On Jul. 30, 2018 NFA announced compliance rule amendments to incorporate CDD. Applies to FCM, IB members must comply, identify beneficial owners, diligence. Also updated self-exam questionnaire and AML Procedures web client system. All changes are immediately effective, as required by the CDD rules in effect.
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FINRA Fines for Unsuitable Trading
On Jul. 16, FINRA fined Capitol $100k for unsuitable fund advice. Capitol Securities Management, fined $100k, with $44.7k restitution to clients. For conducting unsuitable short-term trading, in unit investment trusts (UITs). Unsuitable Trades Failed to establish supervisory system to prevent unsuitable short-term trades. Did not enforced UIT switch form per policy, to detect premature sales…
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