SFC bans Citigroup Global Markets Asia's former responsible officer for five years

The Securities and Futures Commission has banned a former responsible officer and the head of Pan-Asia equities of Citigroup Global Markets Asia from re-entering the industry for five years.

The disciplinary action against Richard Charles Heyes follows the SFC’s earlier sanctions against Citi for serious regulatory breaches and internal control failures in allowing various trading desks under its cash equities business to disseminate mislabelled indications of interest and make misrepresentations to institutional clients when executing facilitation trades from 2008 to 2018.

The SFC said the breaches and failings were attributable to Heyes’ failure to discharge his duties, according to a statement on Tuesday.