- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Jeff Dale2023-10-10T16:45:00
A U.S. affiliate of British bank HSBC agreed to pay $2 million as part of a settlement with the Financial Industry Regulatory Authority (FINRA) addressing alleged inaccurate disclosures related to conflicts of interest.
HSBC Securities (USA) agreed to be censured and certify its compliance in reaching settlement, according to a FINRA disciplinary action published Monday.
Between January 2013 and December 2021, HSBC published research reports containing approximately 275,000 disclosure inaccuracies about its conflicts of interest, FINRA alleged.
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The Bank of England’s Prudential Regulation Authority penalized two HSBC units £57.4 million (U.S. $73 million) over historic failures in deposit protection identification and notification.
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