Punishment of Administrative Fine imposed on the Responsible Person of Cathay Life Insurance Co., Ltd. (Public company, Stock code 5846)
2016-11-28
I. Date the punishment was imposed: November 28, 2016
II. Recipient of the punishment: Responsible person Mr. Tsai, ○○ of the conduct by Cathay Life Insurance Co., Ltd.
III. Legal basis of the punishment: Article 36-1 of the Securities and Exchange Act, paragraphs 1 and 2, Article 30 of the Regulations Governing the Acquisition and Disposal of Assets by Public Companies.
IV. Facts of the violation and reasons: Cathay Life Insurance Co., Ltd., made several purchases of AXA WF Emerging Markets Short Duration Bonds, respectively on August 27, 2014 and November 6, 2014, yet failed to make any public disclosure of such transactions as the accumulated fund purchase exceeded 300 million New Taiwan dollars. In addition, the Company erred in calculating the transaction prices stated in relevant published announcement regarding the redemption of Eastspring Investments Global High Yield Bond Fund on December 9, 2014, and of Fuh Hwa Emerging Market RMB Short-Term Income Fund on January 29, 2015 due to an omission of the accumulative calculation method. It is therefore determined as a violation against paragraphs 1 and 2, Article 30 of the Regulations Governing the Acquisition and Disposal of Assets by Public Companies
V. The disciplinary action: Responsible person of the conduct by the Company is charged with a punishment of an administrative fine of 240 thousand New Taiwan dollars pursuant to subparagraph 7, paragraph 1, Article 178 and paragraph 1, Article 179 of the Securities and Exchange Act.
Case officer: Chen, Bing-ren, Section Chief, Securities and Futures Bureau Corporate Finance Division
Contact numbers: 2774-7226
Please send any inquiry to: http://fscmail.fsc.gov.tw/FSC-SPS/SPSB/SPSB01002.aspx
II. Recipient of the punishment: Responsible person Mr. Tsai, ○○ of the conduct by Cathay Life Insurance Co., Ltd.
III. Legal basis of the punishment: Article 36-1 of the Securities and Exchange Act, paragraphs 1 and 2, Article 30 of the Regulations Governing the Acquisition and Disposal of Assets by Public Companies.
IV. Facts of the violation and reasons: Cathay Life Insurance Co., Ltd., made several purchases of AXA WF Emerging Markets Short Duration Bonds, respectively on August 27, 2014 and November 6, 2014, yet failed to make any public disclosure of such transactions as the accumulated fund purchase exceeded 300 million New Taiwan dollars. In addition, the Company erred in calculating the transaction prices stated in relevant published announcement regarding the redemption of Eastspring Investments Global High Yield Bond Fund on December 9, 2014, and of Fuh Hwa Emerging Market RMB Short-Term Income Fund on January 29, 2015 due to an omission of the accumulative calculation method. It is therefore determined as a violation against paragraphs 1 and 2, Article 30 of the Regulations Governing the Acquisition and Disposal of Assets by Public Companies
V. The disciplinary action: Responsible person of the conduct by the Company is charged with a punishment of an administrative fine of 240 thousand New Taiwan dollars pursuant to subparagraph 7, paragraph 1, Article 178 and paragraph 1, Article 179 of the Securities and Exchange Act.
Case officer: Chen, Bing-ren, Section Chief, Securities and Futures Bureau Corporate Finance Division
Contact numbers: 2774-7226
Please send any inquiry to: http://fscmail.fsc.gov.tw/FSC-SPS/SPSB/SPSB01002.aspx
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Update：
2016-12-06