOR HEARING ON 22 MARCH 2023. ON 22 MARCH 2023, DUE TO PAUCITY OF TIME THE COURT COULD NOT HEAR THE ARGUMENTS. ACCORDINGLY, THIS MATTER IS LISTED FOR HEARING BEFORE THE DELHI HIGH COURT ON DELHI 9 AUGUST 2023. THE MATTER WAS LAST LISTED FOR HEARING ON 10 FEBRUARY 2025 AND THE HEARING THE MATTER HAS STARTED. THE MATTER HAS NOW BEEN ADJOURNED TO 15 JULY 2025 FOR HEARING. THE MATTER WAS LISTED ON JANUARY 22, 2026 BEFORE THE DIVISION BENCH OF DELHI HIGH COURT. THE COURT WAS APPRISED BY OUR EXTERNAL LEGAL COUNSEL WITH THE FACTS AS TO HOW THE SHOW CAUSE NOTICE WAS ISSUED AFTER MORE THAN 10 YEARS FROM THE DATE OF TRANSACTIONS AND THE JUDGMENT PASSED BY THE SUPREME COURT IN ONE OF THE SIMILAR MATTERS WAS DECIDED IN FAVOUR OF THE BANKS. THE COURT AFTER HEARING THE SAME DIRECTED THE ENFORCEMENT DIRECTORATE TO ADDRESS THEIR ARGUMENTS ON MARCH 12, 2026 AFTER EXAMINING THE SUPREME COURT JUDGMENT. If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Other 11. Resolution Date (MM/DD/YYYY): 02/23/2010 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 16,347.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: THE INTERIM ORDER WAS MADE ABSOLUTE ON 23FEB10 SUBJECT TO THE CONDITION THAT THE BANK GUARANTEE FURNISHED BY THE BANK EARLIER IN FAVOUR OF THE DIRECTORATE OF ENFORCEMENT BE KEPT ALIVE UNTIL DISPOSAL OF THE APPEAL. THE MATTER IS BEFORE THE DELHI HIGH COURT AND IS TO BE LISTED FOR HEARING ON 22 MARCH 2023. ON 22 MARCH 2023, DUE TO PAUCITY OF TIME THE COURT COULD NOT HEAR THE ARGUMENTS. ACCORDINGLY, THIS MATTER IS LISTED FOR HEARING BEFORE THE DELHI HIGH COURT ON DELHI 9 AUGUST 2023. THE MATTER WAS LAST LISTED FOR HEARING ON 10 FEBRUARY 2025 AND THE HEARING THE MATTER HAS STARTED. THE MATTER HAS NOW BEEN ADJOURNED TO 15 JULY 2025 FOR HEARING. THE MATTER WAS LISTED ON JANUARY 22, 2026 BEFORE THE DIVISION BENCH OF DELHI HIGH COURT. THE COURT WAS APPRISED BY OUR EXTERNAL LEGAL COUNSEL WITH THE FACTS AS TO HOW THE SHOW CAUSE NOTICE WAS ISSUED AFTER MORE THAN 10 YEARS FROM THE DATE OF TRANSACTIONS AND THE JUDGMENT PASSED BY THE SUPREME COURT IN ONE OF THE SIMILAR MATTERS WAS DECIDED IN FAVOUR OF THE BANKS. THE COURT AFTER HEARING THE SAME DIRECTED THE ENFORCEMENT DIRECTORATE TO ADDRESS THEIR ARGUMENTS ON MARCH 12, 2026 AFTER EXAMINING THE SUPREME COURT JUDGMENT. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: A PENALTY O $16347 WAS IMPOSED BY THE ENFORCEMENT DIRECTORATE OF INDIA. THE BANK FILED AN APPEAL ON 14AUG08. AN APPEAL AGAINST THE TRIBUNAL ORDER WAS PREFERRED BY DELHI HIGH COURT ON SEP09 AND INTERIM STAY WAS GRANTED AGAINST THE SAID ORDER. THE INTERIM ORDER WAS MADE ABSOLUTE ON 23FEB10 SUBJECT TO THE CONDITION THAT THE BANK GUARANTEE FURNISHED BY THE BANK EARLIER IN FAVOUR OF THE DIRECTORATE OF ENFORCEMENT BE KEPT ALIVE UNTIL DISPOSAL OF THE APPEAL. THE MATTER IS BEFORE THE DELHI HIGH COURT AND IS TO BE LISTED FOR HEARING ON 22 MARCH 2023. ON 22 MARCH 2023, DUE TO PAUCITY OF TIME THE COURT COULD NOT HEAR THE ARGUMENTS. ACCORDINGLY, THIS MATTER IS LISTED FOR HEARING BEFORE THE DELHI HIGH COURT ON DELHI 9 AUGUST 2023. THE MATTER WAS LAST LISTED FOR HEARING ON 10 FEBRUARY 2025 AND THE HEARING THE MATTER HAS STARTED. THE MATTER HAS NOW BEEN ADJOURNED TO 15 JULY 2025 FOR HEARING. THE MATTER WAS LISTED ON JANUARY 22, 2026 BEFORE THE DIVISION BENCH OF DELHI HIGH COURT. THE COURT WAS APPRISED BY OUR EXTERNAL LEGAL COUNSEL WITH THE FACTS AS TO HOW THE SHOW CAUSE NOTICE WAS ISSUED AFTER MORE THAN 10 YEARS FROM THE DATE OF TRANSACTIONS AND THE JUDGMENT PASSED BY THE SUPREME COURT IN ONE OF THE SIMILAR MATTERS WAS DECIDED IN FAVOUR OF THE BANKS. THE COURT AFTER HEARING THE SAME DIRECTED THE ENFORCEMENT DIRECTORATE TO ADDRESS THEIR ARGUMENTS ON MARCH 12, 2026 AFTER EXAMINING THE SUPREME COURT JUDGMENT. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). THE INTERIM ORDER WAS MADE ABSOLUTE ON 23FEB10 SUBJECT TO THE CONDITION THAT THE BANK GUARANTEE FURNISHED BY THE BANK EARLIER IN FAVOUR OF THE DIRECTORATE OF ENFORCEMENT BE KEPT ALIVE UNTIL DISPOSAL OF THE APPEAL. THE MATTER IS BEFORE THE DELHI HIGH COURT AND IS TO BE LISTED FOR HEARING ON 22 MARCH 2023. ON 22 MARCH 2023, DUE TO PAUCITY OF TIME THE COURT COULD NOT HEAR THE ARGUMENTS. ACCORDINGLY, THIS MATTER IS LISTED FOR HEARING BEFORE THE DELHI HIGH COURT ON DELHI 9 AUGUST 2023. THE MATTER WAS LAST LISTED FOR HEARING ON 10 FEBRUARY 2025 AND THE HEARING THE MATTER HAS STARTED. THE MATTER HAS NOW BEEN ADJOURNED TO 15 JULY 2025 FOR HEARING. THE MATTER WAS LISTED ON JANUARY 22, 2026 BEFORE THE DIVISION BENCH OF DELHI HIGH COURT. THE COURT WAS APPRISED BY OUR EXTERNAL LEGAL COUNSEL WITH THE FACTS AS TO HOW THE SHOW CAUSE NOTICE WAS ISSUED AFTER MORE THAN 10 YEARS FROM THE DATE OF TRANSACTIONS AND THE JUDGMENT PASSED BY THE SUPREME COURT IN ONE OF THE SIMILAR MATTERS WAS DECIDED IN FAVOUR OF THE BANKS. THE COURT AFTER HEARING THE SAME DIRECTED THE ENFORCEMENT DIRECTORATE TO ADDRESS THEIR ARGUMENTS ON MARCH 12, 2026 AFTER EXAMINING THE SUPREME COURT JUDGMENT.
