01 · In plain English
What happened.
On 19 August 2022 the FCA fined Citigroup Global Markets Limited £12,553,800 for failures in its market‑abuse surveillance. The FCA found CGML breached Principle 2 (which requires firms to conduct business with due skill, care and diligence) between 2 November 2015 and 18 January 2018, and breached Article 16(2) of the Market Abuse Regulation (which requires firms to establish and maintain effective arrangements, systems and procedures to detect and report suspicious orders and transactions) between 3 July 2016 and 18 January 2018. The FCA set out its findings and the penalty in a Final Notice published on its website.
Summarised from the FCA's notice and press reports. The FCA's own text and documents below are the authoritative record.
02 · Enforcement details
What the FCA register says.
On 19 August 2022, the Financial Conduct Authority (the “FCA”) imposed a financial penalty of £12,553,800 on Citigroup Global Markets Limited (“CGML”) for breaches of Principle 2 of the FCA’s Principles for Businesses (“Principle 2”) and Article 16(2) of the Market Abuse Regulation, Regulation (EU) No. 596/2014 (“Article 16(2)”). The reasons for this action are that CGML: (i) breached Principle 2 during the period between 2 November 2015 and 18 January 2018 by failing to conduct its business with due skill, care, and diligence in relation to its implementation of the requirements of Article 16(2); and (ii) breached Article 16(2) during the period between 3 July 2016 and 18 January 2018 by failing to establish and maintain effective arrangements, systems and procedures to detect and report suspicious orders and transactions. A copy of the Final Notice is available on the FCA's website and can be accessed using the following link:
03 · Firm details
Firm on the FCA register.
- Firm name
- Citigroup Global Markets Limited
- Firm reference number
- 124384
- Register status
- Authorised
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