Who was sanctioned, and for what?

As a so-called fund hotel, the company had its funds managed by other firms, but examined these delegation agreements only insufficiently, did not take the related decisions properly and did not monitor the funds’ returns in relation to risk closely enough. The Swedish financial supervisory authority Finansinspektionen (FI) issued a remark and imposed 2 million SEK; no damage to investors was established.

Authority / court

Finansinspektionen (FI)

Area of law

Capital markets and financial supervision · Organisational requirements

Legal basis

Schwedisches Fondsrecht – Regeln zur Delegation der Fondsverwaltung und deren Überwachung

Action

Fine

Status of proceedings

unknown

Sector

Financial services and insurance

Mitigating circumstances

No established damage to investors; remedial measures already taken during the investigation.

Published

16 Sep 2026

Original amount 2,000,000 SEK, converted at the ECB reference rate of 16 Sep 2026.

Checked against the official source on 25 Sep 2026 · Direct link

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The credit rating agency did not submit up-to-date rating information to the European Securities and Markets Authority (ESMA), did not provide complete historical performance data to the central repository and lacked adequate procedures and internal control mechanisms. ESMA found negligent infringements and imposed fines totalling 2,145,000 EUR.

Authority / court

Europäische Wertpapier- und Marktaufsichtsbehörde (ESMA)

Area of law

Capital markets and financial supervision · Organisational requirements

Legal basis

Verordnung (EG) Nr. 1060/2009 (CRA-Verordnung), Art. 24, 36a, Anhang III

Action

Fine

Status of proceedings

unknown

Sector

Financial services and insurance

Culpability

negligent

Repeat case

yes

Checked against the official source on 25 Sep 2026 · Direct link

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In stock option plans for employees of client companies (2018–2023), the bank did not fully inform the beneficiaries about costs, had initially not recorded the conflicts of interest in this business and assessed clients’ knowledge only with a yes/no question. The Autorité des services et marchés financiers (Belgian Financial Services and Markets Authority, FSMA) accepted a settlement of 1 million EUR with publication by name and commitments on cost information.

Authority / court

Autorité des services et marchés financiers (FSMA)

Area of law

Capital markets and financial supervision · Organisational requirements

Legal basis

Loi du 2 août 2002; Wohlverhaltensregeln (Loyalität, Kostentransparenz, bestmögliche Ausführung, Interessenkonflikte, Kundenkenntnis)

Action

Fine

Status of proceedings

final

Sector

Financial services and insurance

Repeat case

yes

Mitigating circumstances

Remediation of all deficiencies (appropriateness test, conflicts policy, cost disclosure, waiver of CVA/KVA discounts).

Published

26 Jun 2026

Checked against the official source on 25 Sep 2026 · Direct link

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For the period June 2023 to June 2024, the Cyprus Securities and Exchange Commission (CySEC) examined the investment firm’s organisational requirements, client information, appropriateness assessment and compliance with the restrictions on marketing CFDs to retail investors. The proceedings were concluded with a settlement of 100,000 EUR, which the company has already paid.

Authority / court

Cyprus Securities and Exchange Commission (CySEC)

Area of law

Capital markets and financial supervision · Organisational requirements

Legal basis

Art. 22(1), 25(1), 26(3) Gesetz über Wertpapierdienstleistungen 2017; Art. 42 VO (EU) 600/2014; CySEC-Richtlinie DI87-09; Art. 37(4) CySEC-Gesetz

Action

Other

Status of proceedings

final

Sector

Financial services and insurance

Published

24 Aug 2026

Checked against the official source on 25 Sep 2026 · Direct link

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One of the insurer’s intermediaries was removed from the FSMA register in December 2023; owing to a human data entry error in the monitoring tool, P&V only noticed this after more than a month and concluded 34 contracts through him during that time. The Autorité des services et marchés financiers (Belgian Financial Services and Markets Authority, FSMA) accepted a settlement of 150,000 EUR; there had already been a settlement for the same amount in 2020.

Authority / court

Autorité des services et marchés financiers (FSMA)

Area of law

Capital markets and financial supervision · Organisational requirements

Legal basis

Loi du 4 avril 2014 relative aux assurances, Art. 259

Action

Fine

Status of proceedings

final

Sector

Financial services and insurance

Repeat case

yes

Mitigating circumstances

IT adjustments to prevent recurrence.

Published

5 May 2026

Checked against the official source on 25 Sep 2026 · Direct link

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The operator of alternative trading systems passed on confidential order and trading information from its fixed income and equity platforms to unauthorised employees, lacked adequate safeguards and was initially not forthcoming with the regulator. Sanctions: administrative penalty of 600,000 CAD, 75,000 CAD in costs, a reprimand and an external review.