regulatory · block 2THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED - INDIA BRANCHPDF pages 39–41
- Advisory affiliate name — filed text
- THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED - INDIA BRANCH
- Regulator name — filed text
- SPECIAL DIRECTORATE OF ENFORCEMENT OF INDIA
- How was matter resolved — filed text
- Other
Action status / disposition — filed text
THE MATTER OF V.D. JAISWAL BEFORE THE APPELLATE TRIBUNAL FOREIGN EXCHANGE IS TO BE LISTED FOR HEARING IN DUE COURSE. IN THE RELATED CASE FILED BY THE ENFORCEMENT DIRECTORATE AGAINST A.S. ARNEJA BEFORE THE COURT OF ADDITIONAL CHIEF METROPOLITAN MAGISTRATE (ACMM), PATIALA HOUSE, NEW DELHI, THE COURT BEING CONVINCED WITH THE ARGUMENT AND HAS DISCHARGED FROM THE PROCEEDINGS ON 7/12/2012. THE MATTER OF V.D. JAISWAL BEFORE THE APPELLATE TRIBUNAL FOREIGN EXCHANGE WAS LISTED FOR HEARING ON 30 JAN 2024. BASIS THE SUBMISSION OF THE COUNSEL FOR ENFORCEMENT DIRECTORATE (ED), THE COURT HAS DIRECTED US TO FILE AN APPLICATION FOR DELETION OF THE REMAINING RESPONDENTS (AS THEY WERE AS PROFORMA PARTY AND NO RELIEF WAS SOUGHT FROM THEM), EXCEPT ED AND THE MATTER HAS BEEN ADJOURNED FOR HEARING TO 2 APR 2024. THE ORDER DATED APRIL 28, 2006 PASSED BY THE SPECIAL DIRECTORATE OF ENFORCEMENT (SDE) LEVYING PENALTY OF INR 100,000 ON HBAP INM FOR ABETTING CONTRAVENTION OF FERA BY V D JAISWAL AND A S ARNEJA HAS BEEN SET ASIDE BY THE APPELLATE TRIBUNAL FOREIGN EXCHANGE ON APRIL 2, 2024. CONSEQUENTLY THE AMOUNT OF PENALTY OF INR 100,000 DEPOSITED BY HBAP INM HAS BEEN ORDERED TO BE REFUNDED. ACCORDINGLY, THE MATTER (APPEAL) STANDS CLOSED AND DISPOSED OFF IN FAVOUR OF HBAP INM.
Other filed details
Description of allegations — filed text
VIOLATION OF PROVISION OF FOREIGN EXCHANGE REGULATION ACT 1973
Sanction detail — filed text
N/A
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED - INDIA BRANCH (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) SPECIAL DIRECTORATE OF ENFORCEMENT OF INDIA 2. Principal Sanction: Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 03/12/2007 Exact Explanation If not exact, provide explanation: EXACT DATE IS NOT AVAILABLE TO THE ADVISORY FIRM 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Other Product Types: FOREIGN EXCHANGE 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): VIOLATION OF PROVISION OF FOREIGN EXCHANGE REGULATION ACT 1973 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: AN APPEAL WAS FILED WITH THE APPELLATE TRIBUNAL FOREIGN EXCHANGE ON 22 JAN 2007. THE MATTER OF V.D. JAISWAL BEFORE THE APPELLATE TRIBUNAL FOREIGN EXCHANGE WAS LISTED FOR HEARING ON 30 JAN 2024. BASIS THE SUBMISSION OF THE COUNSEL FOR ENFORCEMENT DIRECTORATE (ED), THE COURT HAS DIRECTED US TO FILE AN APPLICATION FOR DELETION OF THE REMAINING RESPONDENTS (AS THEY WERE AS PROFORMA PARTY AND NO RELIEF WAS SOUGHT FROM THEM), EXCEPT ED AND THE MATTER HAS BEEN ADJOURNED FOR HEARING TO 2 APR 2024. THE ORDER DATED APRIL 28, 2006 PASSED BY THE SPECIAL DIRECTORATE OF ENFORCEMENT (SDE) LEVYING PENALTY OF INR 100,000 ON HBAP INM FOR ABETTING CONTRAVENTION OF FERA BY V D JAISWAL AND A S ARNEJA HAS BEEN SET ASIDE BY THE APPELLATE TRIBUNAL FOREIGN EXCHANGE ON APRIL 2, 2024. CONSEQUENTLY THE AMOUNT OF PENALTY OF INR 100,000 DEPOSITED BY HBAP INM HAS BEEN ORDERED TO BE REFUNDED. ACCORDINGLY, THE MATTER (APPEAL) STANDS CLOSED AND DISPOSED OFF IN FAVOUR OF HBAP INM. If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Other 11. Resolution Date (MM/DD/YYYY): 04/02/2024 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: N/A Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: N/A 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). THE MATTER OF V.D. JAISWAL BEFORE THE APPELLATE TRIBUNAL FOREIGN EXCHANGE IS TO BE LISTED FOR HEARING IN DUE COURSE. IN THE RELATED CASE FILED BY THE ENFORCEMENT DIRECTORATE AGAINST A.S. ARNEJA BEFORE THE COURT OF ADDITIONAL CHIEF METROPOLITAN MAGISTRATE (ACMM), PATIALA HOUSE, NEW DELHI, THE COURT BEING CONVINCED WITH THE ARGUMENT AND HAS DISCHARGED FROM THE PROCEEDINGS ON 7/12/2012. THE MATTER OF V.D. JAISWAL BEFORE THE APPELLATE TRIBUNAL FOREIGN EXCHANGE WAS LISTED FOR HEARING ON 30 JAN 2024. BASIS THE SUBMISSION OF THE COUNSEL FOR ENFORCEMENT DIRECTORATE (ED), THE COURT HAS DIRECTED US TO FILE AN APPLICATION FOR DELETION OF THE REMAINING RESPONDENTS (AS THEY WERE AS PROFORMA PARTY AND NO RELIEF WAS SOUGHT FROM THEM), EXCEPT ED AND THE MATTER HAS BEEN ADJOURNED FOR HEARING TO 2 APR 2024. THE ORDER DATED APRIL 28, 2006 PASSED BY THE SPECIAL DIRECTORATE OF ENFORCEMENT (SDE) LEVYING PENALTY OF INR 100,000 ON HBAP INM FOR ABETTING CONTRAVENTION OF FERA BY V D JAISWAL AND A S ARNEJA HAS BEEN SET ASIDE BY THE APPELLATE TRIBUNAL FOREIGN EXCHANGE ON APRIL 2, 2024. CONSEQUENTLY THE AMOUNT OF PENALTY OF INR 100,000 DEPOSITED BY HBAP INM HAS BEEN ORDERED TO BE REFUNDED. ACCORDINGLY, THE MATTER (APPEAL) STANDS CLOSED AND DISPOSED OFF IN FAVOUR OF HBAP INM.
regulatory · block 3HSBC HOLDINGS PLCPDF pages 41–43
- Advisory affiliate name — filed text
- HSBC HOLDINGS PLC
- Regulator name — filed text
- THE EUROPEAN COMMISSION ("THE COMMISSION")
- Monetary/Fine Amount — filed text
- $ 37,802,250.00
- How was matter resolved — filed text
- Decision
Action status / disposition — filed text
HSBC PAID THE REVISED FINE OF 31,700,000 EUROS (USD $37,802,250 WHICH UTILIZES THE CLOSING FX RATE AS OF THE DATE OF ISSUANCE FOR THE AMENDED FINE AND AS REFLECTED IN SECTION 12.A ) IN 2021. IN NOVEMBER 2024, THE GENERAL COURT DISMISSED HSBC'S APPEAL AGAINST THE FINE.
Other filed details
Description of allegations — filed text
IN DECEMBER 2016, THE EUROPEAN COMMISSION (THE 'COMMISSION') ISSUED A DECISION THAT IN EARLY 2007 HSBC, AMONG OTHER BANKS, COLLUDED ON EURO INTEREST RATE DERIVATIVE PRICING ELEMENTS, AND EXCHANGED RELATED SENSITIVE INFORMATION, IN BREACH OF EU ANTITRUST RULES. THE COMMISSION DETERMINED THAT THE DURATION OF HSBC'S INFRINGEMENT WAS 1 MONTH AND FINED HSBC 33,606,000 EUROS. HSBC APPEALED THE DECISION TO THE GENERAL COURT OF THE EUROPEAN UNION, WHICH IN 2019 ANNULLED THE FINE FOR FAILURE TO PROVIDE REASONS, BUT UPHELD HSBC'S LIABILITY. IN 2021 THE EUROPEAN COMMISSION IMPOSED A REVISED FINE OF 31,700,000 EUROS (USD $37,802,250 WHICH UTILIZES THE CLOSING FX RATE AS OF THE DATE OF ISSUANCE FOR THE AMENDED FINE AND AS REFLECTED IN SECTION 12.A ). HSBC APPEALED TO THE LIABILITY FINDINGS TO THE COURT OF JUSTICE OF THE EUROPEAN UNION, WHICH UPHELD HSBC'S LIABILITY IN JANUARY 2023. HSBC CONTINUES TO MAINTAIN AN APPEAL BEFORE THE GENERAL COURT AGAINST THE 2021 COMMISSION DECISION IMPOSING A REVISED FINE.
