Capital Markets Board (SPK) imposes 354.803,96 TL administrative fine on HSBC Yatırım
The Capital Markets Board (SPK) imposed an administrative fine of 354.803,96 TL on HSBC Yatırım Menkul Değerler AŞ, citing insufficient research and lack of due care in determining the statute of limitations on cash and securities. The SPK also approved a bond or finance bill issuance of 1.000.000.000 by Fiba Yatırım Menkul Değerler AŞ, with the sale to be made to allocated and qualified investors. Metas Gayrimenkul Değerleme ve Danışmanlık AŞ was removed from the list of authorized institutions for real estate valuation.
What does it mean?
HSBC Yatırım will have to pay a penalty because it did not sufficiently investigate customers' forgotten or time-barred cash and securities. Fiba Yatırım may issue debt instruments of up to 1.000.000.000, but the sale will only be made to allocated and qualified investors.