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Disciplinary Action on President Securities Co., Ltd. for Violation of Securities Management Laws and Regulations

1.Date of disciplinary action: January 22, 2021
2.Object of disciplinary action: President Securities Co., Ltd. (hereinafter referred to as President Securities).
3.Legal basis for the disciplinary action: Article 65 and 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 law violation: When President Securities implemented the internal control system, it failed to restart the firewall regularly, resulting in a disconnection of entrusted orders, and a service interruption was therefore caused by the human error above; in addition, when the operation of the computer system was abnormal, the company failed to timely remind investors to use other order placement methods, which showed that the relevant support measures were not comprehensive enough. These are verified to have violated paragraph 2, Article 2 of the Regulations Governing Securities Firms.
5.Disciplinary action imposed: A fine of NT$240,000 is imposed on President Securities in accordance with subparagraph 4, paragraph 1, Article 178-1 of the Securities and Exchange Act, and a correction is required in accordance with Article 65 of the same Act.
 
Visitor: 757   Update: 2021-01-29