Sanction detail — filed text
HSBC CONTINENTAL EUROPE IN ACCORDANCE WITH THE 2021 DECISION PAID A FINE IN THE AMOUNT OF 31,700,000 EUROS. SEE INFORMATION WITH RESPECT TO THE APPEAL ABOVE. THE FINE IS CONVERTED TO USD $37,802,250 (CLOSING FX RATE AS OF THE DATE OF ISSUANCE FOR THE AMENDED FINE) AS REPORTED ABOVE IN SECTION 12.A.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name).
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
This advisory affiliate is
a Firm
an Individual
Registered:
Yes
No
Name:
HSBC HOLDINGS PLC
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances:
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
Yes
No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1. Regulatory Action initiated by:
SEC
Other Federal
State
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
THE EUROPEAN COMMISSION ("THE COMMISSION")
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions:
3.
Date Initiated (MM/DD/YYYY):
12/07/2016
Exact
Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
HSBC FRANCE
6.
Principal Product Type:
No Product
Other Product Types:
EURO INTEREST RATE DERIVATIVE PRICING
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN DECEMBER 2016, THE EUROPEAN COMMISSION (THE 'COMMISSION') ISSUED A DECISION THAT IN EARLY 2007 HSBC, AMONG OTHER BANKS,
COLLUDED ON EURO INTEREST RATE DERIVATIVE PRICING ELEMENTS, AND EXCHANGED RELATED SENSITIVE INFORMATION, IN BREACH OF EU
ANTITRUST RULES. THE COMMISSION DETERMINED THAT THE DURATION OF HSBC'S INFRINGEMENT WAS 1 MONTH AND FINED HSBC 33,606,000
EUROS. HSBC APPEALED THE DECISION TO THE GENERAL COURT OF THE EUROPEAN UNION, WHICH IN 2019 ANNULLED THE FINE FOR FAILURE TO
PROVIDE REASONS, BUT UPHELD HSBC'S LIABILITY. IN 2021 THE EUROPEAN COMMISSION IMPOSED A REVISED FINE OF 31,700,000 EUROS (USD
$37,802,250 WHICH UTILIZES THE CLOSING FX RATE AS OF THE DATE OF ISSUANCE FOR THE AMENDED FINE AND AS REFLECTED IN SECTION 12.A ).
HSBC APPEALED TO THE LIABILITY FINDINGS TO THE COURT OF JUSTICE OF THE EUROPEAN UNION, WHICH UPHELD HSBC'S LIABILITY IN JANUARY
2023. HSBC CONTINUES TO MAINTAIN AN APPEAL BEFORE THE GENERAL COURT AGAINST THE 2021 COMMISSION DECISION IMPOSING A REVISED
FINE.
8.
Current Status?
Pending
On Appeal
Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
THE EU GENERAL COURT, IN A JUDGMENT OF 24 SEPTEMBER 2019, ANNULLED HSBC'S FINE FOR INSUFFICIENT REASONING BUTLARGELY UPHELD THE
COMMISSION'S FINDINGS OF LIABILITY. IN Q4 2019 HSBC AND THE EUROPEAN COMMISSION APPEALED THE GENERAL COURT'S RULING TO THE COURT
OF JUSTICE OF THE EUROPEAN UNION. THE EUROPEAN COMMISSION SUBSEQUENTLY WITHDREW ITS APPEAL AND IMPOSED A REVISED FINE. IN
JANUARY 2023 THE COURT OF JUSTICE DISMISSED HSBC'S APPEAL AGAINST LIABILITY AND IN NOVEMBER 2024 THE GENERAL COURT ALSO DISMISSED
HSBC'S APPEAL AGAINST THE REVISED FINE.
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Decision
11. Resolution Date (MM/DD/YYYY):
12/07/2016
Exact
Explanation
If not exact, provide explanation:
HSBC HAS APPEALED THE COMMISSION DECISION. THE AMOUNT OF THE FINE HAS BEEN PROVISIONALLY PAID. DATE OF APPEAL 17 FEBRUARY 17.
NOVEMBER 2024 - HSBC'S APPEAL AGAINST THE REVISED FINE WAS DISMISSED BY THE GENERAL COURT.
12. Resolution Detail:
A. Were any of the following Sanctions Ordered (check all appropriate items)?
Monetary/Fine Amount: $ 37,802,250.00
Revocation/Expulsion/Denial
Disgorgement/Restitution
Censure
Cease and Desist/Injunction
Bar
Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived:
HSBC CONTINENTAL EUROPE IN ACCORDANCE WITH THE 2021 DECISION PAID A FINE IN THE AMOUNT OF 31,700,000 EUROS. SEE
INFORMATION WITH RESPECT TO THE APPEAL ABOVE. THE FINE IS CONVERTED TO USD $37,802,250 (CLOSING FX RATE AS OF THE DATE OF
ISSUANCE FOR THE AMENDED FINE) AS REPORTED ABOVE IN SECTION 12.A.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
HSBC PAID THE REVISED FINE OF 31,700,000 EUROS (USD $37,802,250 WHICH UTILIZES THE CLOSING FX RATE AS OF THE DATE OF ISSUANCE FOR
THE AMENDED FINE AND AS REFLECTED IN SECTION 12.A ) IN 2021. IN NOVEMBER 2024, THE GENERAL COURT DISMISSED HSBC'S APPEAL AGAINST
THE FINE.regulatory · block 4THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED - HONG KONG BRANCHPDF pages 43–45
- Advisory affiliate name — filed text
- THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED - HONG KONG BRANCH
- Regulator name — filed text
- THE SECURITIES AND FUTURES COMMISSION (SFC)
- Monetary/Fine Amount — filed text
- $ 322,000.00
- How was matter resolved — filed text
- Other
Action status / disposition — filed text
IT WAS FINALISED AND RESOLVED ON 9/14/2016 WITH DETAILS DESCRIBED ABOVE
Other filed details
Description of allegations — filed text
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED - HONG KONG BRANCH (HSBC) BREACHED, ON MULTIPLE OCCASIIONS, THE PRESCRIBED POSITION LIMIT FOR HANG SENG CHINA ENTERPRISES INDEX (HSCEI) FUTURES AND OPTIONS CONTRACTS AND FAILED TO PUT IN PLACE ADEQUATE MEASURES TO ENSURE COMPLIANCE WITH THE PRESCRIBED POSITION LIMIT.
Sanction detail — filed text
REPRIMAND AND FINE
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED - HONG KONG BRANCH (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) THE SECURITIES AND FUTURES COMMISSION (SFC) 2. Principal Sanction: Other Other Sanctions: REPRIMAND AND FINE 3. Date Initiated (MM/DD/YYYY): 05/26/2014 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Other Product Types: INDEX FUTURES AND OPTIONS CONTRACTS 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED - HONG KONG BRANCH (HSBC) BREACHED, ON MULTIPLE OCCASIIONS, THE PRESCRIBED POSITION LIMIT FOR HANG SENG CHINA ENTERPRISES INDEX (HSCEI) FUTURES AND OPTIONS CONTRACTS AND FAILED TO PUT IN PLACE ADEQUATE MEASURES TO ENSURE COMPLIANCE WITH THE PRESCRIBED POSITION LIMIT. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Other 11. Resolution Date (MM/DD/YYYY): 09/14/2016 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 322,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: REPRIMAND AND FINE Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: REPRIMAND AND FINE 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). IT WAS FINALISED AND RESOLVED ON 9/14/2016 WITH DETAILS DESCRIBED ABOVE
regulatory · block 5PDF pages 45–47
- Regulator name — filed text
- GOVERNORS OF THE FEDERAL RESERVE SYSTEM (THE "FEDERAL RESERVE")
- Monetary/Fine Amount — filed text
- $ 175,296,000.00
- How was matter resolved — filed text
- Consent
Action status / disposition — filed text
IN SEPTEMBER 2017, FOLLOWING THE CONCLUSION OF THE US FEDERAL RESERVE BOARD'S REVIEW OF THE EFFECTIVENESS OF HSBC'S FX PRACTICES DURING THE PERIOD OF OCTOBER 2008 THROUGH OCTOBER 2013, HSBC HOLDINGS PLC AND HSBC NORTH AMERICA HOLDINGS INC. ENTERED INTO A CONSENT ORDER REGARDING CERTAIN DEFICIENCIES IN HSBC'S CONTROL AND OVERSIGHT OVER ITS FX BUSINESS. HSBC THROUGH VARIOUS SUBSIDIARIES OF HOLDINGS, INCLUDING HBEU AND HBUS, LACKED ADEQUATE GOVERNANCE, RISK MANAGEMENT, COMPLIANCE AND AUDIT POLICIES AND PROCEDURES TO ENSURE THAT HSBC'S COVERED FX ACTIVITIES COMPLIED WITH SAFE AND SOUND BANKING PRACTICES AND APPLICABLE INTERNAL POLICIES. ON AUGUST 18, 2023, THE FEDERAL RESERVE BOARD CONCLUDED THAT HSBC WAS IN FULL COMPLIANCE AND TERMINATED THE CONSENT ORDER.
