A Regulatory Settlement Agreement has been entered into between the Gibraltar Financial Services Commission (GFSC) and InterTrader Limited (ITL), a Gibraltar company. This Agreement relates to the firm as at March 2019 when standards in certain areas fell below what was expected of it for regulatory purposes.
ITL is authorised by the GFSC as a Category 1 Investment Firm (GFSC authorisation number FSC0199FSA). It also trades under the business name InterTrader Direct.
In December 2018, on its own initiative, ITL commissioned an internal audit by an independent third party which included a comprehensive review of its regulatory compliance. At the date of this statement, having worked closely with the GFSC since March 2019, ITL has substantially remediated the matters identified in this review, implementing improvements to its systems, policies and procedures. ITL’s parent company has appointed a successor Executive Chairman and Board of Directors between December 2018 and September 2019, replacing all of the Directors in office at the material time.
ITL acknowledges and accepts that the firm fell below regulatory standards in aspects of its governance arrangements, management functions and internal procedures. ITL recognises that in the area of market abuse surveillance, the firm did not fully identify and assess specific risks to the standards expected of it for regulatory purposes. ITL has since widely improved its internal systems and reporting procedures throughout the firm. ITL also acknowledges and accepts that improvements were required in some operational areas relating to its record keeping, complaint handling and identification and recording of potential areas where conflicts of interest may arise.
ITL has agreed to pay a financial penalty under the Supervisory Bodies (Powers etc) Regulations 2017 and the Financial Services (Markets in Financial Instruments) Act 2018 by way of an agreed regulatory settlement with the GFSC. This agreement has been reached through a collaborative process and without any formal investigation or formal adjudication.
ITL continues to hold its authorisations as a Category 1 Investment Firm from the GFSC and no further action is contemplated by the GFSC.