Brokerage Can't Overturn FCA Fine For Oversight Failings
Law360, London (April 9, 2019, 3:14 PM BST) -- A U.K. tribunal on Tuesday upheld a £400,000 ($522,550) fine imposed on a trading broker that failed to directly monitor trades for possible market abuse, ruling the company was wrong to rely on its brokers for surveillance.
The Upper Tribunal rejected an appeal filed by London-based Linear Investments Ltd. challenging the Financial Conduct Authority's decision to hand down the fine in September.
The U.K. regulator imposed the penalty after concluding that for a year and a half Linear punted its duty to oversee trades on its platform to brokers, who surveilled transactions after they had already been executed.
Although the brokers had a...
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