The Financial Industry Regulatory Authority (FINRA) fined Murray Securities, Inc. $35,000.
As of June 30, 2020, Murray Securities has failed to establish and maintain a system of oversight and has failed to establish, maintain, and enforce written policies and procedures reasonably designed to achieve compliance with Exchange Act Rule 15/-1 ( Best Interest Regulation or Reg BI).
As a result, the company willfully violated the Securities Exchange Act of 1934, Rule 15/- l (a)(l) and violated FINRA Rules 3110 and 2010.
Also, as of June 30, 2020, Murray Securities omitted required information from its Form CRS and failed to establish and maintain a system of oversight, including written supervisory procedures (WSPs), reasonably designed to achieve compliance with the Rule 1 7 of the Exchange Act a-14 obligations to prepare, deliver and update the summary of customer relations (Form CRS).
As a result, Murray Securities willfully violated Section l 7(a)(1) of the Exchange Act and Exchange Act l 7a-14 Rule, and has violated FINRA Rules 3110 and 2010.
In addition to the fine, the company agreed to a reprimand.