Redegørelse om inspektion af GXG Ma

Redegørelse om inspektion af GXG Markets A/S
1. Indledning
Finanstilsynet gennemførte i november 2014 en ordinær inspektion af GXG Markets A/S (”GXG”) på selskabets adresse i Horsens.
Inspektionen havde til formål at kontrollere GXG’s håndtering af de iboende risici ved selskabets forretningsmodel. Herudover havde Finanstilsynet fokus på GXGs kapitalforhold, samt forretningsmodellens generelle holdbarhed.
2. Sammenfatning og risikovurdering
GXG har tilladelse til at drive det regulerede marked GXG Official List og til at drive de multilaterale handelsfaciliteter GXG First og Main Quote som accessorisk virksomhed.
GXGs forretningsmodel er baseret på optagelse af selskaber til handel, samt godkendelse af andre aktører med et andet hjemland end Danmark – i flere tilfælde fra tredjelande med stor geografisk afstand til Danmark.
Forretningsmodellen stiller derfor store krav til GXGs evne til at kunne kontrollere, at udstederselskaberne og handelsmedlemmerne er hæderlige og egnede til at få adgang til GXGs handelspladser.
Herudover stiller forretningsmodellen store krav til GXGs evne til efterfølgende at kunne udøve en fyldestgørende og rettidig overvågning af handlen samt af udstederselskabernes oplysningsforpligtelser (markedsovervågning).
Finanstilsynet har tidligere meddelt GXG en række risikooplysninger, påtaler, påbud og politianmeldt GXG i sager, som omhandlede GXGs optagelse af selskaber til handel.
Finanstilsynet konstaterede ved inspektionen, at GXG havde optaget adskillige tredjelandsbaserede udstederselskaber til handel på sine markedspladser i strid med GXGs egne regler. I flere tilfælde havde GXG efter Finanstilsynets opfattelse fortolket sine regler på en sådan måde, at selskaber lige netop kunne blive optaget, mens GXG i flere andre tilfælde slet ikke havde iagttaget sine egne adgangskriterier.
Det er Finanstilsynets vurdering, at GXG groft har tilsidesat de risikooplysninger, som Finanstilsynet over en længere periode har fremhævet for GXG, og at GXG – ved at optage de mange yderligere selskaber – har påtaget sig risici, som selskabet historisk set ikke har været i stand til at håndtere.
Finanstilsynet bemærker desuden, at GXG i 2014 kun har haft et positivt resultat i 2 måneder. Det var i månederne umiddelbart før september 2014, hvor GXGs reviderede regler, som medførte væsentlige begrænsninger for, hvilke selskaber der kunne optages til handel, trådte i kraft. Efter Finanstilsynets opfattelse bekræfter dette, at GXG har haft et økonomisk incitament til at optage så mange selskaber som muligt til handel før reglernes ikrafttræden, uden i øvrigt at tage stilling til den særlige risiko, som optagelsen af selskaberne medførte, og som Finanstilsynet havde henledt GXGs opmærksomhed på.
Finanstilsynet konstaterede under inspektionen, at GXG internt i organisationen havde tilladt langt over 70 sager om mulig overtrædelse af GXG’s egne regler at blive opbygget uden hverken at sagsbehandle disse eller at foretage den lovpligtige indberetning til Finanstilsynet.
GXG havde på tidspunktet for undersøgelsen endnu ikke et fuldt overblik over sagerne, men havde dog konstateret, at flere omhandlede ”fraud claims” eller anden adfærd, som kunne give anledning til mistanke om bedrageri.
Det er Finanstilsynets vurdering, at de gjorte observationer bekræfter den risiko ved GXGs forretningsmodel, som Finanstilsynet i gentagne tilfælde har henledt GXGs opmærksomhed på.
Finanstilsynet finder, at det er et udtryk for grov forsømmelighed, at GXG har tilladt så mange sager at blive oparbejdet, uden at GXG hverken har sagsbehandlet disse eller foretaget underretning til Finanstilsynet.
Finanstilsynet bemærker særligt, at flere af sagerne kan have bevirket, at investorer eller andre kan have lidt tab som følge af bedragerisk adfærd.
Som operatør af et reguleret marked er GXG ansvarlig for, at markedet drives på en betryggende og hensigtsmæssig måde.
