Crédit Agricole Cheuvreux Nordic hit by fine for regulatory failures
The Swedish Financial Supervisory Authority (Finansinspektionen) has hit Crédit Agricole Cheuvreux Nordic with a SEK1m fine for failing to properly report over 800,000 transactions between October 2009 to April 2010.
By law asset management firms must provide reports on transactions to the regulator in Sweden.
However, it found that the company delivered incomplete reports covering 812,900 transactions in the period reviewed.
The regulator said that the company did not implement the required internal controls or routines necessary to ensure proper reporting.
“It is the company’s responsibility to ensure that reporting of transactions is complete and correct, even if the company, as in this case, has relied on a [third party] to do the reporting. The company has therefore failed in its obligations regarding this reporting,” the regulator stated.
Crédit Agricole Cheuvreux Nordichas taken steps to remedy the problem, the regulator said, but the deficiencies were of such a serious nature that it decided to issue a reprimand and the fine of SEK1m.