Bloomberg News reports that between November 8, 2013, and January 6, 2014, Goldman Sachs’s Asia unit executed 111 trades in Wing Hang securities without making the requisite dealing disclosures and no prior consent was obtained as required for 26 of those trades, the Securities and Futures Commission said Tuesday in a statement.
Goldman Sachs also failed to comply with restrictions on issuing and distributing research reports related to Wing Hang, the regulator said.
The SFC considers the breaches “to be serious and to merit the present disciplinary sanction,” it said. “The breaches suggest a significant breakdown in the compliance policies and procedures of Goldman Sachs in relation to takeovers in Hong Kong.”
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