A broker-dealer settled FINRA charges for failing to ensure that certain equity traders had passed appropriate FINRA qualification examinations.
According to FINRA, Seven Points Capital, LLC ("Seven Points") permitted certain personnel to engage in equity trading without obtaining the relevant qualifications. FINRA found that (i) certain individuals had not qualified as General Securities Representatives (Series 7) at a time (pre-2016) when this was a prerequisite to qualifying as an equity trader, and (ii) other individuals had not passed the Series 55 (Equity Trader) or its successor examination, the Series 57 (Securities Trader), in a timely manner.
To settle the FINRA charges, Seven Points agreed (i) to a censure and (ii) to pay a $20,000 fine.
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