Concord Futures Corp. Sanctioned for Violation of Laws and Regulations Governing Futures Business
1.Date the fine was imposed: 10 March, 2020.
2.Recipient of the fine: Concord Futures Corp. (hereinafter "Concord Futures").
3.Legal basis of the fine: Article 119, paragraph 1, subparagraph 2 of the Futures Trading Act. Article 2, paragraph 1 and paragraph 2 of the Regulations Governing Futures Commission Merchants. Article 4, paragraph 1, subparagraph 3 and article 6, paragraph 2 of Regulations Governing the Establishment of Internal Control Systems by Service Enterprises in Securities and Futures Markets
4.Facts of the violation and reasons: Concord Futures Corp. has not established appropriate operating procedures or effective control measures with respect to employees listening to recordings and the archiving of recordings, resulting in employees capturing the telephone recording of internal personnel and posting the files in personal social media groups, which showed no compliance with the company''s internal control protocols. Such facts were found to be in violation of futures regulations.
5.Resulting fine: Concord Futures was imposed an administrative fine of NT$120,000 pursuant to Article 119, paragraph 1, subparagraph 2 of the Futures Trading Act.
Visitor： 494 Update： 2020-03-17