Citigroup Global Markets has agreed to pay £12.6 million ($14.9 million) after it failed to properly implement market abuse regulation requirements.
The U.K’s Financial Conduct Authority announced Friday that it fined Citigroup’s C international broker-dealer over not effectively monitoring its trading activities for certain types of insider dealing and market manipulation.The U.K’s Financial Conduct Authority announced Friday that it fined Citigroup’s C international broker-dealer over not effectively monitoring its trading activities for certain types of insider dealing and market manipulation.
Market Abuse Regulation is a piece of legislation brought out in 2016 by the European Union and expanded requirements to detect and report potential market abuse. It covers the offences of insider dealing, unlawful disclosure of inside information and market manipulation. The U.K regulatory body said Citigroup didn’t enforce the new requirements when it took effect, and spent 18 months identifying the market abuse risks the business may have been exposed to.
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