Page 33 - 期貨和衍生品行業(yè)監(jiān)管動(dòng)態(tài)（2024年9月刊）
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期貨和衍生品行業(yè)監(jiān)管動(dòng)態(tài)
SEC 的命令發(fā)現(xiàn) First Horizon 違反了最佳利益規(guī)則的合規(guī)義務(wù)。First Horizon
對(duì) SEC 指控的情況既不承認(rèn)也不否認(rèn)，對(duì)停止令表示同意，并接受譴責(zé)，支付
上述民事罰款。
SEC Charges Broker-Dealer First Horizon With Regulation Best Interest
Violations（2024/9/18）
Firm’s structured note recommendations violated Reg BI’s compliance
obligation
The Securities and Exchange Commission today announced charges against
registered broker-dealer First Horizon Advisors, Inc. for failing to maintain and
enforce policies and procedures reasonably designed to achieve compliance with
Regulation Best Interest (Reg BI). The charges relate to First Horizon’s
recommendations of a type of derivative security called a structured note. First
Horizon agreed to pay a civil penalty of $325,000 to resolve the SEC’s charges.
The SEC’s order finds that First Horizon failed to comply with its Reg BI
policies and procedures in multiple ways. For example, in 2021, First Horizon
migrated more than 5,000 customer brokerage accounts to its system from that of a
broker dealer with whom First Horizon had merged. Because of incompatibilities in
the two systems First Horizon did not have accurate customer information necessary
to review structured note recommendations for compliance with First Horizon’s Reg
BI policies and procedures. In addition, the registered representatives who joined First
Horizon from the merging broker-dealer did not have access to First Horizon’s
exception reporting site to review structured notes transactions flagged as
non-compliant, as required by First Horizon’s Reg BI policies and procedures. The
SEC’s order also finds that, in 2023, the firm approved structured note
recommendations without all the documentation required by its Reg BI policies and
procedures.
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