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Sanction on Mega Securities Co., Ltd. and Employee for Violation of Securities Management Related Laws and Regulations

2023-02-17
I.Date of sanction: February 17, 2023
II.Object of sanction: Mega Securities Co., Ltd. (hereinafter referred to as “Mega Securities”) and XX Liu, the firm’s associated person entrusted for trading.
III.Legal basis for the sanction: Article 56 and subparagraph 4, paragraph 1, Article 178-1 of the Securities and Exchange Act, subparagraphs 9, paragraph 2 and paragraph 3, Article 18 of the Regulations Governing Responsible Persons and Associated Persons of Securities Firms, and paragraph 2, Article 2 of the Regulations Governing Securities Firms.
IV.Facts of violation: 
The Inspection Bureau of the Commission conducted a general business inspection of Mega Securities from February 16, 2022 to March 9, 2022, and found that XX Liu, the firm’s associated person entrusted for trading, kept blank power of attorneys already signed and sealed by customers in advance, illegally accepted orders placed by customers via community software (Line), and had borrowings and lending with customers; in addition, Mega Securities had the violation of not implementing its internal control system.
V.Sanction imposed: 
A fine of NT$480,000 is imposed on Mega Securities in accordance with subparagraph 4, paragraph 1, Article 178-1 of the Securities and Exchange Act, and Mega Securities is ordered to suspend the business execution of XX Liu, the associated person entrusted for trading, for one year in accordance with Article 56 of the same Act.
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  • Update: 2023-02-22
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