Det er Finanstilsynets vurdering, at om end der er stor forskel med hensyn til den egentlige drift af den primære aktivitet (GXG Official List) og accessoriske aktivitet (GXG First Quote og GXG Main Quote), bærer GXG ligeledes et overordnet og grundlæggende ansvar for, at også de accessoriske aktiviteter drives på en betryggende og hensigtsmæssig måde, herunder eksempelvis at de privatretlige regler for drift af en multilateral handelsfacilitet håndhæves.
Finanstilsynets inspektion har afdækket, at GXG i gentagne og grove tilfælde har forsømt og tilsidesat sine egne regler og interne retningslinjer. Som konsekvens heraf har GXG eksponeret sig selv og markedet for netop de risikoelementer, som selvsamme regler har til hensigt at håndtere og reducere.
Det er på denne baggrund Finanstilsynets vurdering, at GXG ikke har drevet sit regulerede marked og sine multilaterale handelsfaciliteter på en betryggende og hensigtsmæssig måde. En sådan drift er uforenelig med fortsat opretholdelse af selskabets tilladelser, hvorfor det er Finanstilsynets vurdering, at selskabets tilladelser bør inddrages.
Finanstilsynet sendte på denne baggrund et udkast til afgørelse om inddragelse af GXGs tilladelser til GXG den 29. maj 2015.
Den 29. juni 2015 offentliggjorde GXG en meddelelse om, at GXG med øjeblikkelig virkning havde indført et stop for optagelse af nye selskaber til handel på GXGs markedspladser. I meddelelsen oplyste GXG, at optagelsesstoppet var begrundet med, at GXG havde indledt dialog med Finanstilsynet om selskabets regulatoriske forhold, herunder at GXG overvejede en frivillig indlevering af selskabets tilladelser til at drive tilsynsbelagt virksomhed.
GXG har efterfølgende, den 6. juli 2015, offentliggjort en meddelelse om, at GXG har besluttet at indlevere selskabets tilladelser, hvorved GXGs aktiviteter ophører med virkning pr. 18. august 2015.
Henset til, at GXG har besluttet at indlevere selskabets tilladelser, vil Finanstilsynet i sagens natur henlægge sagen om inddragelse af GXGs tilladelser.

結果 (英語) 1:

Redegørelse om inspektion af GXG Markets A/S1. IndledningFinanstilsynet gennemførte i november 2014 en ordinær inspektion af GXG Markets A/S (”GXG”) på selskabets adresse i Horsens.Inspektionen havde til formål at kontrollere GXG’s håndtering af de iboende risici ved selskabets forretningsmodel. Herudover havde Finanstilsynet fokus på GXGs kapitalforhold, samt forretningsmodellens generelle holdbarhed.2. Sammenfatning og risikovurderingGXG har tilladelse til at drive det regulerede marked GXG Official List og til at drive de multilaterale handelsfaciliteter GXG First og Main Quote som accessorisk virksomhed.GXGs forretningsmodel er baseret på optagelse af selskaber til handel, samt godkendelse af andre aktører med et andet hjemland end Danmark – i flere tilfælde fra tredjelande med stor geografisk afstand til Danmark.Forretningsmodellen stiller derfor store krav til GXGs evne til at kunne kontrollere, at udstederselskaberne og handelsmedlemmerne er hæderlige og egnede til at få adgang til GXGs handelspladser.Herudover stiller forretningsmodellen store krav til GXGs evne til efterfølgende at kunne udøve en fyldestgørende og rettidig overvågning af handlen samt af udstederselskabernes oplysningsforpligtelser (markedsovervågning).Finanstilsynet har tidligere meddelt GXG en række risikooplysninger, påtaler, påbud og politianmeldt GXG i sager, som omhandlede GXGs optagelse af selskaber til handel.The Danish financial supervisory authority established by the inspection that had recorded several third-country based GXG issuing companies to trading on its markets in violation of GXGs own rules. In several cases had GXG after DFSA interpreted its rules in such a way that companies just might be busy, while in several other cases, GXG had not observed its own access criteria.It is the FSA's assessment, GXG grossly infringed the risk information, such as the Danish financial supervisory authority over an extended period have highlighted for GXG, and GXG — by recording the many further companies – have assumed risks that the company historically has not been able to handle.The FSA also notes that GXG in 2014 have only had a positive result in 2 months. It was in the months immediately before september 2014, where GXGs revised rules, which led to significant restrictions on which companies could be admitted to trading, came into force. After the FSA believes this confirms that GXG has