Nov. 25 (Bloomberg) -- HSBC Holdings Plc will pay $12.5 million to settle claims that its Swiss private-banking unit solicited U.S. investors without being properly registered.
HSBC Private Bank Suisse SA provided brokerage services without registering with the Securities and Exchange Commission, the agency said in a statement today. The bank admitted wrongdoing as part of the agreement.
“HSBC Private Bank’s efforts to prevent registration violations ultimately failed because their compliance initiatives were not effectively implemented or monitored,” SEC Enforcement Director Andrew Ceresney said in a statement.
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