HSBC Securities Inc. and Scotia Capital have agreed to pay $15 million and $7.5 million, respectively, to settle charges of widespread recordkeeping failures, the U.S. Securities and Exchange Commission said yesterday, Reuters reported. The SEC said that it had charged HSBC Securities, a unit of HSBC Holdings Plc, and Scotia Capital, a unit of the Bank of Nova Scotia, "for widespread and longstanding failures by both firms and their employees to maintain and preserve electronic communications."
