FINRA Fines Murray Securities for Violations of Regulations
FINRA fined Murray Securities, Inc. $35,000.
The Financial Industry Regulatory Authority (FINRA) imposed a fine of $35,000 on Murray Securities, Inc.
Since June 30, 2020, Murray Securities has failed to establish and maintain supervisory systems, as well as to establish, maintain, and enforce written policies and procedures reasonably designed to achieve compliance with Rule 15c/-1 of the Securities Exchange Act (Best Interest Rule or BI Rule).
As a result, the firm intentionally violated Rule 15c/-1(a)(1) of the Securities Exchange Act of 1934 and violated FINRA Rules 3110 and 2010.
Additionally, since June 30, 2020, Murray Securities omitted required information in its CRS Form and failed to establish and maintain supervisory systems, including Written Supervisory Procedures (WSPs), reasonably designed to fulfill its obligations under Section 17a-14 of the Securities Exchange Act to prepare, deliver, and update its Customer Relationship Summary (CRS).
Consequently, Murray Securities intentionally violated Sections 17(a)(1) of the Exchange Act and Rule 17a-14 of the Exchange Act and violated FINRA Rules 3110 and 2010.
In addition to the fine, the firm also agreed to accept censure.
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