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Administrative Sanction

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JihSun Futures Co.,Ltd. Sanctioned for Violation of Laws and Regulations Governing Futures Business

 
1.Date the fine was imposed: 29 November 2017
2.Recipient of the fine: JihSun Futures Co.,Ltd. (hereinafter referred as JihSun Futures) and its associated person Wang (hereinafter " Wang ").
3.Legal basis of the fine: Article 2, paragraph 2, Article 12, and Article 55, subparagraph 21 of the Regulations Governing Futures Commission Merchants. Article 8, paragraph 2 of Regulations Governing Managed Futures Enterprises.
4.Facts of the violation and reasons: JihSun Futures engages in futures brokerage business and concurrently operate a managed futures enterprise with permission from the Financial Supervisory Commission(FSC). While engaging in futures brokerage trading business, Wang made use of non-employees to carry out business relating to futures trading, the customer complaints were not recorded in writing nor were persons sent to conduct an investigation by the Company, the unusual circumstance of orders placed from the same IP address was not thoroughly investigated and verified. Moreover, the Pre-account opening procedures outside their place of business were not conducted in accordance with the regulations, and the person appointed to head the managed futures enterprise concurrently managed other business. Such facts were found to be in violation of futures regulations
5.Resulting fine: An administrative fine of NT$600,000 was imposed on JihSun Futures pursuant to Article 119, paragraph 1, subparagraph 2 of the Futures Trading Act; pursuant to Article 101, paragraph 1 of the same Act, JihSun Futures was further ordered to suspend Wang from performing futures brokerage trading business for 2 months.
Visitor: 163   Update: 2017-12-11