The Hong Kong Securities and Futures Commission fined DBS Vickers (Hong Kong) Limited HK $2 million (US $257,000) for not segregating customer funds and having adequate internal controls as required by its rules. According to SFC, from June 2013 through September 2015, DBS effectively used segregated monies of some clients to meet settlement obligations of other clients without margin calls. This is because, in some cases, the firm withdrew its own money deposited in segregated accounts before the settlement process, or otherwise used some client funds to meet other cash clients’ settlement obligations. SFC also claimed that DBS failed to have adequate controls and management supervision to ensure that clients’ assets were “appropriately segregated.” In determining the amount of DBS’s fine, SFC said it noted that the firm engaged an independent consultant to review its client money handling and took steps to improve its processes, and no client of the firm suffered any loss.