I.    Date of penalty: May 14, 2026
II.    Punished party: Horizon Securities Co., Ltd. (hereinafter referred to as “Horizon Securities”).
III.    Legal basis for the punishment: Subparagraph 4, Paragraph 1, Article 178-1 of the Securities and Exchange Act and Paragraph 2, Article 2 of the Regulations Governing Securities Firms.
IV.    Facts and reasons for the violation: The Financial Examination Bureau of the Commission conducted a general business inspection of Horizon Securities from November 13 to December 1, 2025, and found that the Company’s Proprietary Trading Department failed to examine the reasonableness of its submitted futures trading hedging requirements. Furthermore, the risk management regulations established by the Proprietary Trading Department did not include operating procedures for non-hedging trading, nor were they submitted to or approved by the Board of Directors. The Company also failed to fully disclose and accurately inform the investors of the expenses charged for the entrusted sales and purchases of foreign marketable securities, failed to conduct a personal data inventory, and failed to evaluate and control the risks levels of outsourced matters. These findings show that Horizon Securities failed to implement its internal control system, violating Paragraph 2, Article 2 of the Regulations Governing Securities Firms.
V.    Punishment results: According to Subparagraph 4, Paragraph 1, Article 178-1 of the Securities and Exchange Act, a fine of NT$600,000 is imposed on Horizon Securities.
Contact Unit: Division Chief Weng, Securities Firms Division, Securities and Futures Bureau
Tel.: (02)2774-7112
For inquiries, please send an email.