Disciplinary Action on SinoPac Futures Co., Ltd. for Violating Futures Management Laws and Regulations
2021-02-03
1. Date the fine was imposed: 3 February, 2021
2. Recipient of the fine: SinoPac Futures Co., Ltd. (hereinafter referred to as “SinoPac Futures”).
3. Legal basis of the fine: Paragraphs 1 and 2, Article 2 of the Regulations Governing Futures Commission Merchants, and subparagraph 3, paragraph 1, Article 4 and paragraph 2, Article 6 of the Regulations Governing the Establishment of Internal Control Systems by Service Enterprises in Securities and Futures Markets.
4. Facts of the violation and reasons: The major deficiencies of SinoPac Futures include: (1) Failing to perform the required credit investigation of customers over 70 years of age; (2) Sending customer statements to the email address of the insider; (3) Failing to comprehensively assess the financial and credit status of customers to determine the trading limit; (4) Failing to perform conflict of interest inspection procedures for internal personnel entrusted transactions; these are verified to have violated the provisions of futures management laws and regulations.
5. Resulting fine: An administrative fine of NT$480,000 was imposed on SinoPac Securities in accordance with subparagraph 2, paragraph 1, Article 119 of the Futures Trading Act.
2. Recipient of the fine: SinoPac Futures Co., Ltd. (hereinafter referred to as “SinoPac Futures”).
3. Legal basis of the fine: Paragraphs 1 and 2, Article 2 of the Regulations Governing Futures Commission Merchants, and subparagraph 3, paragraph 1, Article 4 and paragraph 2, Article 6 of the Regulations Governing the Establishment of Internal Control Systems by Service Enterprises in Securities and Futures Markets.
4. Facts of the violation and reasons: The major deficiencies of SinoPac Futures include: (1) Failing to perform the required credit investigation of customers over 70 years of age; (2) Sending customer statements to the email address of the insider; (3) Failing to comprehensively assess the financial and credit status of customers to determine the trading limit; (4) Failing to perform conflict of interest inspection procedures for internal personnel entrusted transactions; these are verified to have violated the provisions of futures management laws and regulations.
5. Resulting fine: An administrative fine of NT$480,000 was imposed on SinoPac Securities in accordance with subparagraph 2, paragraph 1, Article 119 of the Futures Trading Act.
Visitor：
6650
Update：
2021-02-20