Sanction on SinoPac Futures Corporation Ltd. for Violation of Futures Management Related Laws and Regulations
2024-12-27
1. Date of sanction: December 27, 2024
2. Object of sanction: SinoPac Futures Corporation Ltd. (hereinafter referred to as SinoPac Futures).
3. Legal basis for sanctions: Paragraph 2, Article 2 of the Regulations Governing Futures Commission Merchants.
4. Facts of violations: SinoPac Futures failed to conduct a stress test for the scenario of simultaneously logging in and querying accounting functions on all ordering platforms, failed to formulate recovery procedures for the trading system database, failed to formulate a business continuity plan, failed to announce on the homepage of its “eLeader” trading platform the anomaly in logging into the electronic platform and querying accounting information after the opening of the domestic futures market on August 5, 2024, and did not follow the firm’s own internal control regulations. SinoPac Futures is therefore verified to have violated futures management laws and regulations.
5. Sanctions imposed: A fine of NT$240,000 is imposed on SinoPac Futures in accordance with subparagraph 2, paragraph 1, Article 119 of the Futures Trading Act.
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Update:
2025-01-10