A firm settled FINRA charges for failing to conduct an annual inspection of its branch Office of Supervisory Jurisdiction ("OSJ").
In a Letter of Acceptance, Waiver, and Consent, FINRA also found that, regarding its OSJ and a non-OSJ branch, the firm failed to evidence in written inspection reports its review of policies and procedures pertaining to (i) supervision of supervisory personnel, (ii) transmittals of customer funds and (iii) changes of customer account information. As a result, the firm violated FINRA Rules 3110(c)(1)(A), 3110(c)(2) and 2010.
To settle the charges, the firm agreed to (i) a censure and (ii) a $15,000 fine.
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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
