NYSE Fines HSBC for Poor Records Keeping
On January 12 2005 it was reported that “HSBC Holdings PLC’s HSBC Securities Inc., of New York, a member firm, consented without admitting or denying guilt to findings of books and records, regulatory reporting and supervisory deficiencies.
“From early 2000 to September 2002, the member firm failed to retain internal e-mails for a three-year period. Also, prior to April 2001, HSBC held onto external e-mails on back-up tapes but failed to retain those tapes for the requisite three-year period. Upon learning of the problem, the firm failed to promptly report the matters to the Exchange.
“The NYSE imposed a penalty of a censure and $500,000 fine. HSBC consented to the penalty.”
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