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Commerzbank hit by FSA fine

German financial giant Commerzbank has today been hit by a £595,000 fine after the Financial Services Authority (FSA) ruled that the company had submitted inaccurate reporting data regarding trades carried out by the company. This is just the latest in a long line of fines handed out by the FSA with regards to inaccurate reporting of trades which often form the very basis of insider dealing and market abuse investigations.

While there's no doubt that Commerzbank has co-operated fully with the FSA during the investigation it is a concern that yet another major player in the UK financial sector has been found guilty of misreporting trades. There is no suggestion of any wrongdoing by Commerzbank but it does show how highly the FSA values this particular data, which comes in from all financial companies in the UK, which is the first port of call with regards to future market abuse and insider dealing investigations.

The regulatory environment in the UK has changed significantly over the last two years and we are likely to see a further tightening of the rules and regulations in the short to medium term. The credit crunch and ongoing worldwide recession have certainly focused many minds upon the internal workings of international financial markets around the world.

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