Authority / court

Capital Markets Tribunal (Ontario) auf Antrag der Ontario Securities Commission

Area of law

Capital markets and financial supervision · Organisational requirements

Legal basis

National Instrument 21-101, s. 5.10(1)-(3); Securities Act (Ontario) ss. 127(1), 127.1

Action

Fine

Status of proceedings

final

Sector

Financial services and insurance

Mitigating circumstances

Cooperation, self-report, no prior record

Original amount 600,000 CAD, converted at the ECB reference rate of 15 Apr 2026.

Checked against the official source on 25 Sep 2026 · Direct link

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After a new order management system was introduced in June 2024, CFD transactions with an underlying value of around 3.05 billion USD were not captured by automated trade surveillance. The bank identified the error in October 2024 but only remedied it in May 2025; the Financial Conduct Authority (FCA) imposed 338,000 GBP after a 30% cooperation discount.

Authority / court

Financial Conduct Authority (FCA)

Area of law

Capital markets and financial supervision · Organisational requirements

Legal basis

Art. 16 Abs. 2 UK MAR; SYSC 6.1.1R; FCA Principle 3

Action

Fine

Status of proceedings

final

Sector

Financial services and insurance

Mitigating circumstances

Full cooperation (30% discount); CFD business discontinued in May 2025.

Original amount 338,000 GBP, converted at the ECB reference rate of 27 Mar 2026.

Checked against the official source on 25 Sep 2026 · Direct link

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The Luxembourg trade repository lacked adequate compliance procedures and an appropriate organisational structure, failed to identify operational risks and did not adequately protect the confidentiality and integrity of the reported data. ESMA imposed fines totalling 1,374,000 EUR for negligent infringements under EMIR and SFTR; the case is under appeal.

Authority / court

Europäische Wertpapier- und Marktaufsichtsbehörde (ESMA)

Area of law

Capital markets and financial supervision · Organisational requirements

Legal basis

Verordnung (EU) Nr. 648/2012 (EMIR), Art. 65, 73, Anhang I; Verordnung (EU) 2015/2365 (SFTR), Art. 9

Action

Fine

Status of proceedings

under appeal

Sector

Financial services and insurance

Culpability

negligent

Repeat case

yes

Checked against the official source on 25 Sep 2026 · Direct link

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For 2022 to 2024, the Cyprus Securities and Exchange Commission (CySEC) found that the investment firm had no adequate compliance procedures, did not define target markets for its financial instruments, did not act in the best interests of clients and did not inform clients in a fair, clear and not misleading manner. It imposed fines of 50,000, 30,000 and 20,000 EUR; a judicial review of the decision has been recorded.

Authority / court

Cyprus Securities and Exchange Commission (CySEC)

Area of law

Capital markets and financial supervision · Organisational requirements

Legal basis

Sec. 17(2), 17(3)(c), 22(1), 25(1), 25(3)(a) Gesetz über Wertpapierdienstleistungen 2017; Art. 22, 44 Delegierte VO (EU) 2017/565

Action

Fine

Status of proceedings

under appeal

Sector

Financial services and insurance

Published

17 Dec 2025

Checked against the official source on 25 Sep 2026 · Direct link

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The Commissariat aux Assurances (Luxembourg insurance supervisory authority, CAA) withdrew the broking firm’s licence (effective from 1 December 2025), among other things for using unregistered intermediaries, lacking internal expertise, insufficiently protected confidential data, economically unexplained payment flows with affiliated companies, incomplete or false information provided to the supervisory authority and deficient customer information.

Authority / court

Commissariat aux Assurances (CAA)

Area of law

Capital markets and financial supervision · Organisational requirements

Legal basis

Loi modifiée du 7 décembre 2015 sur le secteur des assurances, Art. 303 Abs. 3 lit. c

Action

Other

Status of proceedings

unknown

Sector

Financial services and insurance

Published

29 May 2026

Checked against the official source on 25 Sep 2026 · Direct link

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Paysera acquired 100% of the shares in UAB ‘Finansinės paslaugos „Contis“’ before the assessment period had expired and without a non-objection from the supervisory authority; in April 2025, the Lietuvos bankas (Bank of Lithuania, financial supervisor) objected to the acquisition owing to a lack of documents on reputation, financial soundness and money laundering risks. In addition, the annual financial statements and other reports were not approved and submitted on time. Fine of 400,000 EUR and obligation to remedy by 30 September 2025. Source: archived copy of the press release.

