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Administrative Sanction

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Sanction on President Securities Co., Ltd. for Violation of Securities Management Related Laws and Regulations


1.     Date of sanction: April 26, 2024
2.     Object of sanction: President Securities Co., Ltd. (hereinafter referred to as President Securities).
3.     Legal basis for the sanction: Subparagraph 4, paragraph 1, Article 178-1 of the Securities and Exchange Act, and paragraph 2, Article 2 and item 18, Article 37 of the Regulations Governing Securities Firms at the time of the acts.
4.     Facts of violation: In its business execution, President Securities had the circumstances of associated personnel safekeeping customer passbooks or blank power of attorney signed by customers, failure to retain customer transaction logs, failure to conduct the professional investor qualification review procedures for natural persons’ applications, exceeding the upper limit of fees charged, failure to punish audit personnel in accordance with regulations, failure to express important contents of contracts in a prominent font or manner, failure to specify the required items in the trading report in accordance with regulations, and failure to include customers’ multiple redemptions and repurchases in “non-financial indicators” of the summary assessment table for the sales of investment products by associated personnel. These show that President Securities did not perform its personnel supervisory and management responsibilities, and did not implement its internal control system, which are verified to have violated paragraph 2, Article 2 and item 18, Article 37 of the Regulations Governing Securities Firms.


5.     Sanction imposed: A fine of NT$540,000 is imposed on President Securities in accordance with subparagraph 4, paragraph 1, Article 178-1 of the Securities and Exchange Act at the time of the acts.
    
Contact unit: Section Chief Tseng, Securities Firm Management Group, Securities and Futures Bureau
Tel: (02) 2774-7401
If you have any questions, please write to mail
 
Visitor: 235   Update: 2024-05-03
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