Securities And Futures Commission Fines Citigroup Global Markets Asia For Regulatory Misconduct

The Securities and Futures Commission or SFC in Hong Kong has fined Citigroup Global Markets Asia Limited HK$348.25 million for allowing various trading desks under its Cash Equities business to disseminate mislabelled Indications of Interest and make misrepresentations to institutional clients when executing facilitation trades from 2008 to 2018.

The SFC believes CGMAL's misconduct were attributable to the failures by certain former members of its senior management to discharge their supervisory duties. The SFC will commence disciplinary proceedings against these individuals in due course.

"The prevalence of the misconduct for a prolonged period reflects a failure on the part of CGMAL's senior management to properly discharge their management and supervisory responsibilities," said Thomas Atkinson, SFC's Executive Director of Enforcement.

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