Authority / court

Lietuvos bankas (Litauische Zentralbank, Finanzaufsicht)

Area of law

Capital markets and financial supervision · Organisational requirements

Legal basis

Elektroninių pinigų ir elektroninių pinigų įstaigų įstatymas (Inhaberkontrolle, Berichtspflichten)

Action

Fine

Status of proceedings

unknown

Sector

Financial services and insurance

Published

5 Sep 2025

Checked against the official source on 25 Sep 2026 · Direct link

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For the period November 2020 to May 2025, the Cyprus Securities and Exchange Commission (CySEC) investigated the investment firm’s handling of conflicts of interest and its general conduct of business and information obligations towards clients. The proceedings ended with a settlement of 70,000 EUR, which the company has paid.

Authority / court

Cyprus Securities and Exchange Commission (CySEC)

Area of law

Capital markets and financial supervision · Organisational requirements

Legal basis

Art. 24(1), 25(1) Gesetz über Wertpapierdienstleistungen 2017; Art. 37(4) CySEC-Gesetz

Action

Other

Status of proceedings

final

Sector

Financial services and insurance

Published

17 Nov 2025

Checked against the official source on 25 Sep 2026 · Direct link

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Following an on-site inspection in 2024, the Commissariat aux Assurances (Luxembourg insurance supervisory authority, CAA) withdrew the broker’s licence (effective 15 September 2025): there was no effective management by approved managers, unlicensed ‘introducers’ were de facto selling insurance, and the broker’s licence, together with its sub-intermediary network, was improperly made available to third parties.

Authority / court

Commissariat aux Assurances (CAA)

Area of law

Capital markets and financial supervision · Organisational requirements

Legal basis

Loi modifiée du 7 décembre 2015 sur le secteur des assurances, Art. 273, 274, 283, 286, 303

Action

Other

Status of proceedings

unknown

Sector

Financial services and insurance

Published

16 Sep 2025

Checked against the official source on 25 Sep 2026 · Direct link

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The reinsurer breached the principle of specialisation in reinsurance business, its approved manager was not effectively present on site and had insufficient powers, the governance system including oversight of outsourced functions was inadequate, and orders from a 2019 inspection had not been implemented or only partially. The Commissariat aux Assurances (Luxembourg insurance supervisory authority, CAA) imposed the statutory maximum of 250,000 EUR; the company cooperated.

Authority / court

Commissariat aux Assurances (CAA)

Area of law

Capital markets and financial supervision · Organisational requirements

Legal basis

Loi modifiée du 7 décembre 2015 sur le secteur des assurances, Art. 49, 71, 81, 274, 303

Action

Fine

Status of proceedings

unknown

Sector

Financial services and insurance

Mitigating circumstances

Cooperation with the CAA during and after the inspection.

Published

8 Aug 2025

Checked against the official source on 25 Sep 2026 · Direct link

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The investigation covering 2021 to 2022 concerned compliance organisation, product governance, record-keeping obligations, safeguarding of client funds, client information, suitability and appropriateness assessments and the CFD restrictions for retail investors. Following board resolutions of 17 and 31 March 2025, the Cyprus Securities and Exchange Commission (CySEC) concluded a settlement of 225,000 EUR, which has been paid.

Authority / court

Cyprus Securities and Exchange Commission (CySEC)

Area of law

Capital markets and financial supervision · Organisational requirements

Legal basis

Art. 17, 22(1), 25, 26(3)(a) Gesetz über Wertpapierdienstleistungen 2017; Art. 42 VO (EU) 600/2014; Art. 37(4) CySEC-Gesetz

Action

Other

Status of proceedings

final

Sector

Financial services and insurance

Published

11 Nov 2025

Checked against the official source on 25 Sep 2026 · Direct link

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Employees identified weaknesses in investment models that could affect client returns by March 2019 at the latest, but Two Sigma only acted in August 2023; there were no policies, and one employee made unauthorised changes to more than a dozen models. In addition, separation agreements required employees to declare that they had not filed any complaint with authorities. The U.S. Securities and Exchange Commission (SEC) imposed 90 million USD; Two Sigma had already repaid 165 million USD to clients.

Authority / court

U.S. Securities and Exchange Commission (SEC)

Area of law

Capital markets and financial supervision · Organisational requirements

Legal basis

Investment Advisers Act of 1940 (Antifraud, Compliance Rule 206(4)-7); Exchange Act Rule 21F-17(a)

Action

Fine

Status of proceedings

final

Sector

Financial services and insurance

Culpability

intentional

Mitigating circumstances

Voluntary repayment of 165 million USD to affected funds and accounts.

