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Citigroup Fined 12.6 Mln Pounds By UK's FCA For Not Complying With Markete Abuse Regulation

Citigroup Global Markets Limited, an arm of Citigroup Inc. (C), has been fined by the UKs Financial Conduct Authority or FCA for 12.553 million pounds, the British financial regulator said on Friday.

The penalty follows the broker's failure to properly implement the Market Abuse Regulation (MAR) related trade surveillance requirements to detect market abuse.

The company has agreed to resolve the case with a 30 percent discount on the original fine of 17.934 million pounds.

"The FCA found that Citigroup Global Markets failed to properly implement the new requirement when it took effect, and took 18 months to identify and assess the specific market abuse risks its business may have been exposed to and which it needed to detect," the regulator said in a statement.

MAR was introduced in 2016 and expanded requirements to detect and report potential market abuse.

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