FCA issues first penalty under MiFIR
03 February 2025 UK
Image: A2Z AI/stock.adobe.com
The FCA has issued its first sanction against a firm for a breach of transaction reporting requirements, since it became the law under the UK Markets in Financial Instruments Regulation (MiFIR).
Infinox, following its failure to submit transaction reports for single-stock contracts for difference (CFD) trades between 1 October 2022 and 31 March 2023, was fined £99,200 by the regulatory body.
The FCA acknowledges that although the firm had identified its failure to submit transaction reports, it did not self-report the breach to the FCA. As a result, the misconduct was identified and tackled independently by the FCA.
Commenting on the breach, Steve Smart, joint executive director of enforcement and market oversight, said: "As a data-led regulator it is vital that firms submit accurate and timely transaction reports, and promptly bring any failures to our attention. Infinox failed to do this, which meant market abuse could have flown under the radar and risked the integrity of the market."
As Infinox agreed to resolve the case at an early stage, the fine was reduced from an initial £141,800.
Infinox, following its failure to submit transaction reports for single-stock contracts for difference (CFD) trades between 1 October 2022 and 31 March 2023, was fined £99,200 by the regulatory body.
The FCA acknowledges that although the firm had identified its failure to submit transaction reports, it did not self-report the breach to the FCA. As a result, the misconduct was identified and tackled independently by the FCA.
Commenting on the breach, Steve Smart, joint executive director of enforcement and market oversight, said: "As a data-led regulator it is vital that firms submit accurate and timely transaction reports, and promptly bring any failures to our attention. Infinox failed to do this, which meant market abuse could have flown under the radar and risked the integrity of the market."
As Infinox agreed to resolve the case at an early stage, the fine was reduced from an initial £141,800.
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