0001104659-10-051561.txt : 20101007 0001104659-10-051561.hdr.sgml : 20101007 20101007120857 ACCESSION NUMBER: 0001104659-10-051561 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20101007 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20101007 DATE AS OF CHANGE: 20101007 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HSBC USA INC /MD/ CENTRAL INDEX KEY: 0000083246 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 132764867 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-07436 FILM NUMBER: 101113320 BUSINESS ADDRESS: STREET 1: 452 FIFTH AVE CITY: NEW YORK STATE: NY ZIP: 10018 BUSINESS PHONE: 2125253735 MAIL ADDRESS: STREET 1: 452 FIFTH AVENUE CITY: NEW YORK STATE: NY ZIP: 10018 8-K 1 a10-19063_18k.htm 8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 7, 2010

HSBC USA INC.
(Exact name of registrant as specified in its charter)

Commission File Number 1-7436

Maryland		13-2764867
(State or other jurisdiction of incorporation)		(IRS Employer Identification Number)

452 Fifth Avenue New York, New York		10018
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code (212-525-5000)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 8.01 Other Events.

On October 7, 2010, HSBC North America Holdings Inc. (“HSBC North America”) issued a press release announcing agreements to resolve certain U.S. regulatory actions involving HSBC North America and HSBC Bank USA, N.A., the primary banking subsidiary of HSBC USA Inc. A copy of the press release is attached as Exhibit 99 hereto and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

99 Press Release dated October 7, 2010

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	HSBC USA INC.

	By:	/s/ Mick Forde
		Mick Forde Senior Vice President, Deputy General Counsel-Corporate and Assistant Secretary

Dated: October 7, 2010

Exhibit Index

Exhibit No.		Description

99		Press Release dated October 7, 2010

EX-99 2 a10-19063_1ex99.htm EX-99

Exhibit 99

HSBC North America Holdings Inc. and HSBC Bank USA, N.A. Announce Agreement to Resolve U.S. Regulatory Actions

New York, NY (October 7, 2010) — HSBC North America Holdings Inc. (“HSBC North America” or “the Company”) has entered into a Consent Order with the Federal Reserve Board, and its HSBC Bank USA, N.A. (“HSBC Bank USA” or “the Bank”) subsidiary has entered into a Consent Order with the Office of the Comptroller of the Currency.

These actions require improvements for an effective compliance risk management program across the Company’s U.S. business, including Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) compliance.

HSBC Bank USA previously disclosed that it is subject to ongoing examinations and investigations by regulatory and governmental agencies pertaining to, among other matters, compliance with BSA, AML and Office of Foreign Assets Control requirements. The Bank notes that it has cooperated fully with its regulators in reaching these agreements and continues to cooperate fully with them in implementing the agreement terms, and with other government agency investigations.

HSBC has a global commitment to maintaining the highest level of compliance capability and culture in markets around the world. HSBC North America is continuing to work closely with its regulators to fully address and resolve issues raised.

HSBC North America has taken a number of recent actions on these issues. The Company reorganized reporting lines to enhance the effectiveness of the Bank’s compliance organizational structure, which now reports separately and directly to the HSBC North America CEO. It has also added capabilities and capacity to its compliance function through increased investment in people, systems and advisory services. The Company has also taken strategic actions to streamline the Bank’s business, scaling back or exiting areas that are not core while at the same time driving improved execution in the core areas and, in particular, the U.S. Dollar payments business.

Work will continue on these important initiatives as HSBC is committed to prompt resolution of these compliance matters and the maintenance of sustainably compliant and effective BSA/AML policies and procedures.

Media Contacts:
Diane Bergan	+1 224 544 3310	diane.soucy.bergan@us.hsbc.com
Robert Sherman	+1 212 525 6901	robert.a.sherman@us.hsbc.com

About HSBC North America

HSBC North America Holdings Inc. is one of the ten largest bank holding companies in the United States with assets of $334 billion at 30 June 2010 (US GAAP). The company’s businesses serve customers in the following key areas: personal financial services, credit cards, specialty insurance products, commercial banking, private banking, and global banking and markets.

This news release is issued by
HSBC North America