SFC REPRIMANDS ASG BROKERAGES

PUBLISHED : Tuesday, 25 February, 2003, 12:00am
UPDATED : Tuesday, 25 February, 2003, 12:00am
 

The Securities and Futures Commission has reprimanded ASG Brokerages for poor internal controls and breaches of regulations. An SFC inquiry found ASG's internal controls had been inadequate for a long period. It said ASG failed to monitor third-party deposits into client accounts, maintain sufficient audit trails of its trading records and implement appropriate and effective procedures in trade allocation.


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SFC REPRIMANDS ASG BROKERAGES

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