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SFC fines RBC Investment Management Asia on failure to ensure thorough analysis and due diligence in its investment recommendations to its customers

The Securities and Futures Commission (SFC) has reprimanded and fined RBC Investment Management Asia HK$4 million (US$512,820) in relation to its provision of investment advice to clients on a number of non-SFC authorized funds between November 2006 and July 2008. An SFC investigation into RBC’s practices found that RBC did not provide adequate guidance to its staff on conducting due…

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