© Reuters. FILE PHOTO: Signage is seen on the foyer of the U.S. headquarters of Deutsche Financial institution in New York Metropolis, U.S., July 8, 2019. REUTERS/Andrew Kelly
HONG KONG (Reuters) – Hong Kong’s markets watchdog on Thursday fined a Deutsche Financial institution (DE:) unit HK$2.45 million ($315,522) for issuing incorrect statements to its prime brokerage shoppers for 12 years and delaying reporting its failure to the regulator.
The Securities and Futures Fee (SFC) mentioned in an announcement that Deutsche Securities Asia Restricted had issued the wrong periodic statements between 2006 and October 2018, as a result of a design defect of its entrance workplace system.
The unit found the issue with the system in August 2018, however didn’t report it to the regulator till February 2019 after it had accomplished an inner investigation, the assertion mentioned.
Deutsche Financial institution didn’t instantly reply to a request for remark.
($1 = 7.7649 Hong Kong {dollars})
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