9621 Agnes Crossing, Lake Suzanneview, New Mexico Island 84604-9295.
Midas, one of Turkey’s largest brokerage firms, Capital Markets Council He was sentenced to a huge fine by the (CMB). The investigation found that Midas broke 10 rules.
Midas, one of Turkey’s largest brokerage firms, Capital Markets Council He was sentenced to a huge fine by the (CMB). The investigation found that Midas broke 10 rules. For these violations, the stockbroker 27.7 million TL will pay a fine.
Statement regarding Midas, CMBs “2024-2014” it stated in its bulletin No. CMB said: “As a result of the investigation conducted by Midas Menkul Değerler AŞ, it has been decided to apply the administrative fines in the table below.” and a table was shared. In this table, Midas’ 10 violations and administrative fines for these violations.
| Reason for violation | Fines applied |
|---|---|
| System backup of the stock exchange company’s order transmission system does not meet the requirements set by legislation | 5,833,734 TL |
| Disruptions occurred in the information system infrastructure of the brokerage firm on various dates | 1,944,578 TL |
| Opening accounts and carrying out transactions for clients by entering into a contractual relationship without address confirmation by the brokerage firm | 3,000,000 TL |
| Enabling customers to open accounts and carry out transactions by entering into a contractual relationship without making a video call, which is mandatory when opening an account through remote identification by the brokerage firm. | 4,500,000TL |
| Accepting documents that do not comply with the legislation when opening accounts carried out by the brokerage firm with remote identification | 1,500,000 TL |
| Failure to comply with the obligation to use NFC (near field communication) technology when opening accounts through remote identification by the brokerage firm | 1,000,000 TL |
| Failure by the brokerage firm to fulfill its obligation to conduct suitability assessments for its clients | 4,500,000TL |
| Violating the law in the use of time stamping by the brokerage firm | 1,500,000 TL |
| Acting contrary to legislation in the shares and statements that the brokerage firm makes via its social media accounts | 3,000,000 TL |
| Detecting shortcomings in the internal control system of the listed company | 1,000,000 TL |
| TOTAL | 27,778,312 TL |
CMB’s bulletin number “2024-14” here can be accessed via the link.
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