U.K. Hands Out £600,000 Broker Fine Linked to Tax Scandal
- FCA hands out second penalty in relation to Cum-Ex tax scandal
- Watchdog says Sunrise Brokers cooperated with investigation
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The U.K. markets regulator handed out its second penalty in relation to Cum-Ex trades, fining a broker more than 600,000 pounds ($803,500) for missing suspect trades with one of the key figures in the European tax scandal.
Sunrise Brokers LLP was fined over its relationship with hedge-fund manager Sanjay Shah, the Financial Conduct Authority said in a statement Friday. The watchdog said Sunrise traded in such huge volumes in 2015 that it amounted to more than 20% of the whole Danish stock exchange.