Compliance Monitor
FCA fines broker as investigations develop into cum-ex trading schemes
By Neasa MacErlean
The FCA has concluded its first disciplinary case in relation to cum-ex trading, dividend arbitrage and withholding tax reclaim
schemes. Sapien Capital, based in central London, was fined £178,000 for “serious financial crime control failings” — in relation
to securities trading totalling £6.3 billion carried out for companies based in the Cayman Islands and other entities. This
case is one of “a number of ongoing and overlapping investigations” currently being conducted by the regulator.