Page 52 - 期货和衍生品行业监管动态（2025年2月刊）

期货和衍生品行业监管动态

FCA Issues First Fine for Transaction Reporting Failures under MiFIR
(2025/1/29)

Infinox Capital Limited (Infinox) has been fined £99,200 by the FCA for

failing to submit 46,053 transaction reports which risked market abuse going

undetected.

To monitor, detect and disrupt market abuse effectively, the FCA needs to receive

complete, accurate and timely transaction reports.

Between 1 October 2022 and 31 March 2023, Infinox failed to submit

transaction reports for single-stock contracts for difference (CFD) trades executed

through one of its corporate brokerage accounts. Trades executed through this

corporate brokerage account accounted for the majority of this business line.

Although Infinox identified its failure to submit these transaction reports

following a third-party review, it did not proactively report the breach to the FCA.

The FCA independently identified this discrepancy in transaction data submitted by

Infinox. The breach highlighted weaknesses in Infinox’s transaction reporting systems

and controls for a high-risk investment product.

The FCA has fined a number of firms for transaction reporting failures. However,
this is the first enforcement action against a firm for a breach of transaction reporting

requirements since they became law under the UK Markets in Financial Instruments

Regulation (MiFIR).

Steve Smart, joint executive director of enforcement and market oversight,

commented: ‘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.

‘Our specialist teams constantly monitor market data in real time to track any

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