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Administrative Sanction

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Sanction on the Employee of IBF Securities Co., Ltd. for Violation of Securities Management Laws and Regulations



1.Date of sanction: December 30, 2024
2.Object of sanction: XX Wang, Back office supervisor of IBF Securities Co., Ltd. (hereinafter referred to as IBF Securities)
3.Legal basis for the sanction: Article 56 of the Securities and Exchange Act and subparagraph 3, paragraph 2, Article 18 of the Regulations Governing Responsible Persons and Associated Persons of Securities Firms.
4.Fact of violation: The Taiwan Stock Exchange Corporation (hereinafter referred to as the TWSE) conducted an audit of the Changcheng branch of IBF Securities on August 27 and 28, 2024, and found that its back office supervisor XX Wang used accounts opened by his relatives at other securities firms to trade securities between July 2023 and 2024, which did not comply with the provisions of paragraph 5, Article 2 of the TWSE’s Regulations Governing Insiders of Securities Firms Opening Accounts at Their Securities Firms for Securities Brokerage Trading, “CA-11110 General Trading Accounts” of the Standards of Internal Control Systems for Securities Firms: Account Opening Procedures and Audit Operations (IV), and (V).1 of “AA-11210 Entrusted Trading and Settlement Operations.” The act is verified to have violated paragraph 3, Article 18 of the Regulations Governing Responsible Persons and Associated Persons of Securities Firms.
5.Sanction imposed: IBF Securities is ordered to suspend the business execution of XX Wang for one month in accordance with Article 56 of the Securities and Exchange Act.
Visitor: 197   Update: 2025-01-07
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