logo
  

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.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Salt Lake City, Utah-based Rocky Mountain Pies, LLC is recalling Red Button Vintage Creamery French Silk Pie citing possible presence of undeclared almonds, a known allergen, the U.S. Food and Drug Administration said. The recall involves 31.88 oz French Silk Pie with the lot code beginning with 2 266. Only UPC code 0 41172 81290 9 is involved in the recall. The U.S. Department of Agriculture's Food Safety and Inspection Service or FSIS has issued a public health alert against Paradise Locker Meats' certain fully cooked summer sausage products. There are concerns that the products may be contaminated with extraneous materials, specifically plastic. A recall was not requested as the products are no longer available for purchase. Hormel Foods Corp. (HRL) said, in the fourth quarter, the company delivered earnings per share comparable with record results last year, which included an additional week of sales. Pretax earnings were $357 million, up 1% from a year ago. Organic net sales were up 2%, excluding the impact of an additional...
Follow RTT