The UK's Financial Services Authority (FSA) announced on Monday that it has fined Bear Stearns International Limited (BSIL) £40,000 for failing to report contracts for differences (CFD) transactions.
During a review of trading, the FSA discovered that BSIL had inadvertently failed to report any of its CFD transactions to the FSA since August 2001, which is when the firm began to undertake CFD business.
In a statement, the finance sector regulator explained that:
"Accurate transaction reports are critical to the FSA's ability to maintain confidence in the financial markets and reduce financial crime."
Bear Stearns has stated that it will not refer the matter to the Financial Services and Markets Tribunal.
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