證監會譴責京華山, 京華山一全購雷曼產品

1.（轉）信報： 2011年5月13日

京華山一全購雷曼產品 涉960萬

再有金融機構向客戶回購雷曼相關結構性產品。京華山一國際（香港）承諾百分百回購迷債、精明債券及Constellation債券，涉及960萬元。同時，證監會譴責該行在銷售這些產品期間的行為。

京華山一銷售雷曼迷債、精明債券及Constellation債券的總額為約1395萬元。根據證監會與京華山一昨天達成的回購協議，該行將向所有合資格客戶提出，全數回購他們手上未到期的雷曼相關結構性產品，回購價是投資本金，扣除任何已收取的票息。

部分客戶的產品已被強制贖回，或於雷曼兄弟破產後已沽出，京華山一提出，就他們之前持有的相關產品支付賠償款項，金額是投資本金，扣除任何已收取的票息、剩餘價格及／或出售所得金額。

該行在不承認任何責任下，提出上述兩項回購及賠償建議，涉及金額約960萬元。

經過調查後，證監會質疑，京華山一向客戶銷售雷曼相關結構性產品前所進行的盡職審查是否足夠、向銷售人員提供的培訓和指引是否足夠，以確保他們理解產品投資回報的特點、結構及風險概況。證監會亦未能確定，該行有否為相關產品的銷售和推廣活動訂立適當的監察程序，以及有否實施。

京華山一同意，立即實施加強的特別投訴處理程序，並聘請獨立顧問檢討銷售程序，然後落實有關建議。京華山一是繼新鴻基投資服務、凱基證券及高信投資後，第四家與證監會達成回購協議的雷曼相關產品的證券行。


2. Core Pacific-Yamaichi International agrees with SFC to repurchase Minibonds, Octave Notes and Constellation Notes from clients at original value

SFC: http://www.sfc.hk/sfcPressRelease/EN/sfcOpenDocServlet?docno=11PR49,

The Securities and Futures Commission (SFC) has issued a reprimand to Core Pacific-Yamaichi International (H.K.) Limited (CPYI) in respect of its internal systems and controls relating to sales of Minibonds, Octave Notes and Constellation Notes (collectively, Lehman Brothers-related structured products) following an investigation by the SFC (Notes 1 & 2).

The investigation of the SFC raised a number of concerns with CPYI’s internal systems and controls relating to the sale of Lehman Brothers-related structured products. Specifically, SFC’s concerns were related to:
the adequacy of product due diligence on Lehman Brothers-related structured products before they were sold to clients;
the adequacy of training and guidance given to its sales staff to enable them to understand the investment return characteristics, structure and risk profile of Lehman Brothers-related structured products; and
the establishment and implementation of proper guidelines and monitoring procedures on the sale and marketing of Lehman Brothers-related structured products to clients.

CPYI does not admit any liability arising from these matters, but acknowledges the seriousness of these concerns. CPYI has agreed with the SFC to:
offer to repurchase from all its eligible customers (Note 3) all outstanding Lehman Brothers-related structured products at a price equal to the principal amount invested by them, less any coupon payments received; and
offer to pay compensation to all its eligible former customers (Note 4) in respect of their previous holding(s) in Lehman Brothers-related structured products in an amount equal to the principal amount invested by them, less any coupon payments, residual value and/or sale proceeds received.

The total amount that CPYI offers pursuant to the repurchase and compensation offers is approximately HK$9.6 million.

CPYI has also agreed to:
immediately implement special enhanced complaints handling procedures to resolve, in a fair and reasonable manner, all complaints in relation to the sale and distribution of structured products other than Lehman Brothers-related structured products;
engage an independent reviewer, to be approved by the SFC, to review its systems and processes relating to the sale of structured products and to report to the SFC, and to commit to the implementation of all recommendations by the independent reviewer; and
to engage a qualified third party, as approved by the SFC, to review and enhance its complaints handling procedures, and to commit to the implementation of all recommendations by such third party.

The SFC considers that this agreement resolves its concerns about CPYI’s sales practices in respect of Lehman Brothers-related structured products and is in the best interests of the investors. The repurchase or compensation scheme should ensure that eligible customers and eligible former customers who accept the repurchase or compensation offers will receive return of their capital.

This agreement is also forward looking and should ensure that CPYI remediates its systems and processes to meet the standards expected from a licensed corporation which distributes investment products and/or provides investment advice to its clients.

The SFC considers this to be an appropriate outcome in light of the nature and extent of the concerns with CPYI’s sales practices that SFC’s investigation raised.

The SFC acknowledges that CPYI has fully co-operated with SFC’s investigation and has acted responsibly in agreeing to compensate eligible customers and eligible former customers.