Defendant Name:
First Horizon Advisors, Inc.
Defendant Type:
Subsidiary of Public Company
Public Company Parent:
First Horizon National Corporation
SIC Code:
6021
CUSIP:
32051710
Document Reference:
34-101071
Document Details
Legal Case Name
In the Matter of First Horizon Advisors, Inc.
Document Name
Order Instituting Administrative and Cease-and-Desist Proceedings, Pursuant to Sections 15(b) and 21C of the Securities Exchange Act of 1934 and Section 203(e) of the Investment Advisers Act of 1940, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order
Document Date
18-Sep-2024
Document Format
Administrative Proceeding
Allegation Type
Broker Dealer
Document Summary
On September 18, 2024, the SEC instituted settled administrative and cease-and-desist proceedings against First Horizon Advisors, Inc., stating: "This proceeding arises out of First Horizon’s failure to comply with Regulation Best Interest (“Reg BI”), specifically Reg BI’s Compliance Obligation, which requires broker-dealers to establish, maintain, and enforce written policies and procedures reasonably designed to achieve compliance with Reg BI. Exchange Act Rule 15l-1(a)(2)(iv). Between July 1, 2020, and at least July 31, 2023 (“Relevant Period”), First Horizon did not maintain and enforce its Reg BI-related policies and procedures for structured notes that First Horizon’s registered representatives recommended to retail customers."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Censured
Monetary Penalties:
Civil Penalty
Individual:
$325,000.00
Shared:
