Concord Futures Corp. Sanctioned for Violation of Laws and Regulations Governing Futures Business
2016-11-18
1. Date the fine was imposed: 18 November 2016
2. Recipient of the fine: Concord Futures Corp. (hereinafter "Concord Futures").
3. Legal basis of the fine: Article 67 of the Futures Trading Act. Article 2, paragraph 1 and 2 of the Regulations Governing Futures Commission Merchants.
4. Facts of the violation and reasons: Concord Futures executed trading orders without collecting full margin deposit from 5 clients. In addition, Concord Futures failed to activate risk controls on the margin deposit inspection, which led to the consequence that the margin deposit was not fully collected. No written record was saved for the risk control operation before the system went online and setting project was not stipulated for the operation before the system went online. These circumstances violated the internal control system. Furthermore, the internal control system did not consider the overall operation activities to achieve the goal of law compliance. Moreover, Concord Futures failed to timely review the system in order to ensure the effectiveness of the design and implementation. All such facts were found to be in violation of futures regulations.
5. Resulting fine: An administrative fine of NT$1,080,000 was imposed on Concord Futures pursuant to Article 119, paragraph 1, subparagraph 1, and subparagraph 2 of the Futures Trading Act.
2. Recipient of the fine: Concord Futures Corp. (hereinafter "Concord Futures").
3. Legal basis of the fine: Article 67 of the Futures Trading Act. Article 2, paragraph 1 and 2 of the Regulations Governing Futures Commission Merchants.
4. Facts of the violation and reasons: Concord Futures executed trading orders without collecting full margin deposit from 5 clients. In addition, Concord Futures failed to activate risk controls on the margin deposit inspection, which led to the consequence that the margin deposit was not fully collected. No written record was saved for the risk control operation before the system went online and setting project was not stipulated for the operation before the system went online. These circumstances violated the internal control system. Furthermore, the internal control system did not consider the overall operation activities to achieve the goal of law compliance. Moreover, Concord Futures failed to timely review the system in order to ensure the effectiveness of the design and implementation. All such facts were found to be in violation of futures regulations.
5. Resulting fine: An administrative fine of NT$1,080,000 was imposed on Concord Futures pursuant to Article 119, paragraph 1, subparagraph 1, and subparagraph 2 of the Futures Trading Act.
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Update：
2016-12-07