Hong Kong market watchdog fines Citi $45 million for equities misconduct

HONG KONG : Hong Kong's market regulator has fined a Citigroup subsidiary HK$348.25 million for misconduct in its cash equities business and is launching disciplinary proceedings against some former senior managers at the bank.

The SFC said senior CGMAL managers had attended a roundtable with the watchdog in 2014 during which it drew attention to common deficiencies found in the market, and that it had also issued a circular in 2018 providing further guidance. It said it would, in due course, start disciplinary proceedings against the former members of the bank's senior management it considered responsible for CGMAL's misconduct. It did not say how many people were involved nor name them.

"The severity of CGMAL's failures exposed a culture that encouraged chasing revenue at the expense of basic standards of honesty," SFC Chief Executive Ashley Alder said in a statement.

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