Mercurity Fintech Subsidiary Chaince Securities, Receives FINRA Approval for Broker-Dealer Ownership Transfer
Mercurity Fintech Holding (Nasdaq: MFH) announced that its subsidiary, Chaince Securities, has received FINRA approval for the ownership transfer of J.V. Delaney & Associates, a licensed broker-dealer established in 1982. The approval, granted under FINRA Rule 1017, allows Chaince Securities to proceed with acquiring 100% ownership, subject to meeting specific requirements by December 13, 2024. The approved business activities include corporate equity securities retailing, best efforts underwriting, U.S. government securities brokerage, and private placements. Municipal securities brokerage and mutual fund retailing activities have been removed from JVDA's Membership Agreement.
Mercurity Fintech Holding (Nasdaq: MFH) ha annunciato che la sua sussidiaria, Chaince Securities, ha ricevuto l'approvazione da parte di FINRA per il trasferimento di proprietà di J.V. Delaney & Associates, un broker-dealer autorizzato fondato nel 1982. L'approvazione, concessa in base alla Regola 1017 di FINRA, consente a Chaince Securities di procedere con l'acquisizione del 100% della proprietà, a condizione che vengano soddisfatti requisiti specifici entro il 13 dicembre 2024. Le attività aziendali approvate includono la vendita al dettaglio di titoli azionari aziendali, underwriting a migliori sforzi, intermediazione di titoli del governo degli Stati Uniti e collocamenti privati. Le attività di intermediazione di titoli municipali e di vendita al dettaglio di fondi comuni sono state rimosse dall'Accordo di Appartenenza di JVDA.
Mercurity Fintech Holding (Nasdaq: MFH) anunció que su subsidiaria, Chaince Securities, ha recibido la aprobación de FINRA para la transferencia de propiedad de J.V. Delaney & Associates, un corredor-dealer licenciado establecido en 1982. La aprobación, otorgada bajo la Regla 1017 de FINRA, permite a Chaince Securities proceder con la adquisición del 100% de la propiedad, sujeto a cumplir con requisitos específicos antes del 13 de diciembre de 2024. Las actividades comerciales aprobadas incluyen la venta al por menor de valores de capital corporativo, bajo escritura de mejores esfuerzos, corretaje de valores del gobierno de EE. UU. y colocaciones privadas. Las actividades de corretaje de valores municipales y venta al por menor de fondos mutuos han sido eliminadas del Acuerdo de Membresía de JVDA.
머큐리티 핀테크 홀딩스 (Nasdaq: MFH)는 자회사인 체인스 증권이 1982년에 설립된 라이선스를 보유한 브로커-딜러인 J.V. 델라니 & 어소시에이츠의 소유권 이전에 대한 FINRA 승인을 받았다고 발표했습니다. FINRA 규칙 1017에 따라 부여된 이 승인은 Chaince Securities가 100% 소유권을 인수할 수 있도록 하며, 2024년 12월 13일까지 특정 요구 사항을 충족해야 합니다. 승인된 사업 활동에는 기업 주식 증권 소매, 최선의 노력 인수, 미국 정부 증권 중개 및 사모가 포함됩니다. JVDA의 회원 계약에서 지방 증권 중개 및 뮤추얼 펀드 소매 활동은 제외되었습니다.
Mercurity Fintech Holding (Nasdaq: MFH) a annoncé que sa filiale, Chaince Securities, a reçu l'approbation de la FINRA pour le transfert de propriété de J.V. Delaney & Associates, un courtier agréé établi en 1982. L'approbation, accordée en vertu de la règle 1017 de la FINRA, permet à Chaince Securities de procéder à l'acquisition de 100 % de propriété, sous réserve de satisfaire à des exigences spécifiques d'ici le 13 décembre 2024. Les activités commerciales approuvées incluent la vente au détail de titres de participation d'entreprise, l'engagement de meilleurs efforts, le courtage de titres du gouvernement américain et les placements privés. Les activités de courtage de titres municipaux et de vente au détail de fonds communs de placement ont été supprimées de l'accord d'adhésion de JVDA.
Mercurity Fintech Holding (Nasdaq: MFH) gab bekannt, dass ihre Tochtergesellschaft, Chaince Securities, die FINRA-Zulassung für den Eigentumsübergang von J.V. Delaney & Associates, einem lizenzierten Broker-Dealer, der 1982 gegründet wurde, erhalten hat. Die Genehmigung, die nach FINRA-Regel 1017 erteilt wurde, erlaubt es Chaince Securities, 100% Eigentum zu erwerben, vorausgesetzt, es werden bis zum 13. Dezember 2024 spezifische Anforderungen erfüllt. Die genehmigten Geschäftstätigkeiten umfassen den Einzelhandel mit Unternehmensaktien, Best-Effort-Zeichnungen, den Handel mit US-Staatsanleihen und private Platzierungen. Die Aktivitäten des Handels mit kommunalen Wertpapieren und den Einzelverkauf von Investmentfonds wurden aus dem Mitgliedsvertrag von JVDA entfernt.
