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Sanction on FundRich Securities for Violation of Securities Management-Related Laws and Regulations


Sanction on FundRich Securities for Violation of Securities Management-Related Laws and Regulations
1. Date of sanction: August 2, 2023
2. Object of sanction: FundRich Securities Co., Ltd. (hereinafter referred to as FundRich Securities).
3. Legal basis for the sanction: Paragraph 5, Article 66 and sub-paragraph 4, paragraph 1, Article 178-1 at the time of the acts of the Securities and Exchange Act and paragraph 2, Article 2 of the Regulations Governing Securities Firms.
4. Facts of violation: 
The Taiwan Stock Exchange Corporation conducted an information operation audit on FundRich Securities on February 17, 20, and 21, 2023 and found that the firm had deficiencies in information security risk assessment, asset classification and control, network security management, computer system and operation security management, information access control, system development and maintenance and emerging technology applications. These show that FundRich Securities had not implemented the internal control system and violated paragraph 2, Article 2 of the Regulations Governing Securities Firms.
5. Sanction imposed: A fine of NT$720,000 is imposed on FundRich Securities in accordance with sub-paragraph 4, paragraph 1, Article 178-1 of the Securities and Exchange Act at the time of the acts; additionally, FundRich Securities is ordered to increase its  operating risk equivalent amount of the regulatory capital adequacy ratio by 50%.
 
Visitor: 1002   Update: 2023-08-17
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