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Release Date: 19th August 2022

To access the original FCA document, click here.

Summary

Citigroup Global Markets Limited (CGML) was fined £12,553,800 by the Financial Conduct Authority (FCA) on 19 August 2022 for breaches of Principle 2 of the Authority’s Principles for Businesses and Article 16(2) of the Market Abuse Regulation (MAR). The fine, reduced from £17,934,030 due to a 30% early settlement discount, was imposed because CGML failed to implement effective systems to detect and report potential market abuse.

Key Takeaways for Other Firms:

Summary of Findings:

In conclusion, the FCA’s action against Citigroup Global Markets Limited underscores the necessity for firms to implement regulatory requirements effectively and maintain robust compliance systems. Firms must ensure continuous monitoring and timely remediation of any compliance gaps to uphold market integrity and avoid significant penalties.

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