- Received FINRA approval for broker-dealer acquisition
- Strategic expansion into traditional financial services through established broker-dealer platform
- Maintains multiple approved business activities including securities retailing and underwriting
- Removal of previously approved business activities (municipal securities and mutual fund retailing)
- Acquisition approval is contingent on meeting specific requirements by December 13, 2024
Insights
FINRA's approval for Chaince Securities' acquisition of J.V. Delaney & Associates represents a significant strategic development for MFH. The acquisition of an established broker-dealer (since 1982) provides MFH with immediate access to regulated securities operations in the U.S. market. The approved business activities include important services like corporate equity securities retail, best efforts underwriting and private placements.
The removal of municipal securities and mutual fund retailing from JVDA's operations suggests a focused strategy on corporate securities and private placements. This streamlined approach could potentially lead to more efficient operations and reduced regulatory complexity. The December 13, 2024 deadline for finalizing the agreement indicates a well-defined timeline for completion.
The acquisition positions MFH to bridge traditional financial services with digital finance, potentially creating new revenue streams and market opportunities. However, investors should note that the approval is conditional and requires meeting specific operational parameters and regulatory requirements.
Approval Marks a Key Milestone in Mercurity Fintech's Strategic Expansion Across Digital and Traditional Financial Services
New York, Nov. 22, 2024 (GLOBE NEWSWIRE) -- Mercurity Fintech Holding Inc. (“Mercurity Fintech,” “the Company,” “we,” “us,” “our company,” or “MFH”) (Nasdaq: MFH), a digital fintech group, today announced that its wholly owned subsidiary, Chaince Securities Inc. (“Chaince Securities”), has received approval from the Financial Industry Regulatory Authority (“FINRA”) for the change in ownership of J.V. Delaney & Associates ("JVDA"), a fully licensed broker-dealer established in 1982.This approval was granted pursuant to a continuing membership application under FINRA Rule 1017.
This decision authorizes the next steps in finalizing Chaince Securities’ acquisition of
Chaince Securities and J.V. Delaney & Associates will continue to operate within the parameters of their existing approved business activities, including broker or dealer retailing corporate equity securities, underwriter or selling group participant (corporate securities other than mutual funds) - best efforts offerings, U.S. government securities brokerage, and private placements of securities. Certain business activities previously approved, such as municipal securities brokerage and mutual fund retailing, have been removed from JVDA’s Membership Agreement as part of the application process. Any future adjustments to the scope of operations will be subject to FINRA regulations and undergo the necessary prior regulatory review and approval process to ensure full compliance. Mercurity Fintech emphasizes its ongoing commitment to transparency, compliance, and operational integrity in all facets of its business.
Shi Qiu, Chief Executive Officer of Mercurity Fintech Holding Inc., commented, "This is an important step forward in our mission to contribute to the evolution of digital finance while ensuring a seamless integration of traditional financial services. This strategic acquisition reflects our commitment to maintaining compliance and operational excellence. By combining the strength of J.V. Delaney & Associates’ established broker-dealer platform with Chaince Securities’ solutions, we aim to provide our clients with a secure and forward-looking financial ecosystem. This marks a significant milestone in our efforts to bridge the gap between traditional and digital financial landscapes for a truly global clientele."
About Mercurity Fintech Holding Inc.
Mercurity Fintech Holding Inc. is a digital fintech company with subsidiaries specializing in distributed computing and digital consultation across North America and the Asia-Pacific region. Our focus is on delivering innovative financial solutions while adhering to principles of compliance, professionalism, and operational efficiency. Our aim is to contribute to the evolution of digital finance by providing secure and innovative financial services to individuals and businesses. And our dedication to compliance, professionalism, and operational excellence ensures that we remain a trusted partner in the rapidly transforming financial landscape.
About Chaince Securities, Inc.
Chaince Securities Inc. is a wholly owned subsidiary of Mercurity Fintech Holdings, Inc. and serves the Companies’ clients in the traditional financial and brokerage sectors. Chaince Securities, Inc. was founded in 2023. On May 1, 2023, Chaince entered into a Purchase Agreement for a fully licensed broker dealer established in 1982 and plans to use this branch of the business to provide brokerage services and to add to its ever-expanding global clientele.
Forward-Looking Statements
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results.
For more information, please contact:
International Elite Capital Inc.
Vicky Chueng
Tel: +1(646) 866-7928
Email: mfhfintech@iecapitalusa.com
FAQ
What FINRA approval did Mercurity Fintech (MFH) receive in November 2023?
What business activities will MFH's new broker-dealer maintain?
What is the deadline for MFH to meet FINRA's requirements for the broker-dealer acquisition?
