Hong Kongs SFC Fines Company $2.7 Million

Posted by Alexa Fox on May 31, 2016
SFC_fined.pngToday: Hong Kong's SFC fined SynerWealth Financial Ltd $2.7 million for internal control failures relating to short selling orders and for not reporting the deficiencies of its trading system to the SFC in a timely manner. The SFC statecd there were at least 65 instances of short sales executed by SynerWealth resulting from its failure to put in place effective internal control procedures to detect and prevent short selling. Just a day before, the SFC fined a company $1.3 million for failing to comply about similar issues. To find out more information on this topic, take a look at the entire article by the SFC. 

Tags: Internal Controls, best-practice, internal audit, Hong Kong, deficiencies, future trading, SFC, China, Fined, compliance, Compliance in China, accounting, securities and futures commission, short sales, internal controls failures