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Aug 20, 2023Morgan Stanley Fined GBP5.4 Mln by UK Energy Regulator for Communication Breaches
Jun 22, 2023By Ian Walker
U.K. energy regulator Ofgem has fined Morgan Stanley & Co. International 5.4 million pounds ($6.9 million) for failing to record and keep electronic trading communications between January 2018 and March 2020.
The regulator said Wednesday that Morgan Stanley admitted the breaches and fully co-operated with it to settle the case. It received a 30% discount to the penalty for settling.
Moran Stanley has taken steps to ensure that the breaches don't happen again, including enhanced staff training and strengthening its internal systems and controls.
"It is unacceptable that MSIP failed to prevent electronic communications which could not be recorded or retained. It risks a significant compromise of the integrity and transparency of wholesale energy markets," Regulatory Director of Enforcement and Emerging Issues at Ofgem, Cathryn Scott said.
Write to Ian Walker at [email protected]
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