Taiwan’s Securities and Futures Bureau (SFB) has handed down a series of punishments to First Securities Investment Trust Corp (SITC) after firm’s fund managers were charged for stock manipulation, reports Asia Asset.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
The market watchdog informed on its website that it requires First SITC to dismiss the three fund managers who are involved.
The regulator also said that firm’s general manager should be suspended from duties for a year and has also banned First SITC from investing overseas, setting up overseas rep offices or purchasing stakes in other asset managers for six months.
In addition, First SITC will not be allowed to pursue any fundraising or renew its fund quota for half a year.
The three fund managers committed crimes relating to insider trading (in regard to the stocks of Prescope Technologies Co), receiving NT$4 million (US$133,000) in kickbacks in the process.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
