Masterlink Futures Corp.,Ltd and Its Associated Person Sanctioned for Violation of Laws and Regulations Governing Futures Business
1.Date the fine was imposed: 30 December 2019
2.Recipient of the fine: Masterlink Futures Corp.,Ltd (hereinafter " Masterlink Futures ")and its associated person Chen (hereinafter " Chen ")
3.Legal basis of the fine: Article 2, paragraph 2 , Article 12,and Article 55, subparagraph 19 of the Regulations Governing Futures Commission Merchants. Article 14, and Article 16, paragraph 2 of the Regulations Governing Responsible Persons and Associated Persons of Futures Commission Merchants.
4.Facts of the violation and reasons: Masterlink Futures conducting pre-account opening procedures with a principal outside its place of business. The procedures were not handled by registered account opening personnel. The internal auditors did not fully check the procedures when conducting the auditing, and a sales personnel, Chen was entrusted with providing recommendations to traders. All such facts were found to be in violation of futures regulations.
5.Resulting fine: An administrative fine of NT$240,000 was imposed on Masterlink Futures pursuant to Article 119, paragraph 1, subparagraph 2 of the Futures Trading Act. ; pursuant to Article 101, paragraph 1 of the same Act, Masterlink Futures was further ordered to suspend Chen from performing futures trading business for 1 months.
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