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Important Measures

Sanction on Horizon Securities for Violation of Securities Management-related Laws and Regulations

2022-11-28
I.    Date of sanction: November 22, 2022
II.    Object of sanction: Horizon Securities Co., Ltd. (hereinafter referred to as Horizon Securities).
III.    Legal basis for the sanction: Sub-paragraph 4, paragraph 1, Article 178-1 of the Securities and Exchange Act, and paragraph 2, Article 2 and paragraphs 4, 5, 17 and 18, Article 37 of the Regulations Governing Securities Firms.
IV.    Facts of violation: on October 28, 110, the Taiwan Stock Exchange Corporation conducted an audit of the Tainan Branch of the sanctioned party and found that XX Bai, the former associated person for consigned trading, had violated the principle of good faith, failed to execute securities trading in accordance with the terms and conditions entrusted by customers, concealed facts or fraudulently misled customers, embezzled customer funds, kept passbooks on behalf of customers and accepted customers' discretionary orders for securities trading. The deficiencies above indicate that Horizon Securities failed to implement the internal control system and fulfill its responsibilities for staff supervision and management and has violated paragraph 2, Article 2 and paragraphs 4, 5, 17 and 18, Article 37 of the Regulations Governing Securities Firms.
V.    Sanction imposed: a fine of NT$480,000 is imposed on Horizon Securities in accordance with sub-paragraph 4, paragraph 1, Article 178-1 of the Securities and Exchange Act.
 

Contact unit:    Section Chief Hsiang-Chin Chen, Securities Firm Management Group, Securities and Futures Bureau
Tel: 02-2774-7476
For any questions, please write to:
https://fscmail.fsc.gov.tw
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  • Update: 2022-11-28
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