HSBC's Swiss-based private banking arm has agreed to pay $12.5 million to the Securities and Exchange Commission to settle charges that it violated federal securities laws by providing unregistered cross-border brokerage and investment advisory services to U.S. clients, the securities industry regulator announced Tuesday.
According to the SEC, relationship managers with HSBC Private Bank traveled to the U.S. to solicit clients, provide investment advice and induce securities transactions even though they were neither registered to provide such services nor affiliated with a registered investment adviser or broker-dealer. They also communicated directly with U.S. clients through overseas mail and emails, the SEC contends.
Register or login for access to this item and much more
All Bank Investment Consultant content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access