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September 06, 2022
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NFA orders Denmark firm Direct Hedge Danmark Fondsmaeglerselskab AS to pay a $70,000 fine
September 6, Chicago—NFA has ordered Direct Hedge Danmark Fondsmaeglerselskab AS (Direct Hedge) to pay a $70,000 fine. Direct Hedge is a registered introducing broker and approved swap firm Member of NFA located in Hellerup, Denmark.
The Decision, issued by an NFA Hearing Panel, is based on a Complaint issued by NFA's Business Conduct Committee and a settlement offer submitted by Direct Hedge, in which the firm neither admitted nor denied the allegations in the Complaint. The Complaint alleged that Direct Hedge failed to keep required communications records, in violation of NFA Compliance Rule 2-10(a) and failed to register an individual as an AP and NFA Associate, in violation of NFA Bylaw 301(b). The Complaint further alleged that Direct Hedge failed to diligently supervise the firm and its employees, in violation of NFA Compliance Rule 2-9(a).
In its Decision, the Hearing Panel found that Direct Hedge violated NFA Compliance Rules 2-9(a) and 2-10(a) and NFA Bylaw 301(b).