Other filed details
Description of allegations — filed text
IN SEPTEMBER 2017, FOLLOWING THE CONCLUSION OF THE US FEDERAL RESERVE BOARD'S REVIEW OF THE EFFECTIVENESS OF HSBC'S FX PRACTICES DURING THE PERIOD OF OCTOBER 2008 THROUGH OCTOBER 2013, HSBC HOLDINGS PLC AND HSBC NORTH AMERICA HOLDINGS INC. ENTERED INTO A CONSENT ORDER REGARDING CERTAIN DEFICIENCIES IN HSBC'S CONTROL AND OVERSIGHT OVER ITS FX BUSINESS. HSBC THROUGH VARIOUS SUBSIDIARIES OF HOLDINGS, INCLUDING HBEU AND HBUS, LACKED ADEQUATE GOVERNANCE, RISK MANAGEMENT, COMPLIANCE AND AUDIT POLICIES AND PROCEDURES TO ENSURE THAT HSBC'S COVERED FX ACTIVITIES COMPLIED WITH SAFE AND SOUND BANKING PRACTICES AND APPLICABLE INTERNAL POLICIES. ON AUGUST 18, 2023, THE FEDERAL RESERVE BOARD CONCLUDED THAT HSBC WAS IN FULL COMPLIANCE AND TERMINATED THE CONSENT ORDER.
Sanction detail — filed text
PURSUANT TO THE FEDERAL DEPOSIT INSURANCE ACT, THE FEDERAL RESERVE ISSUED A CONSENT ORDER TO CEASE AND DESIST AND ASSESSMENT OF A CIVIL MONEY PENALTY (THE "ORDER"). ACCORDINGLY, HSBC SHALL CEASE AND DESIST WITH RESPECT TO THE DEFICIENCIES DOCUMENTED IN THE ORDER AND TAKE AFFIRMATIVE ACTION RELATING TO INTERNAL CONTROLS AND COMPLIANCE OVERSIGHT OVER CERTAIN MARKETS ACTIVITY. ON SEPTEMBER 29, 2017, HSBC PAID A CIVIL MONEY PENALTY IN THE AMOUNT OF $175,296,000.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: HSBC NORTH AMERICA HOLDINGS INC. (For individuals, Last, First, Middle) CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: HSBC HOLDINGS PLC (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) GOVERNORS OF THE FEDERAL RESERVE SYSTEM (THE "FEDERAL RESERVE") 2. Principal Sanction: Cease and Desist Other Sanctions: MONETARY FINE 3. Date Initiated (MM/DD/YYYY): 09/29/2017 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 17-010-B-FB;17-010-B-HC;17-010-CMP-FB;17-010-CMP-HC 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Other Product Types: FOREIGN EXCHANGE 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): IN SEPTEMBER 2017, FOLLOWING THE CONCLUSION OF THE US FEDERAL RESERVE BOARD'S REVIEW OF THE EFFECTIVENESS OF HSBC'S FX PRACTICES DURING THE PERIOD OF OCTOBER 2008 THROUGH OCTOBER 2013, HSBC HOLDINGS PLC AND HSBC NORTH AMERICA HOLDINGS INC. ENTERED INTO A CONSENT ORDER REGARDING CERTAIN DEFICIENCIES IN HSBC'S CONTROL AND OVERSIGHT OVER ITS FX BUSINESS. HSBC THROUGH VARIOUS SUBSIDIARIES OF HOLDINGS, INCLUDING HBEU AND HBUS, LACKED ADEQUATE GOVERNANCE, RISK MANAGEMENT, COMPLIANCE AND AUDIT POLICIES AND PROCEDURES TO ENSURE THAT HSBC'S COVERED FX ACTIVITIES COMPLIED WITH SAFE AND SOUND BANKING PRACTICES AND APPLICABLE INTERNAL POLICIES. ON AUGUST 18, 2023, THE FEDERAL RESERVE BOARD CONCLUDED THAT HSBC WAS IN FULL COMPLIANCE AND TERMINATED THE CONSENT ORDER. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Consent 11. Resolution Date (MM/DD/YYYY): 08/18/2023 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 175,296,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: PURSUANT TO THE FEDERAL DEPOSIT INSURANCE ACT, THE FEDERAL RESERVE ISSUED A CONSENT ORDER TO CEASE AND DESIST AND ASSESSMENT OF A CIVIL MONEY PENALTY (THE "ORDER"). ACCORDINGLY, HSBC SHALL CEASE AND DESIST WITH RESPECT TO THE DEFICIENCIES DOCUMENTED IN THE ORDER AND TAKE AFFIRMATIVE ACTION RELATING TO INTERNAL CONTROLS AND COMPLIANCE OVERSIGHT OVER CERTAIN MARKETS ACTIVITY. ON SEPTEMBER 29, 2017, HSBC PAID A CIVIL MONEY PENALTY IN THE AMOUNT OF $175,296,000. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). IN SEPTEMBER 2017, FOLLOWING THE CONCLUSION OF THE US FEDERAL RESERVE BOARD'S REVIEW OF THE EFFECTIVENESS OF HSBC'S FX PRACTICES DURING THE PERIOD OF OCTOBER 2008 THROUGH OCTOBER 2013, HSBC HOLDINGS PLC AND HSBC NORTH AMERICA HOLDINGS INC. ENTERED INTO A CONSENT ORDER REGARDING CERTAIN DEFICIENCIES IN HSBC'S CONTROL AND OVERSIGHT OVER ITS FX BUSINESS. HSBC THROUGH VARIOUS SUBSIDIARIES OF HOLDINGS, INCLUDING HBEU AND HBUS, LACKED ADEQUATE GOVERNANCE, RISK MANAGEMENT, COMPLIANCE AND AUDIT POLICIES AND PROCEDURES TO ENSURE THAT HSBC'S COVERED FX ACTIVITIES COMPLIED WITH SAFE AND SOUND BANKING PRACTICES AND APPLICABLE INTERNAL POLICIES. ON AUGUST 18, 2023, THE FEDERAL RESERVE BOARD CONCLUDED THAT HSBC WAS IN FULL COMPLIANCE AND TERMINATED THE CONSENT ORDER.
Show 7 more source blocks
regulatory · block 6HSBC HOLDINGS PLCPDF pages 47–49
- Advisory affiliate name — filed text
- HSBC HOLDINGS PLC
- Regulator name — filed text
- U.S. DEPARTMENT OF JUSTICE (DOJ)
- Monetary/Fine Amount — filed text
- $ 101,500,000.00
- How was matter resolved — filed text
- Consent
Action status / disposition — filed text
IN JANUARY 2018, FOLLOWING THE CONCLUSION OF THE US DEPARTMENT OF JUSTICE'S (DOJ) INVESTIGATION INTO HSBC'S HISTORICAL FOREIGN EXCHANGE ACTIVITIES, HSBC HOLDINGS ENTERED INTO A THREE-YEAR DEFERRED PROSECUTION AGREEMENT WITH THE CRIMINAL DIVISION OF THE DOJ (THE FX DPA), REGARDING FRAUDULENT CONDUCT IN CONNECTION WITH TWO PARTICULAR TRANSACTIONS IN 2010 AND 2011. IN JANUARY 2021, THE FX DPA EXPIRED AND, IN AUGUST 2021, THE CHARGES DEFERRED BY THE FX DPA WERE DISMISSED.
