CIRO Sanctions HSBC Securities (Canada) Inc.

24-0006
Type: Enforcement Notice> Decision

Contact:

Stephanie Teodoridis
Senior Public Affairs and Corporate Communications Specialist
Telephone:
Email:

Toronto (Ontario), January 4, 2024 – On December 15, 2023, a hearing panel of the Canadian Investment Regulatory Organization (CIRO) accepted a settlement agreement, with sanctions, between Enforcement Staff and HSBC Securities (Canada) Inc. (HSBC Securities).

HSBC Securities admitted that, between October 2018 and December 2022, it failed to establish and maintain a system of controls and supervision to ensure client fee agreements were accurately recorded in its fee management systems and that clients were charged appropriately.

Pursuant to the settlement agreement, HSBC Securities agreed to pay a fine in the amount of $52,500.

HSBC Securities also agreed to pay costs of $5,000.

The Settlement Agreement is available at:

HSBC Securities – Settlement Agreement

The hearing panel’s decision will be made available at www.ciro.ca.

HSBC Securities is a CIRO-registered firm with its head office located in Toronto, Ontario.

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All information about disciplinary proceedings relating to current and former member firms and individual registrants under the Investment Dealer and Partially Consolidated Rules (for investment dealers), the Mutual Fund Dealer Rules (for mutual fund dealers) and the Universal Market Integrity Rules (UMIR) is available on CIRO's website.

Background information regarding the qualifications and disciplinary history, if any, of advisors currently employed by CIRO-regulated investment firms is available free of charge through the AdvisorReport service. Information on how to make dealer, advisor or marketplace-related complaints is available by calling 1-877-442-4322.

CIRO investigates possible misconduct by its member firms and individual registrants. It can bring disciplinary proceedings which may result in sanctions including fines, suspensions, permanent bars, expulsion from membership, or termination of rights and privileges for individuals and firms.

Canadian Investment Regulatory Organization (CIRO) is the national self-regulatory organization that oversees all investment dealers, mutual fund dealers and trading activity on Canada’s debt and equity marketplaces. CIRO is committed to the protection of investors, providing efficient and consistent regulation, and building Canadians’ trust in financial regulation and the people managing their investments. For more information, visit www.ciro.ca.

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Other Notices associated with this Enforcement Proceeding:

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