Securities and Futures Commission of Hong Kong

Year 1989Regulated by Government

The Securities and Futures Commission (SFC) is an independent statutory body set up in 1989 to regulate Hong Kong's securities and futures markets. The SFC derives its investigative, remedial and disciplinary powers from the Securities and Futures Ordinance (SFO) and subsidiary legislation. Operationally independent of the Government of the Hong Kong Special Administrative Region, the SFC is funded mainly by transaction levies and licensing fees. As a financial regulator in an international financial centre, the SFC strives to strengthen and protect the integrity and soundness of Hong Kong's securities and futures markets for the benefit of investors and the industry.

Disclose broker

Sanction Fine

RBC

Disclosure summary

Disclosure matching Name matching
Disclosure time 2022-07-20
Penalty amount $ 985,886.43 USD
Reason for punishment Improper Handling of Client Assets

Disclosure details

RBC Investment and Wealth Management Co., Ltd. was reprimanded and fined RMB 7.7 million by the SFC for improper handling of client assets

RBC Investment & Wealth Management Co., Ltd. was reprimanded and fined $7.7 million by the Securities and Futures Commission for mishandling client assetsJuly 20, 2022 The Securities and Futures Commission (SFC) reprimanded and fined RBC Investment & Wealth Management Co., Ltd. (RBC) 7.7 million yuan, on the grounds that Royal Canadians handled client assets in an improper manner, which violated relevant regulatory provisions (Note 1). An SFC investigation found that between January 2018 and August 2020, RBC failed to segregate client money in accordance with the Securities and Futures (Client Money) Rules (Client Money Rules) on 86 occasions, involving Individual transaction amounts ranged from $146 to $52 million. The SFC also found that between 3 December 2012 and 26 March 2020, RBC had breached the Securities and Futures (Client Securities) Rules (the Client Securities Rules), without a valid standing authority , to transfer securities from 65 accounts held by non-professional investor clients to Hong Kong Futures Clearing Limited as collateral. The SFC took into account all relevant circumstances in deciding to impose the above disciplinary action, including: RBC took remedial action for its breaches of the Client Money Rules and the Client Securities Rules and proactively reported to the SFC; RBC cooperated in addressing the SFC's concerns and accepted the SFC's findings and disciplinary action; and there was no evidence that clients suffered losses as a result of RBC's non-compliance. End note: RBC is licensed under the Securities and Futures Ordinance for Type 1 (dealing in securities), Type 2 (dealing in futures contracts), Type 4 (advising on securities) and Type 5 (dealing in futures contracts) advising) regulated activities. Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission. See the Disciplinary Action Statement for regulatory requirements. The disciplinary action statement is available on the SFC website Last updated on 20 July 2022

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2022-10-24

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