Capital Markets Board or in short CMB, Midas Securities Inc. company for various reasons. 27 million 778 thousand 312 TL imposed an administrative fine of . So why? At work midasDetails about the sentence given to…
CMB imposed a penalty on Midas
CMB According to information shared by midasreceived an administrative fine for some reasons such as the system backup of the order transmission system not meeting the requirements in the legislation, problems occurring in the information system infrastructure on various dates, and opening accounts and making transactions for customers by establishing a contractual relationship without the address confirmation by the institution.
The administrative fines imposed on Midas and their reasons are as follows;
| Reason for Penalty | Penalty Amount |
|---|---|
| The system backup of the Intermediary Institution’s order transmission system does not meet the requirements in the legislation. | 5 million 833 thousand 734 TL |
| Malfunctions occur in the information system infrastructure of the Brokerage Institution on various dates. | 1 million 944 thousand 578 TL |
| Opening accounts and making transactions for customers by establishing a contractual relationship without address confirmation by the Brokerage Institution. | 3 million TL |
| Opening accounts and carrying out transactions with customers by establishing a contractual relationship without making a video call, which is mandatory when opening an account by the Brokerage House through remote identification method. | 4 million 500 thousand TL |
| Accepting documents that do not comply with the legislation in account openings carried out by the Brokerage Institution through remote identification. | 1 million 500 thousand TL |
| Failure to fulfill the obligation to use NFC (Near field communication) technology in account openings carried out by remote identification by the Brokerage Institution. | 1 million TL |
| The Intermediary Institution has not fulfilled its obligation to perform suitability testing for its customers. | 4 million 500 thousand TL |
| Violating the legislation in the use of timestamp by the Brokerage Institution. | 1 million 500 thousand TL |
| Acting against the legislation in the posts and statements made by the Intermediary Institution through its social media accounts. | 3 million TL |
| Detecting deficiencies in the internal control system of the Intermediary Institution. | 1 million TL |
| Total Penalty: | 27 million 778 thousand 312 TL |
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