Defendant Name: HSBC Private Bank (Suisse), SA

Defendant Type: Subsidiary of Public Company
Public Company Parent: HSBC Holdings plc
SIC Code: 6035
CUSIP: 40428040

Initial Case Details

Legal Case Name In the Matter of HSBC Private Bank (Suisse), SA
First Document Date 25-Nov-2014
Initial Filing Format Administrative Action
File Number 3-16288
Allegation Type Investment Advisers/Investment Companies

Violations Alleged

Other
• Section 15(a) Exchange Act; Section 203(a) Investment Advisers Act

Resolutions

First Resolution Date 25-Nov-2014
Headline Total Penalty and Disgorgement $12,538,736

Related Documents:

34-73681 25-Nov-2014 Administrative Proceeding
Order Instituting Administrative and Cease-and-Desist Proceedings Pursuant to Sections 15(b)(6) and 21C of the Securities Exchange Act of 1934 and Sections 203(e) and (k) of the Investment Advisers Act of 1940, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order
On November 25, 2014, the SEC instituted settled administrative and cease-and-desist proceedings against HSBC Private Bank (Suisse), SA. According to the SEC: "From at least 2003 until its exit in 2011 from its business of providing broker-dealer and investment advisory services to U.S. clients (the 'U.S. cross-border securities business'), HSBC Private Bank, through actions of certain relationship managers ('RMs') employed by it, its predecessor ('HSBC Private Bank (Legacy)'), and HSBC Guyerzeller Bank AG ('HSBC Guyerzeller Bank'), which became a part of HSBC Private Bank in 2009, violated certain provisions of the federal securities laws by providing cross-border brokerage and investment advisory services to U.S. clients without registering with the Commission as a broker-dealer and investment adviser."
2014-266 25-Nov-2014 Press Release--Administrative Proceeding
SEC Charges HSBC's Swiss Private Banking Unit With Providing Unregistered Services to U.S. Clients; Firm Admits Wrongdoing to Settle Case
On November 25, 2014, the SEC announced that it, "charged HSBC's Swiss-based private banking arm with violating federal securities laws by failing to register wit the SEC before providing cross-border brokerage and investment advisory services to U.S. clients."