Sanction on President Securities for Violation of Securities Management Related Laws and Regulations
2022-12-30
I. Date of sanction: December 30, 2022
II. Object of sanction: President Securities Co., Ltd. (President Securities).
III. Legal basis for the sanction: Subparagraph 4, paragraph 1, Article 178-1 of the Securities and Exchange Act, and paragraph 2, Article 2 of the Regulations Governing Securities Firms.
IV. Facts of violation: In its execution of business, President Securities had its associated persons who accepted customers' face-to-face entrustment to trade stocks but failed to require customers to fill in the power of attorney according to regulations; the trading room failed to record the identity of the persons entering and leaving the room, which is disadvantageous to access control; when handling the consignment trading of overseas structured products, in the "Statement of the Consigner" of the trading instructions faxed by customers where the customers agree that it may not be subject to the 3-day review period, it was found that there were associated persons who directly ticked the blank field; these indicate that President Securities had not implemented the internal control system, and it is verified to have violated paragraph 2 of Article 2 of the Rules Governing Securities Firms.
V. Sanction imposed: A fine of NT$240,000 is imposed on President Securities in accordance with subparagraph 4, paragraph 1, Article 178-1 of the Securities and Exchange Act.
Contact unit: Weng, Section Chief, Securities Firms Division, Securities and Futures Bureau
Tel: 02-2774-7112
For questions, please write to:FSCMail
II. Object of sanction: President Securities Co., Ltd. (President Securities).
III. Legal basis for the sanction: Subparagraph 4, paragraph 1, Article 178-1 of the Securities and Exchange Act, and paragraph 2, Article 2 of the Regulations Governing Securities Firms.
IV. Facts of violation: In its execution of business, President Securities had its associated persons who accepted customers' face-to-face entrustment to trade stocks but failed to require customers to fill in the power of attorney according to regulations; the trading room failed to record the identity of the persons entering and leaving the room, which is disadvantageous to access control; when handling the consignment trading of overseas structured products, in the "Statement of the Consigner" of the trading instructions faxed by customers where the customers agree that it may not be subject to the 3-day review period, it was found that there were associated persons who directly ticked the blank field; these indicate that President Securities had not implemented the internal control system, and it is verified to have violated paragraph 2 of Article 2 of the Rules Governing Securities Firms.
V. Sanction imposed: A fine of NT$240,000 is imposed on President Securities in accordance with subparagraph 4, paragraph 1, Article 178-1 of the Securities and Exchange Act.
Contact unit: Weng, Section Chief, Securities Firms Division, Securities and Futures Bureau
Tel: 02-2774-7112
For questions, please write to:FSCMail
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2023-01-04