The international securities firm Susquehanna has been fined €78,000 by the Central Bank having been found to be in breach of financial reporting regulations for the second time.
Five breaches
The company recorded five breaches in total, according to the regulator, which arrived at a settlement yesterday.
These included a failure to report, or the incorrect reporting of, some 91,000 transactions on a regulated market or a multilateral trading facility, in a timely fashion on dates between November 2008 and December 2012.
It also found that between December 2010 and December 2012, it failed to establish “adequate policies and procedures” in compliance with European directives, or specifically the markets in financial instrument directives.
The Central Bank consequently “reprimanded” the company and fined it €78,000. It is the second time it has been disciplined for failures under these regulations.
“One of these five breaches was specifically brought to the attention of the Central Bank by the firm, and all the transaction reports relating to all of the breaches were submitted to the Central Bank upon discovery,” the regulator said in a statement. “The firm explained that three of the breaches occurred due to different technical issues and one of the breaches occurred due to human error.”
The breaches in question were accidental and reported to the Central Bank on discovery.
Fifth settlement
It is the fifth settlement with a company by the Central Bank since 2010 over transaction reporting failures, it said.
“Particularly in light of the public statements made and enforcement actions taken by the Central Bank, firms should be fully aware of the importance of compliance with obligations regarding accurate and timely transaction reporting.”