Other filed details
Description of allegations — filed text
IN JANUARY 2018, FOLLOWING THE CONCLUSION OF THE US DEPARTMENT OF JUSTICE'S (DOJ) INVESTIGATION INTO HSBC'S HISTORICAL FOREIGN EXCHANGE ACTIVITIES, HSBC HOLDINGS ENTERED INTO A THREE-YEAR DEFERRED PROSECUTION AGREEMENT WITH THE CRIMINAL DIVISION OF THE DOJ (THE FX DPA), REGARDING FRAUDULENT CONDUCT IN CONNECTION WITH TWO PARTICULAR TRANSACTIONS IN 2010 AND 2011. IN JANUARY 2021, THE FX DPA EXPIRED AND, IN AUGUST 2021, THE CHARGES DEFERRED BY THE FX DPA WERE DISMISSED.
Sanction detail — filed text
THE DEFERRED PROSECUTION AGREEMENT REQUIRES HSBC HOLDINGS TO PAY A TOTAL OF $101.5 MILLION, INCLUDING A$63.1 MILLION FINE AND $38.4 MILLION IN RESTITUTION. THE AGREEMENT, RECOGNIZING THAT HSBC HOLDINGS HAS ALREADY ENGAGED IN REMEDIAL MEASURES, REQUIRES HSBC HOLDINGS TO MONITOR ITS COMPLIANCE WITH THE AGREEMENT'S OBLIGATIONS AND PROVIDE ANNUAL REPORTS TO THE DOJ FOR THE TERM OF THE AGREEMENT. IN JANUARY 2018, FOLLOWING THE CONCLUSION OF THE US DEPARTMENT OF JUSTICE'S (DOJ) INVESTIGATION INTO HSBC'S HISTORICAL FOREIGN EXCHANGE ACTIVITIES, HSBC HOLDINGS ENTERED INTO A THREE-YEAR DEFERRED PROSECUTION AGREEMENT WITH THE CRIMINAL DIVISION OF THE DOJ (THE FX DPA), REGARDING FRAUDULENT CONDUCT IN CONNECTION WITH TWO PARTICULAR TRANSACTIONS IN 2010 AND 2011. IN JANUARY 2021, THE FX DPA EXPIRED AND, IN AUGUST 2021, THE CHARGES DEFERRED BY THE FX DPA WERE DISMISSED.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: HSBC HOLDINGS PLC (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) U.S. DEPARTMENT OF JUSTICE (DOJ) 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 01/18/2018 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: CASE1:18 CR 00030 LDH 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): HSBC HOLDINGS PLC 6. Principal Product Type: Futures - Financial Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): IN JANUARY 2018, FOLLOWING THE CONCLUSION OF THE US DEPARTMENT OF JUSTICE'S (DOJ) INVESTIGATION INTO HSBC'S HISTORICAL FOREIGN EXCHANGE ACTIVITIES, HSBC HOLDINGS ENTERED INTO A THREE-YEAR DEFERRED PROSECUTION AGREEMENT WITH THE CRIMINAL DIVISION OF THE DOJ (THE FX DPA), REGARDING FRAUDULENT CONDUCT IN CONNECTION WITH TWO PARTICULAR TRANSACTIONS IN 2010 AND 2011. IN JANUARY 2021, THE FX DPA EXPIRED AND, IN AUGUST 2021, THE CHARGES DEFERRED BY THE FX DPA WERE DISMISSED. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Consent 11. Resolution Date (MM/DD/YYYY): 08/02/2021 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 101,500,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE DEFERRED PROSECUTION AGREEMENT REQUIRES HSBC HOLDINGS TO PAY A TOTAL OF $101.5 MILLION, INCLUDING A$63.1 MILLION FINE AND $38.4 MILLION IN RESTITUTION. THE AGREEMENT, RECOGNIZING THAT HSBC HOLDINGS HAS ALREADY ENGAGED IN REMEDIAL MEASURES, REQUIRES HSBC HOLDINGS TO MONITOR ITS COMPLIANCE WITH THE AGREEMENT'S OBLIGATIONS AND PROVIDE ANNUAL REPORTS TO THE DOJ FOR THE TERM OF THE AGREEMENT. IN JANUARY 2018, FOLLOWING THE CONCLUSION OF THE US DEPARTMENT OF JUSTICE'S (DOJ) INVESTIGATION INTO HSBC'S HISTORICAL FOREIGN EXCHANGE ACTIVITIES, HSBC HOLDINGS ENTERED INTO A THREE-YEAR DEFERRED PROSECUTION AGREEMENT WITH THE CRIMINAL DIVISION OF THE DOJ (THE FX DPA), REGARDING FRAUDULENT CONDUCT IN CONNECTION WITH TWO PARTICULAR TRANSACTIONS IN 2010 AND 2011. IN JANUARY 2021, THE FX DPA EXPIRED AND, IN AUGUST 2021, THE CHARGES DEFERRED BY THE FX DPA WERE DISMISSED. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). IN JANUARY 2018, FOLLOWING THE CONCLUSION OF THE US DEPARTMENT OF JUSTICE'S (DOJ) INVESTIGATION INTO HSBC'S HISTORICAL FOREIGN EXCHANGE ACTIVITIES, HSBC HOLDINGS ENTERED INTO A THREE-YEAR DEFERRED PROSECUTION AGREEMENT WITH THE CRIMINAL DIVISION OF THE DOJ (THE FX DPA), REGARDING FRAUDULENT CONDUCT IN CONNECTION WITH TWO PARTICULAR TRANSACTIONS IN 2010 AND 2011. IN JANUARY 2021, THE FX DPA EXPIRED AND, IN AUGUST 2021, THE CHARGES DEFERRED BY THE FX DPA WERE DISMISSED.
regulatory · block 7PDF pages 49–51
- Regulator name — filed text
- SECURITIES AND FUTURES COMMISSION OF HONG KONG ("SFC")
- Monetary/Fine Amount — filed text
- $ 449,900.00
- How was matter resolved — filed text
- Decision & Order of Offer of Settlement
Action status / disposition — filed text
THE ISSUE WAS RESOLVED ON APRIL 7 2020. THE ALLEGATIONS, DISPOSITIONS, FINDING AND SANCTIONS ARE DESCRIBED ABOVE IN ITEMS 7 AND 12.
Other filed details
Description of allegations — filed text
ON 7 APRIL 2020, THE SFC HAS REPRIMANDED AND FINED HSBC INVESTMENT FUNDS (HONG KONG) LIMITED AND HSBC GLOBAL ASSET MANAGEMENT (HONG KONG) LIMITED (COLLECTIVELY, THE "MANAGERS") HK$3.5 MILLION FOR BREACHES OF REGULATORY REQUIREMENTS IN RELATION TO CASH MANAGEMENT FOR SFC-AUTHORIZED FUNDS. THE SFC'S INVESTIGATION FOUND THAT THE MANAGERS HAVE FAILED TO ENSURE THAT THE INTEREST RECEIVED ON CERTAIN SFC-AUTHORISED FUNDS' CASH DEPOSITS PLACED WITH THE INSTANT ACCESS CASH ACCOUNTS (ACCOUNTS ARE USED TO HOLD OPERATIONAL CASH TO SATISFY THE FUNDS' CASH NEEDS FOR DAILY TRADING, OVERDRAFT AVOIDANCE, SETTLEMENTS AND REDEMPTIONS, ETC) MAINTAINED WITH THEIR CONNECTED PERSONS WAS AT A RATE NOT LOWER THAN THE PREVAILING COMMERCIAL RATE FOR A DEPOSIT OF THAT SIZE AND TERMS AS REQUIRED BY THE SFC'S CODE OF UNIT TRUSTS AND MUTUAL FUNDS AND FUND MANAGER CODE OF CONDUCT FOR THE PERIOD FROM 2010 TO 2016. THE SFC CONSIDERS THAT THE MANAGERS' INTERNAL CONTROLS AND PROCEDURES ON CASH MANAGEMENT OF THE FUNDS AT THE MATERIAL TIME WERE INADEQUATE AND THEY FAILED TO MANAGE AND MINIMIZE THE CONFLICTING INTERESTS BETWEEN THEIR CONNECTED PERSONS AND THE FUNDS' INVESTORS. THE MANAGERS HAVE ACCEPTED THE DECISION OF THE SFC AND HAVE ENHANCED THE RELEVANT INTERNAL CONTROLS, PROCEDURES AND PRACTICES FOR MANAGING CASH DEPOSITS AND WILL MAKE A VOLUNTARY PAYMENT OF USD433,257 IN TOTAL TO THE AFFECTED FUNDS. IN ADDITION, THE MANAGERS WILL BE ENGAGING AN INDEPENDENT THIRD PARTY REVIEWER TO CONDUCT A FURTHER REVIEW TO CONFIRM THAT THE MANAGERS HAVE PROPERLY ADDRESSED THE FINDINGS MADE IN THE EARLIER INDEPENDENT REVIEW AND IMPLEMENTED THE RECOMMENDATIONS.
