1. Date of sanction: December 12, 2025
2. Objects of sanction: IBF Securities Co., Ltd. (hereinafter referred to as IBF Securities) and its associate person XX Kuo.
3. Legal basis for the sanctions: Article 56 and 65, and subparagraph 4, paragraph 1, Article 178-1 of the Securities and Exchange Act; paragraph 2, Article 2 and paragraphs 5, Article 37 of the Regulations Governing Securities Firms; subparagraphs 3, paragraph 2, Article 18 of the Regulations Governing Responsible Persons and Associated Persons of Securities Firms.
4. Facts of violation: The Financial Examination Bureau of the Commission conducted a general business inspection of IBF Securities from June 23 to July 9, 2025, and found that XX Kuo, an associated person of IBF Securities, had determined the trading targets, prices, and quantities on behalf of clients. In addition, IBF Securities failed to properly comply with regulations in carrying out brokerage operations, executing entrusted transactions in foreign securities, verifying the qualifications of professional investors, and conducting joint marketing activities among subsidiaries of the financial holding company. These findings indicate that IBF Securities did not properly implement internal control systems, and it was determined that IBF Securities violated Paragraph 2, Article 2, and Subparagraph 5, Article 37 of the Regulations Governing Securities Firms.
5. Sanctions imposed: A fine of NT$900,000 is imposed on IBF  Securities in accordance with subparagraph 4, paragraph 1, Article 178-1 of the Securities and Exchange Act, and IBF Securities is ordered to suspend the business execution of its associated person XX Kuo for six months in accordance with Article 56 of the Securities and Exchange Act.

Contact unit: Securities Firms Division, Securities and Futures Bureau
Tel: (02)2774-7112