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Regulation & Enforcement

Mega International Commercial Bank fined $7 million for regulatory breaches

8 May 2020,
12:48

The company also failed to ensure that that the investment advice provided to its clients was suitable to their circumstances. MICBC neglected to conduct product due diligence, identify funds which constituted derivative products and ensure relevant factors were taken into account before assigning risk ratings to funds.

In its decision, SFC took into account that MICBC took actions to fix its framework. The company also engaged an independent reviewer to validate whether the findings raised by the HKMA were fully addressed. MICBC cooperated with the Commission and SFC found that its clients suffered no losses from the company’s omissions.

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Steffy Bogdanova

Steffy Bogdanova

Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.
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