Brief: Taiwan Financial Regulator: Cathay Financial's Fund Arm Penalized For Regulatory Violations
BRIEF-Taiwan Financial Regulator: Cathay Financial's Fund Arm Penalized For Regulatory Violations TAIPEI, Sept 1 (Reuters) - The Financial Supervisory Commision (FSC), Taiwan's top financial regulator, said on Tuesday,
FUND ARM OF CATHAY FINANCIAL HOLDING 2882.TW TO BE FINED T$6 MILLION ($188,680) FOR INTERNAL CONTROL VIOLATIONS
THE PENALTY COMES AFTER A PREVIOUS INVESTIGATION OF THE FUND ARM DUE TO A CORPORATE GOVERNANCE SCANDAL INVOLVING A TOP CATHAY EXECUTIVE
IN ADDITION TO THE FINE, CATHAY'S FUND ARM WILL BE PROHIBTED FROM THREE ACTIVITIES, INCLUDING A BAN ON RAISING NEW FUNDS WITHIN THE NEXT YEAR
CATHAY FINANCIAL: THE COMPANY WILL ACCEPT THE PENALTIES AND FOLLOW REGULATOR ADVISORIES, AND WILL CONTINUE TO IMPROVE ITS INTERNAL CONTROL MECHANISMS
Source text: [ID:]
Further company coverage: 2882.TW
(Reporting by Faith Hung)
((faith.hung@thomsonreuters.com;))
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