The Hong Kong Securities and Futures Commission (SFC) fined UBS AG $8 million and issued a reprimand for misclassifying 560 joint accounts as professional investor (PI) accounts from 2009 to July 2022, due to flawed internal systems and a misinterpretation of PI rules. This led to UBS improperly providing securities lending services to 23 accounts (9,190 transactions) and selling restricted investment products to 94 accounts (500 transactions), violating regulatory requirements, with UBS now implementing enhanced complaint handling procedures to address the issue.