Finansinspektionen (FI) has found that SEB has reported transactions improperly and that there have been deficiencies in the internal control of transaction reporting. SEB is therefore being issued a remark and must pay an administrative fine of SEK 12 million.
FI’s investigation shows that SEB improperly reported transactions of bonds and other types of financial instruments over a number of years. FI therefore finds that SEB has breached the rules regarding transaction reporting.
Furthermore, FI finds that the controls SEB has taken to ensure correct transaction reporting have been neither appropriate nor sufficient. For the part of the operations to which the transaction reporting refers, FI has determined that SEB has not fulfilled the requirements on satisfactory internal control.
There is a requirement on transaction reporting in order for FI to be able to monitor that firms conducting securities business act “honestly, fairly and professionally” and in this way ensure the promotion of the integrity of the securities market.
FI is issuing SEB a remark as a result of the breaches. The remark will be accompanied by an administrative fine of SEK 12 million.
