On November 17, the UK Financial Conduct Authority (FCA) published its final notice addressed to Mothahir Miah, a former investment analyst at a large UK institutional asset manager, fining him £139,000 and banning him from performing any function in relation to any regulated activity in the United Kingdom for at least five years. In its investigation of Mr. Miah’s trading activities leading up to the issuance of the final notice, the FCA found that Mr. Miah had failed to satisfy the FCA’s approved persons “Statement of Principle and Code of Practice for Approved Persons” (APER). In particular, Mr. Miah failed to satisfy Statement of Principle 1, which mandates that any approved person must act with integrity in carrying out his accountable functions. The FCA found that Mr. Miah had failed to act with integrity and consequently has been deemed a person who is not fit and proper to act in a function relating to a regulated activity in the UK financial services industry.
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