Sanction detail — filed text
A FINE OF HK$3.5MILLION (APPROXIMATELY US$449,900) HAS BEEN PAID TO THE SFC.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name).
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances:
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
Yes
No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1. Regulatory Action initiated by:
SEC
Other Federal
State
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
SECURITIES AND FUTURES COMMISSION OF HONG KONG ("SFC")
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions:
PUBLIC REPRIMAND BY THE SFC
3.
Date Initiated (MM/DD/YYYY):
04/07/2020
Exact
Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
N/A
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
N/A
6.
Principal Product Type:
Other
Other Product Types:
UNIT TRUSTS AND MUTUAL FUNDS AUTHORIZED BY THE SFC UNDER THE SFC CODE OF UNIT TRUSTS AND MUTUAL FUNDS
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
ON 7 APRIL 2020, THE SFC HAS REPRIMANDED AND FINED HSBC INVESTMENT FUNDS (HONG KONG) LIMITED AND HSBC GLOBAL ASSET MANAGEMENT
(HONG KONG) LIMITED (COLLECTIVELY, THE "MANAGERS") HK$3.5 MILLION FOR BREACHES OF REGULATORY REQUIREMENTS IN RELATION TO CASH
MANAGEMENT FOR SFC-AUTHORIZED FUNDS. THE SFC'S INVESTIGATION FOUND THAT THE MANAGERS HAVE FAILED TO ENSURE THAT THE INTEREST
RECEIVED ON CERTAIN SFC-AUTHORISED FUNDS' CASH DEPOSITS PLACED WITH THE INSTANT ACCESS CASH ACCOUNTS (ACCOUNTS ARE USED TO
HOLD OPERATIONAL CASH TO SATISFY THE FUNDS' CASH NEEDS FOR DAILY TRADING, OVERDRAFT AVOIDANCE, SETTLEMENTS AND REDEMPTIONS, ETC)
MAINTAINED WITH THEIR CONNECTED PERSONS WAS AT A RATE NOT LOWER THAN THE PREVAILING COMMERCIAL RATE FOR A DEPOSIT OF THAT SIZE
AND TERMS AS REQUIRED BY THE SFC'S CODE OF UNIT TRUSTS AND MUTUAL FUNDS AND FUND MANAGER CODE OF CONDUCT FOR THE PERIOD FROM
2010 TO 2016. THE SFC CONSIDERS THAT THE MANAGERS' INTERNAL CONTROLS AND PROCEDURES ON CASH MANAGEMENT OF THE FUNDS AT THE
MATERIAL TIME WERE INADEQUATE AND THEY FAILED TO MANAGE AND MINIMIZE THE CONFLICTING INTERESTS BETWEEN THEIR CONNECTED PERSONS
AND THE FUNDS' INVESTORS. THE MANAGERS HAVE ACCEPTED THE DECISION OF THE SFC AND HAVE ENHANCED THE RELEVANT INTERNAL CONTROLS,
PROCEDURES AND PRACTICES FOR MANAGING CASH DEPOSITS AND WILL MAKE A VOLUNTARY PAYMENT OF USD433,257 IN TOTAL TO THE AFFECTED
FUNDS. IN ADDITION, THE MANAGERS WILL BE ENGAGING AN INDEPENDENT THIRD PARTY REVIEWER TO CONDUCT A FURTHER REVIEW TO CONFIRM
THAT THE MANAGERS HAVE PROPERLY ADDRESSED THE FINDINGS MADE IN THE EARLIER INDEPENDENT REVIEW AND IMPLEMENTED THE
RECOMMENDATIONS.
8.
Current Status?
Pending
On Appeal
Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
N/A
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Decision & Order of Offer of Settlement
11. Resolution Date (MM/DD/YYYY):
04/07/2020
Exact
Explanation
If not exact, provide explanation:
12. Resolution Detail:
A. Were any of the following Sanctions Ordered (check all appropriate items)?
Monetary/Fine Amount: $ 449,900.00
Revocation/Expulsion/Denial
Disgorgement/Restitution
Censure
Cease and Desist/Injunction
Bar
Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived:
A FINE OF HK$3.5MILLION (APPROXIMATELY US$449,900) HAS BEEN PAID TO THE SFC.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THE ISSUE WAS RESOLVED ON APRIL 7 2020. THE ALLEGATIONS, DISPOSITIONS, FINDING AND SANCTIONS ARE DESCRIBED ABOVE IN ITEMS 7 AND 12.regulatory · block 8HSBC HOLDINGS PLCPDF pages 51–53
- Advisory affiliate name — filed text
- HSBC HOLDINGS PLC
- Regulator name — filed text
- THE EUROPEAN COMMISSION ("THE COMMISSION")
- Monetary/Fine Amount — filed text
- $ 196,954,958.00
- How was matter resolved — filed text
- Settled
Action status / disposition — filed text
HSBC HOLDINGS CAUSED THE FINE TO BE PAID WITHIN IN THE TIMEFRAME DIRECTED BY THE COMMISSION.
Other filed details
Description of allegations — filed text
THE EUROPEAN COMMISSION IN DECEMBER 2021 COMPLETED A CARTEL INVESTIGATION INTO THE FOREIGN EXCHANGE ('FOREX') SPOT TRADING MARKET BY IMPOSING FINES ON FIVE FINANCIAL INSTITUTIONS, INCLUDING HSBC HOLDINGS PLC. THE COMMISSION'S INVESTIGATION FOCUSED ON THE TRADING OF THE G10 CURRENCIES. THE COMMISSION'S INVESTIGATION REVEALED THAT SOME TRADERS IN CHARGE OF THE FOREX SPOT TRADING OF G10 CURRENCIES, ACTING ON BEHALF OF THE FINED BANKS, EXCHANGED SENSITIVE INFORMATION AND TRADING PLANS, AND OCCASIONALLY COORDINATED THEIR TRADING STRATEGIES THROUGH AN ONLINE PROFESSIONAL CHATROOM. THE COMMISSION FOUND THAT THESE INFORMATION EXCHANGES ENABLED THE TRADERS TOMAKE INFORMED MARKET DECISIONS ON WHETHER AND WHEN TO SELL OR BUY THE CURRENCIES THEY HAD IN THEIR PORTFOLIOS, AS OPPOSED TO A SITUATION WHERE TRADERS ACTING INDEPENDENTLY FROM EACH OTHER TAKE AN INHERENT RISK IN TAKING THESE DECISIONS. OCCASIONALLY, THESE INFORMATION EXCHANGES ALSO ALLOWED THE TRADERS TO IDENTIFY OPPORTUNITIES FOR COORDINATION, FOR EXAMPLE THROUGH A PRACTICE CALLED "STANDING DOWN", WHEREBY SOME OF THEM WOULD TEMPORARILY REFRAIN FROM TRADING TO AVOID INTERFERING WITH ANOTHER TRADER. HSBC COOPERATED WITH THE INVESTIGATION AND HAS PAID THE FINE NOTED BELOW.
Sanction detail — filed text
FINE ANNOUNCED BY THE COMMISSION ON 12/2/21.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name).
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
This advisory affiliate is
a Firm
an Individual
Registered:
Yes
No
Name:
HSBC HOLDINGS PLC
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances:
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
Yes
No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1. Regulatory Action initiated by:
SEC
Other Federal
State
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
THE EUROPEAN COMMISSION ("THE COMMISSION")
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions:
3.
Date Initiated (MM/DD/YYYY):
12/02/2021
Exact
Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
HSBC BANK PLC
6.
