Goldman Sachs hit with £17.5m FSA fine


The financial watchdog said the fine related to GSI's failure to ensure that it had in place adequate systems and controls to enable it to comply with its UK regulatory reporting obligations. This resulted in a failure to notify the FSA of matters relating to the United States Securities and Exchange Commission (SEC) investigation into the Abacus 2007-AC1 synthetic collateralised debt obligation (Abacus).

The Abacus product was structured by GSI's US affiliate, Goldman Sachs & Co. (GSC), and

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