HSBC, Scotiabank units hit with U.S. penalties over employees’ use of personal devices

HSBC Securities Inc and Scotia Capital have agreed to pay US$15-million and US$7.5-million, respectively, to settle SEC charges, the regulator said in a statement

with civil penalties for widespread recordkeeping violations through employees’ use of personal devices and apps for work communications.

Scotiabank and Scotia Capital, registered dealers with the U.S. Commodity Futures Trading Commission, also agreed to pay $15-million to the CFTC for related charges, according to a separate statement. Representatives for HSBC and Scotiabank, which admitted to the violations, did not respond immediately to requests for comment.

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