Hilltop Securities Inc. Fined by FINRA
An AWC was issued in which the firm was censured, fined $250,000 and required to submit to FINRA a written certification that it has completed a review of its systems and procedures regarding SEC Rule 10b-16(a)(1) and, as of the date of the certification, the firm’s policies, systems and procedures are reasonably designed to achieve compliance with this rule. Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it failed to establish procedures reasonably designed to assure that customers received initial margin interest rate disclosures and failed to establish, maintain and enforce a supervisory system, including WSPs, reasonably designed to achieve compliance with Rule 10b-16(a)(1).