had an economic incentive to record as many companies as possible to trade before the entry into force of the rules, without taking a position on the specific risk, such as the inclusion of the companies, and that the FSA had drawn the attention of GXGs.Finanstilsynet konstaterede under inspektionen, at GXG internt i organisationen havde tilladt langt over 70 sager om mulig overtrædelse af GXG’s egne regler at blive opbygget uden hverken at sagsbehandle disse eller at foretage den lovpligtige indberetning til Finanstilsynet.GXG havde på tidspunktet for undersøgelsen endnu ikke et fuldt overblik over sagerne, men havde dog konstateret, at flere omhandlede ”fraud claims” eller anden adfærd, som kunne give anledning til mistanke om bedrageri.Det er Finanstilsynets vurdering, at de gjorte observationer bekræfter den risiko ved GXGs forretningsmodel, som Finanstilsynet i gentagne tilfælde har henledt GXGs opmærksomhed på.Finanstilsynet finder, at det er et udtryk for grov forsømmelighed, at GXG har tilladt så mange sager at blive oparbejdet, uden at GXG hverken har sagsbehandlet disse eller foretaget underretning til Finanstilsynet.Finanstilsynet bemærker særligt, at flere af sagerne kan have bevirket, at investorer eller andre kan have lidt tab som følge af bedragerisk adfærd.Som operatør af et reguleret marked er GXG ansvarlig for, at markedet drives på en betryggende og hensigtsmæssig måde.It is the FSA's assessment, although there is a big difference in terms of the actual operation of the primary activity (GXG Official List) and ancillary activity (GXG First Quote and GXG Main Quote), carries the GXG also an overarching and fundamental responsibility for that also the ancillary activities are operated in a safe and appropriate manner, including, for example, that the private law rules governing the operation of a multilateral trading facility is enforced.FSA inspection unearthed that GXG in repeated and serious cases have neglected and violated its own rules and internal guidelines. As a consequence of this, the GXG exposed themselves and the market for it is precisely the elements of risk, as the very same rules intend to handle and reduce.It is against this background, the Danish FSA assessment that has not driven its GXG regulated market and its multilateral trading facilities in a safe and appropriate manner. Such an operation is incompatible with the continued maintenance of the company's permissions, why it is FSA assessment that its permissions should be involved.The Danish financial supervisory authority sent against this background, a draft decision on the inclusion of GXGs permissions to GXG on 29. may 2015.The 29. June 2015 GXG published a message that GXG with immediate effect had introduced a moratorium on the admission of new companies to trade at the GXGs Fairgrounds. The communication stated that the recording stopped GXG was based on the grounds that the GXG had initiated dialogue with the FSA about the company's regulatory environment, including the GXG was considering a voluntary filing of the company's permission to operate the supervisory coated company.GXG has subsequently, the 6. July 2015, published a message that GXG has decided to submit the company's permits, thus GXGs activities cease effect per 18. August 2015.Since the GXG has decided to submit the company's permissions, the Danish financial supervisory authority, by its very nature, drop the matter of inclusion of GXGs permissions.

結果 (英語) 2:

Statement on inspection of GXG Markets A / S
first Introduction
FSA conducted in November 2014, an annual inspection of the GXG Markets A / S ("GXG") at the company headquarters in Horsens.
The inspection aimed to check GXG's handling of the risks inherent in the company's business model. In addition, the FSA focused on GXGs capital structure and business model overall durability.
2nd Summary and risk assessment
GXG has permission to operate the regulated market GXG Official List and to operate multilateral trading facilities GXG First and Main Quote as an ancillary activity.
GXGs business model is based on raising companies to trade, as well as approval of other actors with another home country than Denmark - in several cases from third countries with large geographical distance to Denmark.
The business model thus makes high demands on GXGs ability to verify that the issuer companies and trade members to be suitable for accessing GXGs trading places.
