Hong Kong’s securities regulator on Tuesday publicly censured an Asian unit of Goldman Sachs for misconduct while serving as a financial adviser to Hong Kong lender Wing Hang Bank during its $5 billion buyout by Singapore’s Oversea-Chinese Banking.

The Securities and Futures Commission said Goldman's "conduct fell far short of the standards expected" of a financial adviser under the body's codes governing takeovers and mergers. The activities under scrutiny occurred between November 2013 and January 2014.