£700,000+ fines for transaction reporting & market abuse reporting failures
December 15, 2022
Sigma Broking failed to transaction report the 2nd side of 56,000 matched principal transactions (Final Notice, 2.9).
Additionally, Sigma Broking failed to identify 97 suspicious transactions or orders, which should have been reported collectively to the Authority as 24 STRs/STORs (Final Notice, 2.11)
As a result, the FCA have issued the following sanctions (FCA Website);
- Sigma Broking Ltd: fined £531,000
- Simon Tyson (former Chief Executive and director): prohibited from holding significant management functions in firms regulated by the FCA & fined £67,900
- Stephen Tomlin (former director): prohibited from holding significant management functions in firms regulated by the FCA & fined £69,600
- Matthew Kent (current director): fined £83,600
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