In addition, make the business model demands to GXGs ability to subsequently be able to exercise adequate and timely monitoring of the deal and the issuing companies' disclosure obligations (market surveillance).
The FSA has previously announced GXG a number of risk information, reprimands, instructions and police GXG in cases referred GXGs recording companies to trade.
FSA identified during the inspection, that GXG had recorded several country-based issuer companies to trading on its markets in violation of GXGs own rules. In several cases had GXG FSA believes interpreted its rules in such a way that companies just might be busy while GXG in several other cases had not observed its own admission criteria.
It is the FSA's assessment that GXG gravely disregarded the risk information which the FSA over a longer period has highlighted GXG and GXG - by recording the many additional companies - has assumed risks that the company historically has not been able to handle.
FSA also notes that GXG 2014 has had a positive result in 2 months. It was in the months immediately prior to September 2014, when GXGs revised rules, which resulted in significant restrictions on which companies could be admitted to trading, entered into force. After the FSA's opinion confirms that GXG has had a financial incentive to incorporate as many companies as possible to trade before they enter into force, without prejudging the specific risk that the absorption of the companies led and FSA had drawn GXGs attention.
FSA found during the inspection that GXG within the organization had allowed far more than 70 cases involving possible breaches of GXG's own rules to be built without either caseworker these or carry out the statutory reporting to the Danish Financial Supervisory Authority.
GXG had at the time of the survey yet not a full overview of the cases, but had found that several referred to "fraud claims" or other conduct that could give rise to the suspicion of fraud.
It is the FSA's assessment that the observations made ​​confirms the risk of GXGs business model that FSA in repeated cases have drawn GXGs attention.
FSA finds that it is an expression of gross negligence that GXG has allowed so many cases to be processed without GXG neither case addressed these or made ​​notification to the Danish Financial Supervisory Authority.
FSA specifically notes that several of the cases may have led to investors or others may have suffered losses as a result of fraudulent behavior.
As an operator of a regulated market is GXG responsible for ensuring that the market operated in a safe and appropriate manner.
It is the FSA's assessment that although there is a big difference in terms of the actual operation of the primary activity (GXG Official List) and ancillary activity (GXG First Quote and GXG Main Quote), carries GXG also a general and basic responsibility that also the ancillary activities are operated in safe and appropriate manner, including for example the private law rules for operating a multilateral trading facility enforced.
FSA's inspection has revealed that GXG in repeated and serious neglected and violated its own rules and internal guidelines. As a consequence, GXG exposed itself and the market for precisely those elements of risk, which even same rules intend to manage and reduce.
It is against this background FSA's assessment that GXG has not run its regulated market and its multilateral trading facilities in a safe and suitable manner. Such an operation is incompatible with the continued maintenance of its permits, why it is the FSA's assessment that the company's permits should be involved.
FSA sent on this basis a draft decision on the inclusion of GXGs permissions GXG 29 May 2015.
On 29 June 2015 published GXG a message to GXG immediately had a moratorium on the admission of new companies to trade on GXGs marketplaces. In the notice of GXG that shooting stopped was justified by the GXG had initiated dialogue with the FSA on the company's regulatory affairs, including GXG contemplating a voluntary filing of the company's operating permits for supervision covered business.
GXG subsequently, July 6, 2015, published a message that GXG has decided to submit the company's licenses whereby GXGs activities will cease with effect. 18 August 2015.
Given that GXG has decided to submit its permits, the FSA inherently close the case on the involvement of GXGs permits.

結果 (英語) 3:

Report on the inspection of GXG Markets A/S
1. Initiation
november 2014 monitoring was carried out in an ordinary inspection of GXG Markets A/S ( "GXG") on the company's address in Horsens.
the inspection was intended to check GXG's handling of the risks inherent in its business model. In addition, monitoring focus on GXGs capital,And underpins general durability.
2. Summary and risk assessment
GXG has permission to operate the regulated market GXG Official List, and to drive the multilateral trading facilities GXG First and Main Quote as an ancillary activity.
GXGs business model is based on inclusion of companies to trade,And the approval of other players with a second home country than Denmark - in several cases from third countries with large geographical distance to Denmark.
The Business Model is therefore large requirements for GXGs ability to be able to verify that udstederselskaberne and handelsmedlemmerne is honest and appropriate to access GXGs platforms.
