Hong Kong Brokers Warned by Watchdog Over Inadequate Controls
- Funds withdrawn without oversight from managers in charge
- City’s securities regulator steps up monitoring of brokers
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Hong Kong’s securities watchdog warned the city’s brokers after finding examples of inadequate controls, as it escalates efforts to monitor unauthorized trading and cash movements.
Regulated banks, brokers and financial advisers had insufficient oversight of their own accounts and those of clients, the Securities and Futures Commission said in a circular posted on its website Monday.