Release Date: 17th June 2015
To access the original FCA document, click here.
Summary
The FCA fined Asia Resource Minerals plc (ARM), formerly Bumi plc, £4,651,200 for inadequate systems and controls to comply with listing obligations, breaching various listing rules, and failing to identify related party transactions valued at just over £8 million. The FCA identified serious breaches of Listing Principle 2, Listing Rules 8 and 11, and Disclosure and Transparency Rule 4 between 28 June 2011 and 19 July 2013.
- Robust Systems and Controls: Establish and maintain adequate procedures to comply with listing obligations and identify related party transactions.
- Timely Reporting: Ensure timely publication of financial reports and transparency in financial disclosures.
- Protect Minority Investors: Implement measures to protect minority investors from potential conflicts of interest involving large shareholders and directors
- Consult Sponsors: Seek guidance from a sponsor when entering transactions that may involve related parties to ensure compliance with listing rules.
- Regular Reviews: Conduct regular reviews of systems and controls to identify and mitigate risks of non-compliance.
By adhering to these principles, firms can maintain investor confidence, ensure compliance with regulatory standards, and avoid substantial penalties.
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