Update: HK SFC commences formal investigation into Minibond misselling
The Hong Kong Securities and Futures Commission (SFC) has commenced a formal investigation into allegations that Lehman Brothers-related retail structured notes, Minibonds, may have been misrepresented and mis-sold to Hong Kong investors.
The SFC’s investigation will look at the conduct of the three SFC-licensed distributors of Lehman Brothers-related retail structured notes. In addition, the SFC will examine whether any facts, matters or circumstances that should have been disclosed to the SFC were not disclosed by the Minibond issuers and their advisers at the time the offer prospectuses and marketing materials for each series of Minibonds were submitted for vetting.
“Having conducted several meetings with Minibond investors in
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