2011-06-15
PRESS RELEASE
Crédit Agricole Cheuvreux Nordic, an investment firm, has demonstrated deficiencies in its transaction reporting to Finansinspektionen (FI) for an extended period of time. The firm is therefore being issued a remark and penalty fee of SEK 1 million.
Pursuant to law, investment firms shall submit transaction reports to FI. Crédit Agricole Cheuvreux Nordic, however, has submitted incomplete reports for 812,900 transactions during the period October 2009 – April 2010.
The firm has also not conducted controls or had sufficient procedures for ensuring complete and correct reporting.
Crédit Agricole Cheuvreux Nordic has taken a number of steps to rectify the problems. However, the deficiencies are of such a serious nature that FI decided to issue a remark and a penalty fee of SEK 1 million.
