Finma has ordered the structured products provider to halt its existing relationships as well as new business with unregulated distributors.
The Swiss Financial Market Supervisory Authority (FINMA) has imposed enforcement measures on Leonteq to ‘ensure that compliance with the law is restored’ and ordered the disgorgement of profits totalling CHF9.3m (US$10.2m). ‘The profit was generated in serious violation of regulatory law with two unregulated distributors,’ stated FINMA. According to the regulator, the Leonteq financial group (LTQ) seriously breached its risk management obligations and the obligations to