HSBC’s Swiss Private Banking Unit Agrees to $12.5 Million Fine for Providing Unregistered Services to U.S. Clients

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Thursday, December 4, 2014

Author:

Bruce Zagaris

Volume:

30

Issue:

15

Abstract:

On November 25, 2014, HSBC Private Bank (Suisse) agreed to admit wrongdoing and pay $12.5 million to settle charges by the Securities and Exchange Commission that the firm violated federal securities laws by failing to register with the SEC before providing cross-border brokerage and investment advisory services to U.S. clients.