Concord Futures Corp. Sanctioned for Violation of Laws and Regulations Governing Futures Business
2017-08-29
1. Date the fine was imposed: 29 August, 2017.
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 2, and Article 43, paragraph 1 of the Regulations Governing Futures Commission Merchants.
4. Facts of the violation and reasons: Concord Futures engages in futures brokerage business with permission from the Financial Supervisory Commission. The design of the company''s risk control and settlement systems is found incomprehensive, which left an ineffective enforcement of the internal control and led to the consequence not updating the clients’ daily security deposit balances on January 6, 2017. Such facts were found to be in violation of futures regulations.
5. Resulting fine: An administrative fine of NT$240,000 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 2, and Article 43, paragraph 1 of the Regulations Governing Futures Commission Merchants.
4. Facts of the violation and reasons: Concord Futures engages in futures brokerage business with permission from the Financial Supervisory Commission. The design of the company''s risk control and settlement systems is found incomprehensive, which left an ineffective enforcement of the internal control and led to the consequence not updating the clients’ daily security deposit balances on January 6, 2017. Such facts were found to be in violation of futures regulations.
5. Resulting fine: An administrative fine of NT$240,000 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：
2017-08-31