Swiss bank UBS was fined HKUS$11.55 million by Hong Kong's securities regulator for failing to disclose its holdings in some companies covered in its research reports, the watchdog said on Tuesday.
The Hong Kong Securities and Futures Commission said in a statement that the bank's failure to disclose its financial interests in the reports published between 2004 and 2018 was attributed to an error in using legacy technology, which tracked the share holdings of UBS.The fines were also related to four other compliance breaches, including the bank's failure to record 35 telephone lines between August 2017 and 2019 involving over 2,000 transactions executed for more than 400 clients.
The bank was also found to not have received proper authorisation from 91 clients who were not classified as professional investors in respect of 913 securities pooled lending transactions.
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