In addition, it provides the business model demands of GXGs ability subsequently to being able to exercise an adequate and timely monitoring of trade and of udstederselskabernes disclosure obligations (market surveillance) .
Financial Supervisory Authority has previously notified GXG a number of hazard information, discovered, obligations and politianmeldt GXG in cases, referred to as GXGs recording of companies to trade.
Financial Supervisory Authority established at the time of the inspection, the GXG had included several tredjelandsbaserede udstederselskaber to trading on its markets in violation of GXGs own rules. In several cases, GXG after Danish Financial Supervisory Authority's opinion interpreted its rules in such a way that companies just to be able to be recorded,While GXG in several other cases did not have its own eligibility criteria have been observed.
it is Danish Financial Supervisory Authority's assessment, the GXG coarse has failed to comply with the hazard information, such as Financial Supervisory Authority over a longer period has highlighted the GXG and that GXG - to incorporate the many additional companies - has assumed risks, which the company historically has not been able to handle.
Financial Supervisory Authority also notes that GXG in 2014 have had only a positive result in 2 months. It was in the months immediately before September 2014, where GXGs revised rules, which resulted in significant restrictions on which companies could be admitted to trading, came into force. After Danish Financial Supervisory Authority's opinion confirms this,The GXG has had a financial incentive to incorporate as many companies as possible to trade before the entry into force, without, however, to take a position on the specific risk, which resulted in the inclusion of the companies, and which Financial Supervisory Authority had drawn attention to GXGs.
Financial Supervisory Authority found during the inspection,The GXG internally in the organization had allowed well over 70 cases of violation of GXG's own rules to be built without either sagsbehandle these or carry out the statutory reporting to Financial Supervisory Authority.
GXG had at the time of the survey does not yet have a full overview of the cases, but had found, however,Several referred to "fraud claims" or other behavior, which could give rise to suspicion of fraud.
it is Danish Financial Supervisory Authority's assessment that the observations confirm the risk of GXGs business model that Financial Supervisory Authority in several cases have drawn attention to GXGs.
Financial Supervisory Authority takes the view that it is an expression of serious negligence,The GXG has allowed so many cases to be reprocessed, without GXG has neither sagsbehandlet these or a notification has been made to Financial Supervisory Authority.
Financial Supervisory Authority notes that several of the cases may have led to investors or others may have suffered as a result of fraudulent behavior.
as the operator of a regulated market is responsible for GXG,The market is driven in a safe and appropriate way.
it is Danish Financial Supervisory Authority's assessment that if there is a major difference in terms of the actual operation of the primary activity (GXG Official List) and ancillary activity (GXG First Quote and GXG Main Quote), bear GXG also a comprehensive and fundamental responsibility for,That also the ancillary activities are operated in a safe and appropriate manner, such as, for instance, that the private law rules for the operation of a multilateral established enforced.
Danish Financial Supervisory Authority's inspection has uncovered, the GXG in repeated and serious cases has neglected and failed to comply with its own rules and internal guidelines.As a consequence, GXG has exposed itself and the market for just the elements, by the same rules is intended to manage and reduce.
this is the basis on Danish Financial Supervisory Authority's assessment that GXG has not driven his regulated market and its multilateral trading facilities in a safe and appropriate manner.Such an operation is incompatible with continued maintenance of the company's licenses, why it is Danish Financial Supervisory Authority's assessment that the company's licenses should be involved.
Financial Supervisory Authority sent in this context a draft decision on the involvement of GXGs authorizations for the GXG may 29, 2015.
the June 29, 2015 GXG published a communication on,The GXG with immediate effect had imposed a moratorium on the admission of new companies to trade at GXGs marketplaces. The communication stated that GXG optagelsesstoppet was justified by the fact that GXG had initiated dialog with monitoring of the company's regulatory conditions, including to GXG considered a voluntary receipt of the company's licenses to operate tilsynsbelagt company.
GXG has subsequently, the July 6, 2015, published a notice to the effect that GXG has decided to deliver its permissions, thereby GXGs activities shall cease with effect from August 18, 2015.
in view of the fact that GXG has decided to deliver its permissions, will Financial Supervisory Authority in its very nature close the case on the involvement of GXGs permissions.