FINRA fines Murray Securities for alleged violations of Regulation Best Interest
The Financial Industry Regulatory Authority (FINRA) has imposed a fine of $35,000 on Murray Securities, Inc.
Since June 30, 2020, Murray Securities has failed to establish and maintain a supervisory system, and has failed to establish, maintain, and enforce written policies and procedures, reasonably designed to achieve compliance with Exchange Act Rule 15/-1 (Regulation Best Interest or Reg BI).
As a result, the firm has willfully violated Securities Exchange Act of 1934 Rule 15/- l (a)(l) and has violated FINRA Rules 3110 and 2010.
Also, since June 30, 2020, Murray Securities has omitted required information from its Form CRS, and has failed to establish and maintain a supervisory system, including written supervisory procedures (WSPs), reasonably designed to achieve compliance with its Exchange Act Rule 1 7 a-14 obligations to prepare, deliver, and update its customer relationship summary (Form CRS).
As a result, Murray Securities has willfully violated Section l 7(a)( 1) of the Exchange Act and Exchange Act Rule l 7a-14, and has violated FINRA Rules 3110 and 2010.
On top of the fine, the firm has agreed to a censure.