Date of sanction: July 25, 2022
II.        Object of sanction: Horizon Securities Co., Ltd. (hereinafter referred to as Horizon Securities).
III.        Legal basis for the sanction: 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.
IV.        Facts of violation: Financial Examination Bureau of the Commission conducted an inspection on the general business of Horizon Securities from July 29 to August 19, 2022 and found that the firm did not actually handle the inspection of securities transactions entrusted by internal personnel in accordance with the established transaction inspection procedures. Its inspection principles did not include the transactions within 5 minutes before the time of transactions entrusted by internal personnel and customers, no control and verification mechanism was set up for the prohibition of sending customer account statements to the email address of internal business personnel, no assessment mechanism and price verification procedures were set up for the open operations of individual countries' target markets for self-trading of foreign securities, no confirmation of customer identity or identification of actual beneficiaries was carried out when establishing business relationships with legal persons and the customer risk assessment operation was not actually carried out for high and low risk customers according to the established inspection schedule. These were verified to have violated the provisions of paragraph 2, Article 2 of the Regulations Governing Securities Firms.
V.        Sanction imposed: A fine of NT$480,000 is imposed on Horizon Securities in accordance with subparagraph 4, paragraph 1, Article 178-1 of the Securities and Exchange Act.

Contact unit: Section Chief Hsiang-Chin Chen, Securities Firms Division, Securities and Futures Bureau
Tel: 02-2774-7476
If you have any questions, please write to: FSCMAIL