Taiwan FSC penalizes brokers for lax safety checks


Cathay Securities, Harmony Securities and SinoPac Securities have been probably the most fined and barred from sure enterprise and capital elevating actions for 3 months.

Taiwan’s FSC (Monetary Supervisory Fee) would have sanctioned ten brokerage companies for failing to train acceptable info safety controls of their high-speed buying and selling departments.

The fines observe a particular inspection of the TWSE (Taiwan Inventory Alternate) knowledge heart in Banciao District of New Taipei Metropolis, carried out by FSC in November 2020.

Securities companies place their servers within the knowledge heart, the place TWSE’s matching engine and buying and selling info programs are housed, to make use of the change’s colocation service.

The inspection discovered that the brokerage companies had failed to use finest practices in the way in which they arrange their servers on the heart, the FSC reportedly stated.

Cathay Securities has put in on its server buying and selling software program developed by one among its purchasers, the place the software program has been designed to mechanically place orders for the consumer earlier than different members.

Harmony Securities and SinoPac Securities have been discovered to have allowed exterior IT distributors to observe their servers over distant connections, and likewise didn’t maintain data of consumer transactions.

Cathay Securities, Harmony Securities and SinoPac Securities have been fined TWD 1.44 million ($ 51,700) every as a result of their violations have been thought-about probably the most severe.

The three corporations additionally can not create new models, inject capital, challenge company bonds and challenge new exchange-traded securities for 3 months.

On the identical time, MasterLink Securities was fined 720,000 TWD for not putting in a firewall and permitting exterior corporations to handle its server by way of distant connections.

Fubon Securities and JihSun Securities have been fined TWD 240,000 every for failing to put in a firewall.

Hua Nan Securities, Capital Securities, KGI Securities and Yuanta Securities have been ordered to appropriate some points.


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