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Finra Settles First Reg BI Enforcement Action

The Financial Industry Regulatory Authority has completed its first enforcement case under the Securities and Exchange Commission's Regulation Best Interest, or Reg BI. So reports Financial Advisor.

finra 2According to Finra, former New York broker Charles Malico agreed to a six-month suspension and $5,000 fine but didn’t admit or deny wrongdoing.

Finra alleged that Malico ran afoul of Reg BI from July 2020 to November 2021 by recommending excessive transactions.

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