Principal Product Type:
Other
Other Product Types:
FOREIGN EXCHANGE (FOREX) SPOT TRADING
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE EUROPEAN COMMISSION IN DECEMBER 2021 COMPLETED A CARTEL INVESTIGATION INTO THE FOREIGN EXCHANGE ('FOREX') SPOT TRADING
MARKET BY IMPOSING FINES ON FIVE FINANCIAL INSTITUTIONS, INCLUDING HSBC HOLDINGS PLC. THE COMMISSION'S INVESTIGATION FOCUSED ON
THE TRADING OF THE G10 CURRENCIES. THE COMMISSION'S INVESTIGATION REVEALED THAT SOME TRADERS IN CHARGE OF THE FOREX SPOT TRADING
OF G10 CURRENCIES, ACTING ON BEHALF OF THE FINED BANKS, EXCHANGED SENSITIVE INFORMATION AND TRADING PLANS, AND OCCASIONALLY
COORDINATED THEIR TRADING STRATEGIES THROUGH AN ONLINE PROFESSIONAL CHATROOM. THE COMMISSION FOUND THAT THESE INFORMATION
EXCHANGES ENABLED THE TRADERS TOMAKE INFORMED MARKET DECISIONS ON WHETHER AND WHEN TO SELL OR BUY THE CURRENCIES THEY HAD IN
THEIR PORTFOLIOS, AS OPPOSED TO A SITUATION WHERE TRADERS ACTING INDEPENDENTLY FROM EACH OTHER TAKE AN INHERENT RISK IN TAKING
THESE DECISIONS. OCCASIONALLY, THESE INFORMATION EXCHANGES ALSO ALLOWED THE TRADERS TO IDENTIFY OPPORTUNITIES FOR
COORDINATION, FOR EXAMPLE THROUGH A PRACTICE CALLED "STANDING DOWN", WHEREBY SOME OF THEM WOULD TEMPORARILY REFRAIN FROM
TRADING TO AVOID INTERFERING WITH ANOTHER TRADER. HSBC COOPERATED WITH THE INVESTIGATION AND HAS PAID THE FINE NOTED BELOW.
8.
Current Status?
Pending
On Appeal
Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Settled
11. Resolution Date (MM/DD/YYYY):
12/02/2021
Exact
Explanation
If not exact, provide explanation:
FINE ANNOUNCED BY COMMISSION ON 12/2/21. HSBC HOLDINGS CAUSED THE FINE TO BE PAID WITHIN IN THE TIMEFRAME DIRECTED BY THE
COMMISSION.
12. Resolution Detail:
A. Were any of the following Sanctions Ordered (check all appropriate items)?
Monetary/Fine Amount: $ 196,954,958.00
Revocation/Expulsion/Denial
Disgorgement/Restitution
Censure
Cease and Desist/Injunction
Bar
Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived:
FINE ANNOUNCED BY THE COMMISSION ON 12/2/21.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
HSBC HOLDINGS CAUSED THE FINE TO BE PAID WITHIN IN THE TIMEFRAME DIRECTED BY THE COMMISSION.regulatory · block 9THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITEDPDF pages 53–55
- Advisory affiliate name — filed text
- THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED
- Regulator name — filed text
- SECURITIES AND FUTURES COMMISSION IN KOREA
- Monetary/Fine Amount — filed text
- $ 5,600,000.00
- How was matter resolved — filed text
- Decision
Action status / disposition — filed text
THE SECURITIES AND FUTURES COMMISSION IN KOREA FOUND THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED TO BE IN VIOLATION OF SHORT SALE RESTRICTIONS UNDER THE FINANCIAL INVESTMENT SERVICES AND CAPITAL MARKETS ACT IN KOREA FOR SHORT SALE ORDERS PLACED BETWEEN AUGUST AND DECEMBER 2021 IN RESPECT OF 9 STOCKS.
Other filed details
Description of allegations — filed text
THE SECURITIES AND FUTURES COMMISSION IN KOREA FOUND THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED TO BE IN VIOLATION OF SHORT SALE RESTRICTIONS UNDER THE FINANCIAL INVESTMENT SERVICES AND CAPITAL MARKETS ACT IN KOREA.
Sanction detail — filed text
A FINE OF KRW7,457,600,000 (APPROXIMATELY USD5,600,000) HAS BEEN IMPOSED BY THE KOREA SFC.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) SECURITIES AND FUTURES COMMISSION IN KOREA 2. Principal Sanction: Other Other Sanctions: ADMINISTRATIVE PENALTY 3. Date Initiated (MM/DD/YYYY): 12/28/2023 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Other Product Types: SHARES TRADED ON THE KOREA EXCHANGE 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): THE SECURITIES AND FUTURES COMMISSION IN KOREA FOUND THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED TO BE IN VIOLATION OF SHORT SALE RESTRICTIONS UNDER THE FINANCIAL INVESTMENT SERVICES AND CAPITAL MARKETS ACT IN KOREA. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Decision 11. Resolution Date (MM/DD/YYYY): ( ) 12/28/2023 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 5,600,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: A FINE OF KRW7,457,600,000 (APPROXIMATELY USD5,600,000) HAS BEEN IMPOSED BY THE KOREA SFC. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). THE SECURITIES AND FUTURES COMMISSION IN KOREA FOUND THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED TO BE IN VIOLATION OF SHORT SALE RESTRICTIONS UNDER THE FINANCIAL INVESTMENT SERVICES AND CAPITAL MARKETS ACT IN KOREA FOR SHORT SALE ORDERS PLACED BETWEEN AUGUST AND DECEMBER 2021 IN RESPECT OF 9 STOCKS.
regulatory · block 10THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITEDPDF pages 55–57
- Advisory affiliate name — filed text
- THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED
- Regulator name — filed text
- MANDATORY PROVIDENT FUND SCHEMES AUTHORITY (MPFA) IN HONG KONG
- Monetary/Fine Amount — filed text
- $ 3,000,000.00
- How was matter resolved — filed text
- Decision
Action status / disposition — filed text
THE ISSUE WAS RESOLVED ON 5 JULY 2024. THE ALLEGATIONS, DISPOSITIONS, FINDINGS AND SANCTIONS ARE DESCRIBED ABOVE IN ITEMS 7 AND 12.
Other filed details
Description of allegations — filed text
THE MPFA ISSUED A DISCIPLINARY ORDER AGAINST THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED DUE TO FAILURE TO HAVE DUE REGARD TO THE PROHIBITION OF OFFERING INCENTIVES AS STIPULATED IN PARAGRAPH III.6 OF THE GUIDELINES ON CONDUCT REQUIREMENTS FOR REGISTERED INTERMEDIARIES (CONDUCT GUIDELINES) WHEN LAUNCHING A REFERRAL PROGRAMME (PROGRAMME) WHICH OFFERED REFERRAL FEES TO REFERRAL AGENCIES (INTRODUCERS) FOR ENCOURAGING CLIENTS TO PARTICIPATE IN, MAKE MPF CONTRIBUTIONS AND/OR TRANSFER MPF FROM THE MPF SCHEME(S) THAT THEY PARTICIPATED IN TO THE HSBC'S MPF SCHEME AND HAD NOT PUT IN PLACE A RIGOROUS FRAMEWORK THAT CAN (A) IDENTIFY MATTERS THAT REQUIRE COMPLIANCE BY ITSELF AND ITS SUBSIDIARY INTERMEDIARIES; AND (B) PUT IN PLACE CONTROLS, PROCEDURES AND OTHER ARRANGEMENTS TO ENSURE COMPLIANCE WITH THE SAID PROHIBITION. FURTHERMORE, THE MPFA HAS FOUND THAT, WHEN CONDUCTING THE PROGRAMME, THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED HAS ALLOWED UNREGISTERED PERSONS (I.E. THE FIVE INTRODUCERS) TO PERFORM REGULATED ACTIVITIES. THE MPFA REPRIMANDS AND FINES THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED HK$24 MILLION. THE DISCIPLINARY ORDER CAME INTO EFFECT ON 5JUL24.
