Michael C. Ning

10/21/2025: In his capacity as the designated custodian of records for a former member firm, Michael Cheng Ning failed to respond to requests for documents and information from FINRA staff in violation of FINRA Rules 4570(b), 8210, and 2010. For this misconduct, Respondent is barred from associating with any FINRA member firm in any capacity.

06/04/2025: The Department of Enforcement alleges: 1. In November and December 2024, Respondent Michael Cheng Ning, in his capacity as custodian of records for former member firm Arque Capital, Ltd., failed to respond to requests for documents and information that FINRA made pursuant to FINRA Rules 4570(b) and 8210 as part of FINRA’s investigation into whether certain securities recommendations by the firm’s registered representatives to customers of two former Arque Capital registered representatives were in the best interests of their customers. As a result, Ning violated FINRA Rules 4570(b), 8210, and 2010.

Reference 2024081111301data-portal.finra.orgfinra.orgdata-portal.finra.org

05/10/2023: FINANCIAL INDUSTRY REGULATORY AUTHORITY LETTER OF ACCEPTANCE, WAIVER, AND CONSENT NO. 2020065125701 TO: Department of Enforcement Financial Industry Regulatory Authority (FINRA) RE: Arque Capital, Ltd. (Respondent) Member Firm CRD No. 121192 Michael C. Ning (Respondent) Operations Professional and General Securities Principal CRD No. 1229733 Pursuant to FINRA Rule 9216, Respondents Arque Capital, Ltd. and Michael C. Ning submit this Letter of Acceptance, Waiver, and Consent (AWC) for the purpose of proposing a settlement of the alleged rule violations described below. This AWC is submitted on the condition that, if accepted, FINRA will not bring any future actions against Respondents alleging violations based on the same factual findings described in this AWC.

Reference 2020065125701data-portal.finra.orgfinra.org