NFA Orders Introducing Broker Marex to Pay a $250,000 Fine

The US National Futures Association (NFA) announced on Wednesday
that it ordered the UK introducing broker Marex Spectron International Limited
(Marex) to pay a $250,000 fine.

According to the press release, NFA’s Business Conduct
Committee (BCC) issued the decision based on a complaint filed by the BCC and a
settlement offer submitted by Marex, in which the company neither admitted nor
denied the allegations.

Marex allegedly allowed unregistered individuals to act as
associated persons without registering as such. In addition, Marex was alleged
to have not supervised its employees and agents diligently. Marex was found to
have violated NFA Bylaw 301(b) and Compliance Rule 2-9(a) in its decision.

The company has not issued a statement addressing the NFA’s
decision as of press time.

FINRA Fines Deutsche Bank

In unrelated fines, the Financial Industry Regulatory
Authority (FINRA) recently said that it had imposed a $2 million fine on
Deutsche Bank Securities for best execution violations. According to the press
release, the banking institution failed to comply with its obligation to seek
the best execution for its customers’ orders.

FINRA Rule 5310 requires firms to seek the most favorable
terms reasonably available for customers’ orders. For this purpose, firms must
conduct reviews to evaluate the quality of order execution their customers
receive under the firm’s current routing arrangements and the execution quality
their customer orders could receive under alternative routing arrangements.

Admiral Markets Fined

Also, Admiral Markets AS, which operates the forex and CFDs
broker brand Admirals, was slapped in February with a misdemeanor order and a
monetary fine of €20,000 by the Estonian financial markets regulator for errors
in mandatory regulatory reporting of transactions.

The broker said that it has already made efforts to comply
with the reporting obligations of the Estonian Financial Supervision Authority.

Additionally, the company pointed out that it started to
correct the reporting errors immediately after their detection, but that effort
could not help given the stipulated time limit for transaction reporting. In
addition, it resulted in late reporting of transactions.

The US National Futures Association (NFA) announced on Wednesday
that it ordered the UK introducing broker Marex Spectron International Limited
(Marex) to pay a $250,000 fine.

According to the press release, NFA’s Business Conduct
Committee (BCC) issued the decision based on a complaint filed by the BCC and a
settlement offer submitted by Marex, in which the company neither admitted nor
denied the allegations.

Marex allegedly allowed unregistered individuals to act as
associated persons without registering as such. In addition, Marex was alleged
to have not supervised its employees and agents diligently. Marex was found to
have violated NFA Bylaw 301(b) and Compliance Rule 2-9(a) in its decision.

The company has not issued a statement addressing the NFA’s
decision as of press time.

FINRA Fines Deutsche Bank

In unrelated fines, the Financial Industry Regulatory
Authority (FINRA) recently said that it had imposed a $2 million fine on
Deutsche Bank Securities for best execution violations. According to the press
release, the banking institution failed to comply with its obligation to seek
the best execution for its customers’ orders.

FINRA Rule 5310 requires firms to seek the most favorable
terms reasonably available for customers’ orders. For this purpose, firms must
conduct reviews to evaluate the quality of order execution their customers
receive under the firm’s current routing arrangements and the execution quality
their customer orders could receive under alternative routing arrangements.

Admiral Markets Fined

Also, Admiral Markets AS, which operates the forex and CFDs
broker brand Admirals, was slapped in February with a misdemeanor order and a
monetary fine of €20,000 by the Estonian financial markets regulator for errors
in mandatory regulatory reporting of transactions.

The broker said that it has already made efforts to comply
with the reporting obligations of the Estonian Financial Supervision Authority.

Additionally, the company pointed out that it started to
correct the reporting errors immediately after their detection, but that effort
could not help given the stipulated time limit for transaction reporting. In
addition, it resulted in late reporting of transactions.

Source: https://www.financemagnates.com/forex/nfa-orders-introducing-broker-marex-to-pay-a-250000-fine/