REFILE-HK regulator reprimands, fines RBS over emerging-markets rates trades

Tue Apr 22, 2014 12:46pm EDT

(Corects in third paragraph to remove "on Friday")

HONG KONG, April 22 (Reuters) - Hong Kong's Securities and Futures Commission (SFC) said on Tuesday it reprimanded Royal Bank of Scotland for internal control failures, fining the bank HK$6 million ($773,800).

The SFC said in a statement RBS failed to detect and prevent unauthorized trades in its emerging markets rates business in the city in 2011, following the discovery of unauthorized trades by former trader Shirlina Tsang.

Tsang was sentenced last year to 50 months in jail after pleading guilty to fraud after was she caught falsifying records of her trades, Reuters previously reported.

RBS didn't immediately return a request for comment on the SFC's decision. ($1 = 7.7538 Hong Kong Dollars) (Reporting by Elzio Barreto; Editing by Erica Billingham)

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

Find your dream retirement town

Florida? Hawaii? Reuters has teamed up with Zillow to give you the power to customize a list of your best places to retire.  Video | Full Article