FSA fines Commerze for “inaccurate reports”

The UK financial regulator has handed a £595,000 fine to Commerzbank after it
failed to file adequate reports for two years.

The Financial Services Authority (FSA) announced the fine today warning that
“reporting failures could have a damaging impact on our ability to detect and
investigate suspected market abuse”.

The authority said Commerzbank were serial offenders and for two years
“either failed to report or reported inaccurately”.

“These breaches occurred despite the FSA sending repeated reminders to firms
of their obligations to provide accurate data and the importance of compliance
with the FSA rules on transaction reporting, and specific requests to
Commerzbank for the firm to check its data,” the FSA said in a statement.

The FSA said Commerzbank had now taken a number of steps to address concerns
and committed extensive resources to improve its processes and resolve the

Further reading:
fines Commerzbank for failures in transaction reporting

Related reading

PwC office 2