Original amount 90,000,000 USD, converted at the ECB reference rate of 16 Jan 2025.

Checked against the official source on 25 Sep 2026 · Direct link

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From December 2020 to May 2023, staff on the agency CMO bond desk sold mortgage-backed bonds worth around 3 billion USD using misleading metrics; the broker-dealer’s supervisory procedures contained no requirements for the structuring and sale of these bonds. BMO paid 19,417,908 USD in disgorgement, 2,241,507 USD in interest and a civil penalty of 19 million USD.

Authority / court

U.S. Securities and Exchange Commission (SEC)

Area of law

Capital markets and financial supervision · Organisational requirements

Legal basis

Securities Exchange Act of 1934, Section 15(b)(4)(E) (Failure to supervise)

Action

Fine

Status of proceedings

final

Sector

Financial services and insurance

Employees

10,000 or more

Original amount 40,659,415 USD, converted at the ECB reference rate of 13 Jan 2025.

Checked against the official source on 25 Sep 2026 · Direct link

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The Swiss Financial Market Supervisory Authority (FINMA) found serious breaches of risk management obligations and of the requirement to guarantee irreproachable business conduct: the financial group monitored its distribution chain inadequately and in some cases worked with dubious, unregulated distributors that sold products in countries not intended for them without authorisation. FINMA ordered governance requirements, the termination of these relationships, the appointment of an audit agent and the confiscation of 9.3 million CHF in profits; the ruling was not yet final at the time of publication.

Authority / court

Eidgenössische Finanzmarktaufsicht (FINMA)

Area of law

Capital markets and financial supervision · Organisational requirements

Legal basis

Finanzmarktaufsichtsgesetz (FINMAG)

Action

Disgorgement of profits

Status of proceedings

unknown

Sector

Financial services and insurance

Mitigating circumstances

Good cooperation in the proceedings; Leonteq had already strengthened compliance and distribution controls of its own accord and terminated relationships with suspicious distributors

Original amount 9,300,000 CHF, converted at the ECB reference rate of 12 Dec 2024.

Checked against the official source on 25 Sep 2026 · Direct link

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From June 2020 to February 2022, a trader on the metals and commodities desk was able to book over 400 fictitious trades and circumvent three key internal controls in order to conceal losses; the bank was partly aware of the weaknesses but did not remedy them in time. Unwinding the positions cost around 57.8 million USD; the Financial Conduct Authority (FCA) imposed 13 million GBP on the bank and banned the trader Travis Klein.

Authority / court

Financial Conduct Authority (FCA)

Area of law

Capital markets and financial supervision · Organisational requirements

Legal basis

FCA Principles for Businesses, Principle 3 (Systeme und Kontrollen); s. 206 Financial Services and Markets Act 2000

Action

Fine

Status of proceedings

final

Sector

Financial services and insurance

Employees

10,000 or more

Liability of senior managers

Prohibition order imposed on the trader; no fine imposed on him on grounds of serious financial hardship.

Original amount 13,031,400 GBP, converted at the ECB reference rate of 26 Nov 2024.

Checked against the official source on 25 Sep 2026 · Direct link

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From 2018 to mid-2023, the bank had no adequate policies for impairments and provisions under IFRS 9 and the EBA guidelines on credit risk. Banka Slovenije (Bank of Slovenia) imposed 90,000 EUR on the bank and 2,500 EUR each on the chair of the management board and a board member.

Authority / court

Banka Slovenije

Area of law

Capital markets and financial supervision · Organisational requirements

Legal basis

Art. 171, Art. 396 Abs. 1 Nr. 19 ZBan-3

Action

Fine

Status of proceedings

final

Sector

Financial services and insurance

Liability of senior managers

Fines of 2,500 EUR each on the chair of the management board, Marko Rozman, and the board member Barbara Cerovšek Zupančič.

Checked against the official source on 25 Sep 2026 · Direct link

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The Berlin-based credit rating agency lacked adequate procedures, internal controls and organisational arrangements to deal with conflicts of interest, did not disclose a potential conflict and concealed ancillary services it had provided to a rated entity. ESMA found negligent infringements and imposed fines of 2,197,500 EUR.

Authority / court

Europäische Wertpapier- und Marktaufsichtsbehörde (ESMA)

Area of law

Capital markets and financial supervision · Organisational requirements

Legal basis

Verordnung (EG) Nr. 1060/2009 (CRA-Verordnung), Anhang III

Action

Fine

Status of proceedings

unknown

Sector

Financial services and insurance

Culpability

negligent

Repeat case

yes

Published

22 Mar 2024

Checked against the official source on 25 Sep 2026 · Direct link

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