The United States National Futures Association (NFA) has ordered Oil Brokerage Limited to pay a $290,000 fine.
Oil Brokerage is an NFA Member introducing broker located in London, U.K.
The Decision, issued by NFA’s Business Conduct Committee, is based on a Complaint issued by the Committee and a settlement offer submitted by Oil Brokerage, in which the firm neither admitted nor denied the allegations in the Complaint.
In its Decision, the Committee found that Oil Brokerage allowed individuals to solicit and/or accept orders from customers located in the U.S. without being NFA Associates and registered with the CFTC as associated persons of the firm, in violation of NFA Bylaw 301(b). The Committee also found Oil Brokerage failed to supervise, in violation of NFA Compliance Rule 2-9(a).
