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Hong Kong regulator fines DBS Vickers (Hong Kong) for rule violations

Hong Kong's securities regulator fined DBS Vickers (Hong Kong) Ltd. HK$2 million for rule violations and internal control failings relating to under-segregation of client money.

The Securities and Futures Commission said March 16 it reprimanded and fined DBS Vickers (Hong Kong) after conducting a probe into three self-reports by the company about possible violations of client money rules.

The brokerage used aggregated client monies in separate client accounts to meet settlement obligations from June 2013 to September 2015, which allowed them to utilize excess margin deposits of some clients to satisfy the margin requirement of other clients with unmet margin calls.

The SFC found that DBS Vickers (Hong Kong) lacked sufficient internal controls and management supervision to curb under-segregation of client money, as well as guarantee the protection of client assets.