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The Central Bank said Cantor was "reckless" in failing to submit a report "as it knew or ought to have known of the risk" in not doing so. Alamy Stock Photo
Central Bank of Ireland
Cantor Fitzgerald Ireland fined €452,790 for failing to report suspicious transactions
The Central Bank said the firm failed to put effective arrangements in place to detect and report suspicious transactions.
THE CENTRAL BANK has fined the Irish branch of investment firm Cantor Fitzgerald €452,790 for failing to report suspicious stock transactions to regulators “on a number of occasions”.
An investigation by the bank identified six occasions “of particular concern” between September 2017 and May 2022 where the stockbroker’s trade surveillance system detected potentially suspicious transactions and failed to report them.
Cantor Fitzgerald has admitted to the breach.
The Central Bank said Cantor was “reckless” in failing to submit a report “as it knew or ought to have known of the risk” of a breach of regulations in not doing so.
The bank said the firm failed to put in place effective governance arrangements to detect and report suspicious orders and transactions that may have indicated market abuse, which includes “insider dealing, unlawful disclosure of inside information and market manipulation”.
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The bank also said Cantor Fitzgerald “failed to consistently document its analysis as to whether it considered certain orders and transactions to be suspicious and failed to consistently escalate suspicious transactions internally”.
The Central Bank determined the appropriate fine to be €646,840, but applied a 30% discount as the firm agreed to settle the matter.
Colm Kincaid, the Central Bank’s Director of Enforcement, said investment firms are required by law to submit a suspicious transactions and orders report (STOR) when they have a “reasonable suspicion” of wrongdoing.
“Firms should now review their STOR reporting in light of the Central Bank’s findings in this case, to ensure they are reporting all reasonable suspicions to the Central Bank and meeting their responsibilities to safeguard the integrity of our securities markets,” he said.
He also said that market abuse “erodes confidence in the integrity of markets” and has the potential “to increase the cost of trading, distort the playing field and undermine fair competition”.
A spokesperson for Cantor Fitzgerald told The Journal: “We are pleased to have resolved this matter with the Central Bank of Ireland related to issues which were fully remediated by June 2023”.
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