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Yuanta Futures Co., Ltd Sanctioned for Violation of Laws and Regulations Governing Futures Business

1. Date the fine was imposed: 3 February, 2021. 
2. Recipient of the fine: Yuanta Futures Co., Ltd. (hereinafter " Yuanta Futures ").
3. Legal basis of the fine: Article 2, paragraph 1 and 2 of the Regulations Governing Futures Commission Merchants. Article 4, paragraph 1, subparagraph 3 and Article 6, paragraph 2 of the Regulations Governing the Establishment of Internal Control Systems by Service Enterprises in Securities and Futures Markets.
4. Facts of the violation and reasons: The major deficiencies of Yuanta Futures include: (1) failing to comprehensively assess the financial and credit status of the customer to determine the trading limit; (2) sending customer statements to the e-mail address of the businessperson; (3) relaxing the trading limit without the customer’s financial proof in place; (4) no specific requirements such as the inspection logic for the inspection of internal personnel’s transactions; these are verified to have violated the provisions of futures management laws and regulations.
5. Resulting fine: An administrative fine of NT$480,000 was imposed on Yuanta Futures pursuant to Article 119, paragraph 1, subparagraph 2 of the Futures Trading Act.
 
Visitor: 499   Update: 2021-03-11