Fidelity Investments (FIL Investment Management) was fined by the Hong Kong Securities and Futures Commission (SFC) on HK$3.5 million for multiple breaches during 2007-2018, including unlicensed dealing in futures contracts, delay in reporting the breach to the SFC as well as submitting incorrect information during an application.
SFC reports that the company has processed over 6.ooo futures contracts for its overseas affiliates amounted to approximately US$40 billion without the authorization of the Commission while failed to report the incident to the SFC.
FIMHK has also submitted an incorrect information checklist based on an outdated template. As a result, the certain required information was not completed or provided in the checklist submitted to the SFC.
In reaching its decision, the SFC said Fidelity had been co-operative during its investigation and there is no evidence that failures were deliberate.