The Channel Islands Stock Exchange has been fined £190,000 by the Guernsey regulator for failings relating to Arch cru.
The Guernsey Financial Services Commission launched an investigation into the CISX in February 2012 over concerns that transactions in the listed securities of Arch Guernsey ICC and its cells had been implicated in possible market manipulation and other forms of irregular trading.
The Arch cru fund range, which had assets under management of approximately £645m at its peak, was suspended in March 2009.
Arch Financial Products acted as fund manager of both the Arch cru funds and the Guernsey cells in which the funds were investing. The Guernsey cells invested in assets such as private equity and alternative asset classes such as Greek shipping and student accommodation.
The Guernsey Financial Services Commission has fined the CISX £190,000 and says its investigation has now concluded.
The commission says it is satisfied that the former chief executive of the CISX has breached no regulatory requirements, and that no further action would be justified against her. It says there will also be no further action against any former or present officers or non-executive directors.