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Major Sanction

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Sanctions on Time Securities Investment Consulting Co., Ltd. and Its Associated Persons for Violation of Regulations

The Financial Supervisory Commission (hereinafter referred to as the FSC) has approved the sanctions on Time Securities Investment Consulting Co., Ltd. (hereinafter referred to as the Time SICE) and its related personnel for violation of regulations. The FSC has investigated and found that the President of Time SICE violated the rule of not concurrently acting as the discretionary investment manager; the company did not deploy sufficient and suitable associate persons and did not appoint qualified personnel to act as deputies; the company‘s design and implementation of its internal control system are not effective; and the company has not carried out its business with the duty of care and loyalty of a good manager based on the principle of good faith. The above have obviously affected the normal execution of the company‘s business.
The FSC has imposed the following administrative sanctions on Time SICE and its related personnel in accordance with the law based on the severity of the deficiencies: 
I.  Date of sanctions: February 27, 2024
II. Objects of sanctions: XX Li, President of Time SICE, XX Wang and XX Wu
III.Legal basis for the sanctions, facts of violation and sanctions imposed:
(I)  Legal basis for the sanctions: Paragraph 1, Article 7, Articles 50, 69, 103 and 104, and paragraph 7, Article 111 of the Securities Investment Trust and Consulting Act, paragraph 2, Article 2 of the Regulations Governing Securities Investment Consulting Enterprises, paragraph 2, Article 6 of the Regulations Governing the Establishment of Internal Control Systems by Service Enterprises in Securities and Futures Markets, paragraph 1, Article 7, paragraph 1, Article 11, and paragraph 1 and subparagraph 10, paragraph 2, Article 15 of the Regulations Governing Responsible Persons and Associated Persons of Securities Investment Consulting Enterprises, and paragraphs 1 and 3, Article 8 of the Regulations Governing the Conduct of Discretionary Investment Business by Securities Investment Trust Enterprises and Securities Investment Consulting Enterprises.
(II) Facts of violation: President XX Li arranged the former employee XX Wang to register as the discretionary investment manager, but President XX Li actually executed discretionary investment decisions himself; Time SICE did not deploy sufficient and suitable associate persons and did not appoint qualified personnel to act as deputies; President XX Li concurrently acted as the discretionary investment manager in actuality, XX Wang allowed another person to execute business in his own capacity as an associate person, and XX Wu obviously did not perform the responsibility of supervision.
(III) Sanctions imposed:
1. On the company: A fine of NT$1,200,000 is imposed on Time SICE in accordance with paragraph 7, Article 111 of the Securities Investment Trust and Consulting Act, and a warning is given to Time SICE in accordance with paragraph 1, Article 103 of the same Act.
2. On the personnel:
(1) President XX Li: The Company is ordered to suspend the business execution by President XX Li for one year in accordance with Article 104 of the Securities Investment Trust and Consulting Act.
(2) XX Wang: The Company is ordered to suspend the business execution by XX Wang for six months in accordance with Article 104 of the Securities Investment Trust and Consulting Act.
(3) XX Wu, discretion investment department supervisor at the time of the fact: The Company is ordered to suspend the business execution by XX Wu for one month in accordance with Article 104 of the Securities Investment Trust and Consulting Act.


Contact unit: Yi-Chien Tsai, Section Chief, SITE and SICE Group, Securities and Futures Bureau
Tel: (02) 2774-7426
If you have any questions, please write to:FSCmail
 
Visitor: 90   Update: 2024-03-01
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