HK fine for Noah a warning sign for fund firms

Hong Kong’s securities regulator last week again showed its readiness to punish firms that break the rules on the sale of investment products by slapping a HK$5 million ($637,000) fine on wealth manager Noah Holdings. Fund houses should take note because the tighter requirements will apply to them too from November 17.  Industry experts expect to see further such action taken by the Securities and Futures Commission (SFC), amid worries that some firms may not be clear what const…