The Financial Industry Regulatory Authority has sanctioned a broker-dealer and its chief compliance officer for supervisory and record-keeping violations including failing to develop and enforce policies relating to customer privacy.
Without admitting or denying FINRA's findings, the firm, London-headquartered Laidlaw & Company (UK) Ltd, and the CCO, John Telfer, agreed to be censured and to be jointly and severally fined $5,000. FINRA separately fined Laidlaw an additional $60,000.
Laidlaw also violated section 17 of the Securities
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