The Financial Services Authority (FSA) has fined two firms a total of £250,000 for failing to provide it with accurate and timely transaction reports.
Plus500UK Limited (Plus500) was fined £205,128 and James Sharp and Company (James Sharp) was fined £49,000 for failing to provide adequate transaction reports in respect of all the reportable transactions they carried out. Firms are required to submit details of reportable transactions by the close of the business day after which the transaction takes place. The FSA uses this data to detect and investigate suspected market abuse (insider trading and market manipulation) and in support of its statutory objectives of maintaining market confidence in financial markets and reducing financ...
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