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Hong Kong fines MIS $3 million

Chris Hamblin, Editor, London, 4 January 2017

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The Securities and Futures Commission of Hong Kong has reprimanded and fined MIS Services Ltd (formerly known as Standard Chartered Investment Services) for its failure to comply with its Fund Manager Code of Conduct.

The fine also pertained to failures as regards the SFC's MPF (mandatory provident fund) code. An SFC investigation found that the firm had failed to appoint at least two 'key' people with the necessary five years' experience in managing retirement funds, as required by the MPF Code, between October 2000 and July 2015.

Between September 2013 and July 2015, moreover, SCIS did not have any key people with the requisite investment experience and, for a period of more than seven years between October 2000 and September 2013, it had only one. For the rest of the time, it did have two qualified people. SCIS only discovered that the two staff members it had designated as 'key personnel' between September 2013 and July 2015 did not meet the requirements when the SFC told it so in July 2015. The regulator is displeased with the firm's failure to tell its staff that it had labelled them as 'key personnel' and to tell them what that entailed in terms of experience.

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