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Screenshot of a breaking news alert e-mail from Q2 2017
FC Stone Australia Pty Ltd, the Australian division of INTL Fcstone Inc (NASDAQ:INTL), has paid a total penalty of $130,000 to comply with an infringement notice given to it by the Markets Disciplinary Panel (“MDP”).
The MDP had reasonable grounds to believe that FC Stone had contravened subsection 798H(1) of the Corporations Acton several occasions by failing to comply with certain ASIC (ASX24) market integrity rules.
The total penalty imposed was for failing to:
- demonstrate prudent risk management procedures by not setting and documenting appropriate maximum price change limits;
- perform an accurate daily reconciliation;
- give to ASIC a monthly reconciliation by the required time, on two separate occasions;
- notify ASIC that a daily reconciliation had not been performed in accordance with the respective market integrity rule, by the required time; and
- provide to ASIC an accurate ad hoc NTA return, on two separate occasions.
For the official announcement from ASIC, click here.