FSA Issues Fines Totalling £250,000 for Transaction Reporting Failures

more+
less-

The FSA has fined two firms a total of £250,000 for failing to provide accurate and timely transaction reports to the FSA in respect of reportable transactions carried out. The final notices in respect of Plus500UK Limited and James Sharp and Company were published on October 24 and show that between November 2007 and November 2011 the two firms failed to report a total of 1,403,000 trades accurately and failed to report 160,000 of these trades at all. These failures were caused by the firms having inadequate systems and controls for the reporting of trades.

The FSA has stated that it views accurate transaction reports as a key tool in its efforts to tackle market abuse, and will take action to ensure firms comply with their reporting obligations.

 


DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Orrick - Structured Finance Group | Attorney Advertising

Written by:

more+
less-

Orrick - Structured Finance Group on:

Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.
×
Loading...
×
×