Important Measures
Sanction on Concord International Securities Co., Ltd. for Violation of Securities Management Related Laws and Regulations
2023-04-18
1.Date of sanction: April 18, 2023.
2.Object of sanction: Concord International Securities Co., Ltd.
3.Legal basis for sanction: Subparagraph 4, paragraph 1, Article 178-1 of the Securities and Exchange Act, and paragraph 2, Article 2 of the Regulations Governing Securities Firms.
4.Facts of violation: The Financial Examination Bureau of the FSC conducted a general business inspection on the sanctioned party, and found that the reference materials of the rental market was not submitted and the statement of whether the lessee is a related party was not retained when handling the leasing of the company's idle assets; for the consignor who was a person with limited capacity and appoints an agent to handle the transaction, the client's transaction amount was approved exceeding the prescribed upper limit; no credit investigation and verification procedures were conducted where the total amount of trading consigned by a customer exceeded the approved maximum amount of trading or investment capacity on a single day; where customers in different branch of the sanctioned party participated in the public subscription through electronic order placements at the same IP, no verification was carried out on whether the subscriber illegally used the name of another person; the staff of the sanctioned party sold the same target within 5 minutes after accepting the customer's entrustment to sell stocks, and the relevant inspection mechanism failed to implement and prevent conflicts of interest; in handling anti-money laundering and anti-terrorism operations, the agents of natural persons were not included in the regular inspection objects, and the Chinese and English names of legal entities or passport names were not inspected. All the above indicates that the sanctioned party has not implemented its internal control system and has violated the provisions of paragraph 2, Article 2 of the Regulations Governing Securities Firms.
5.Sanction imposed: A fine of NT$480,000 is imposed on Concord International Securities Co., Ltd. in accordance with subparagraph 4, paragraph 1, Article 178-1 of the Securities and Exchange Act.
2.Object of sanction: Concord International Securities Co., Ltd.
3.Legal basis for sanction: Subparagraph 4, paragraph 1, Article 178-1 of the Securities and Exchange Act, and paragraph 2, Article 2 of the Regulations Governing Securities Firms.
4.Facts of violation: The Financial Examination Bureau of the FSC conducted a general business inspection on the sanctioned party, and found that the reference materials of the rental market was not submitted and the statement of whether the lessee is a related party was not retained when handling the leasing of the company's idle assets; for the consignor who was a person with limited capacity and appoints an agent to handle the transaction, the client's transaction amount was approved exceeding the prescribed upper limit; no credit investigation and verification procedures were conducted where the total amount of trading consigned by a customer exceeded the approved maximum amount of trading or investment capacity on a single day; where customers in different branch of the sanctioned party participated in the public subscription through electronic order placements at the same IP, no verification was carried out on whether the subscriber illegally used the name of another person; the staff of the sanctioned party sold the same target within 5 minutes after accepting the customer's entrustment to sell stocks, and the relevant inspection mechanism failed to implement and prevent conflicts of interest; in handling anti-money laundering and anti-terrorism operations, the agents of natural persons were not included in the regular inspection objects, and the Chinese and English names of legal entities or passport names were not inspected. All the above indicates that the sanctioned party has not implemented its internal control system and has violated the provisions of paragraph 2, Article 2 of the Regulations Governing Securities Firms.
5.Sanction imposed: A fine of NT$480,000 is imposed on Concord International Securities Co., Ltd. in accordance with subparagraph 4, paragraph 1, Article 178-1 of the Securities and Exchange Act.
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- Update： 2023-04-26
