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Administrative Sanction

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

 
 
1.Date the fine was imposed: 28 March 2018
2.Recipient of the fine: SinoPac Securities Co., Ltd. (hereinafter " SinoPac Securities") 
3.Legal basis of the fine: Article 6, paragraph 1 of the Regulations Governing Futures Commission Merchants. Article 29, paragraph 2, subparagraph 5 of Regulations Governing the Operation of Futures Introducing Broker Business by Securities Firms.
4.Facts of the violation and reasons: SinoPac Securities has been approved by Finance Supervisory Commission to conduct futures introducing broker business. This company has failed to comply with the company’s “Commissioned Futures Service Charge Collection and Discount Form” in handling service charge discounts in accordance with the  trading volume and the necessary services; in addition, SinoPac Securities has failed to substantiate the company’s service charge examination mechanism, to review each customer’s transaction amount and overall contribution and adjust service charge standard accordingly on a quarterly basis, etc. Such fact was found to be in violation of futures regulations.
5.Resulting fine: An administrative fine of NT$120,000 was imposed on SinoPac Securities pursuant to Article 119, paragraph 1, subparagraph 2 of the Futures Trading Act.
Visitor: 413   Update: 2018-04-02