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.