It was revealed last week that MD Global Partners, a New York -based mediation company, was fined at $ 40,000 and was controlled by the Financial Industry Regulatory Authority (Finra).
The fine and censorship are said to be multiple compliance violations, including failures in implementing the policies required under the interest of the regulation (RG BI).
According to the acceptance, concession, and approval published by the Finra last week, the company failed to create, maintained written procedures and enforce it reasonably to comply with the RG BI between June 2020 and December 2022.
The list imposes brokers to dispose of the interest of retail customers when submitting investment recommendations, without setting their financial interests first.
Finra said that the written supervisory procedures of MD Global did not include any provisions related to RG BI during the period under review.
According to what was reported, the company failed to maintain a suitable supervisory system to comply with RG BI, violate the finra 3110 and 2010 rules in addition to the exchange law.
The additional violations included the late deposit-or in one case, without residence-from the documents required for 16 special offer in 2019 and 2024, violating Article 5123.
In addition, Finra said that the company did not complete the mandatory annual compliance certificates from 2019 to 2023, violating the base 3130.
MD Global accepted the results without recognizing or denying violations and agreed to the sanctions. Finra concluded that the company has provided payment details and gave up its right to appeal.