SFC fines Macquarie for commission rebates

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The Securities and Futures Commission (SFC) in Hong Kong has issued a reprimand to Macquarie Equities (Asia) and fined it HK$4 million ($515,000) following an investigation into its operation of a commission rebate scheme in relation to derivative warrants issued by Macquarie Bank. An SFC investigation found that Macquarie operated the commission rebate scheme between January 2004 and January 2005 "in breach of its obligation to act with due skill, care and diligence in the best interests of the

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