Sanction detail — filed text
A PUBLIC REPRIMAND AND A FINE OF HK$24 MILLION (APPROXIMATELY US$3 MILLION) HAS BEEN IMPOSED BY THE MPFA.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. y ( ) g This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) MANDATORY PROVIDENT FUND SCHEMES AUTHORITY (MPFA) IN HONG KONG 2. Principal Sanction: Other Other Sanctions: PUBLIC REPRIMAND BY MPFA 3. Date Initiated (MM/DD/YYYY): 07/05/2024 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Other Product Types: MPF SCHEMES 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): THE MPFA ISSUED A DISCIPLINARY ORDER AGAINST THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED DUE TO FAILURE TO HAVE DUE REGARD TO THE PROHIBITION OF OFFERING INCENTIVES AS STIPULATED IN PARAGRAPH III.6 OF THE GUIDELINES ON CONDUCT REQUIREMENTS FOR REGISTERED INTERMEDIARIES (CONDUCT GUIDELINES) WHEN LAUNCHING A REFERRAL PROGRAMME (PROGRAMME) WHICH OFFERED REFERRAL FEES TO REFERRAL AGENCIES (INTRODUCERS) FOR ENCOURAGING CLIENTS TO PARTICIPATE IN, MAKE MPF CONTRIBUTIONS AND/OR TRANSFER MPF FROM THE MPF SCHEME(S) THAT THEY PARTICIPATED IN TO THE HSBC'S MPF SCHEME AND HAD NOT PUT IN PLACE A RIGOROUS FRAMEWORK THAT CAN (A) IDENTIFY MATTERS THAT REQUIRE COMPLIANCE BY ITSELF AND ITS SUBSIDIARY INTERMEDIARIES; AND (B) PUT IN PLACE CONTROLS, PROCEDURES AND OTHER ARRANGEMENTS TO ENSURE COMPLIANCE WITH THE SAID PROHIBITION. FURTHERMORE, THE MPFA HAS FOUND THAT, WHEN CONDUCTING THE PROGRAMME, THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED HAS ALLOWED UNREGISTERED PERSONS (I.E. THE FIVE INTRODUCERS) TO PERFORM REGULATED ACTIVITIES. THE MPFA REPRIMANDS AND FINES THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED HK$24 MILLION. THE DISCIPLINARY ORDER CAME INTO EFFECT ON 5JUL24. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Decision 11. Resolution Date (MM/DD/YYYY): 07/05/2024 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 3,000,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: A PUBLIC REPRIMAND AND A FINE OF HK$24 MILLION (APPROXIMATELY US$3 MILLION) HAS BEEN IMPOSED BY THE MPFA. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). THE ISSUE WAS RESOLVED ON 5 JULY 2024. THE ALLEGATIONS, DISPOSITIONS, FINDINGS AND SANCTIONS ARE DESCRIBED ABOVE IN ITEMS 7 AND 12.
regulatory · block 11HSBC HOLDINGS PLCPDF pages 57–59
- Advisory affiliate name — filed text
- HSBC HOLDINGS PLC
- Regulator name — filed text
- UK COMPETITION AND MARKETS AUTHORITY (CMA)
- Monetary/Fine Amount — filed text
- $ 30,000,000.00
- How was matter resolved — filed text
- Settled
Action status / disposition — filed text
IN FEBRUARY 2025, HSBC HOLDINGS (AS PARENT) AND HSBC BANK PLC ACCEPTED THAT A SINGLE HSBC BANK PLC TRADER HAD SHARED COMPETITVELY-SENSITIVE INFORMATION WITH DEUTSCHE BANK ON 12 OCCASSIONS OVER 2009-2010. HSBC HAS AGREED TO PAY A FINE OF GBP £23.4M.
Other filed details
Description of allegations — filed text
IN MAY 2023 THE COMPETITION AND MARKETS AUTHORITY ISSUED A STATEMENT OF OBJECTIONS TO FIVE BANKS (DEUTSCHE BANK, MORGAN STANLEY, ROYAL BANK OF CANADA, CITI, AND HSBC). IN FEBRUARY 2025, THE COMPETITION AND MARKETS AUTHORITY ANNOUNCED THAT IT HAD REACHED A SETTLEMENT WITH HSBC. HSBC ACCEPTED THAT A SINGLE HSBC TRADER HAD SHARED COMPETITIVELY SENSITIVE INFORMATION ON 12 SEPARATE OCCASIONS WITH A DEUTSCHE BANK TRADER IN A ONE-TO-ONE CHATROOM FROM OCTOBER 2009 TO JULY 2010. THE INFORMATION CONCERNED THE ISSUING AND TRADING OF GILTS.
Sanction detail — filed text
N/A
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: HSBC HOLDINGS PLC (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) UK COMPETITION AND MARKETS AUTHORITY (CMA) 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 05/24/2023 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): HSBC BANK PLC 6. Principal Product Type: Other Other Product Types: UK GILTS AND GILT-ASSET SWAPS 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): IN MAY 2023 THE COMPETITION AND MARKETS AUTHORITY ISSUED A STATEMENT OF OBJECTIONS TO FIVE BANKS (DEUTSCHE BANK, MORGAN STANLEY, ROYAL BANK OF CANADA, CITI, AND HSBC). IN FEBRUARY 2025, THE COMPETITION AND MARKETS AUTHORITY ANNOUNCED THAT IT HAD REACHED A SETTLEMENT WITH HSBC. HSBC ACCEPTED THAT A SINGLE HSBC TRADER HAD SHARED COMPETITIVELY SENSITIVE INFORMATION ON 12 SEPARATE OCCASIONS WITH A DEUTSCHE BANK TRADER IN A ONE-TO-ONE CHATROOM FROM OCTOBER 2009 TO JULY 2010. THE INFORMATION CONCERNED THE ISSUING AND TRADING OF GILTS. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Settled 11. Resolution Date (MM/DD/YYYY): 02/21/2025 Exact Explanation If not exact, provide explanation: THE CMA ANNOUNCED THE SETTLEMENT ON FEBRUARY 21, 2025. 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 30,000,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: N/A Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: N/A 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). IN FEBRUARY 2025, HSBC HOLDINGS (AS PARENT) AND HSBC BANK PLC ACCEPTED THAT A SINGLE HSBC BANK PLC TRADER HAD SHARED COMPETITVELY-SENSITIVE INFORMATION WITH DEUTSCHE BANK ON 12 OCCASSIONS OVER 2009-2010. HSBC HAS AGREED TO PAY A FINE OF GBP £23.4M.
regulatory · block 12THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITEDPDF pages 59–61
- Advisory affiliate name — filed text
- THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED
- Regulator name — filed text
- HONG KONG MONETARY AUTHORITY AND SECURITIES AND FUTURES COMMISSION IN HONG KONG
- Monetary/Fine Amount — filed text
- $ 542,000.00
- How was matter resolved — filed text
- Decision & Order of Offer of Settlement
Action status / disposition — filed text
THE ISSUE WAS RESOLVED ON AUGUST 22, 2025. THE RELEVANT CASE DETAILS ARE DESCRIBED ABOVE IN ITEMS 7 AND 12.
Other filed details
Description of allegations — filed text
BREACH OF INVESTMENT BANKING RELATIONSHIP DISCLOSURE REQUIREMENTS IN RELATION TO PUBLICATION OF RESEARCH REPORTS ON HK-LISTED SECURITIES BETWEEN 2013 AND 2021.
Sanction detail — filed text
PUBLIC REPRIMAND
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) HONG KONG MONETARY AUTHORITY AND SECURITIES AND FUTURES COMMISSION IN HONG KONG 2. Principal Sanction: Reprimand Other Sanctions: PUBLIC REPRIMAND AND FINE OF HKD4.2M 3. Date Initiated (MM/DD/YYYY): 08/22/2025 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: N/A 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): N/A 6. Principal Product Type: Other Other Product Types: N/A 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): BREACH OF INVESTMENT BANKING RELATIONSHIP DISCLOSURE REQUIREMENTS IN RELATION TO PUBLICATION OF RESEARCH REPORTS ON HK-LISTED SECURITIES BETWEEN 2013 AND 2021. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: N/A If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Decision & Order of Offer of Settlement 11. Resolution Date (MM/DD/YYYY): 08/22/2025 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 542,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: PUBLIC REPRIMAND 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). THE ISSUE WAS RESOLVED ON AUGUST 22, 2025. THE RELEVANT CASE DETAILS ARE DESCRIBED ABOVE IN ITEMS 7 AND 12.
* Metrics are based on the latest available data, including Form ADV filings, brochures, and relationship summaries pulled from the SEC IAPD, and may be subject to change. Learn what is included in the Rialytix data. Please refer to the firm's official disclosures for the most accurate information using their CRD number. This is not investment advice.