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SFAT cites “lack of contemporaneous records” in HSBC PB (Suisse) ruling

HSBC

The “very substantial lack of contemporaneous records” documenting the way relationship managers for HSBC Private Bank (Suisse) SA Hong Kong serviced clients with regards to structured products “troubled the tribunal”, according to the Securities and Futures Commission Appeals Tribunal (SFAT) ruling, issued yesterday. The SFAT was specifically referring to Lehman Brothers structured notes and forward accumulators sold to clients in Hong…

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