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FINRA Sanctions 11 Firms for Trade Reporting Violations
FINRA review periods range up to several years, which means that reporting errors and corresponding fines can add up quickly. Here are the summaries of July's sanctions:
RBC CAPITAL MARKETS (AWC #2015046469501). The firm agreed to pay a $225K fine, to revise its WSPs, and to offer rescission to certain customers, … to settle FINRA charges that it transmitted reports to OATS in which the special handling code field was not populated to indicate whether the orders were “held” or “not held.” FINRA also charged the firm failing to report corporate debt securities transactions to TRACE. [OATS Review Period: 2008 – 2015; TRACE Review Period: 2013 - 2016]
E*TRADE Securities (AWC #2015044225801). The firm agreed to pay a $40K fine, … to settle FINRA charges that it transmitted reportable order events (ROEs) to OATS that were directed orders, but failed to include the correct special handling code. [OATS Review Period: 2011 - 2015]
UBS Financial Services (AWC #2014042190801). The firm agreed to pay a $110K fine and to revise its WSPs, … to settle FINRA charges that it failed to accurately record the order receipt time by its financial advisors for manually handled non-convertible preferred orders, failed to accurately record the order receipt time at its taxable fixed income desk for manually handled non-convertible preferred orders, failed to accurately record the execution time for manually handled non-convertible preferred orders, and failed to accurately report to OATS the order receipt time by financial advisors. [OATS Review Period: 2013 - 2016]
UBS Securities (AWC #2014042190802). The firm agreed to pay a $50K fine … to settle FINRA charges that it failed to accurately record the order receipt time at its taxable fixed income desk and the execution time for manually handled non-convertible preferred customer orders. [OATS Review Period: 2013 - 2016]
Frazer Lanier Company (AWC #2016047743601). The firm agreed to pay a $55K fine … to settle FINRA charges that it failed to report 95 out of 358 new issue transactions to the RTRS. [RTRS and TRACE Review Periods: 2012 – 2014; 2014 - 2016]
Jane Street Capital (AWC #2015046614501). The firm agreed to pay an $85K fine and to revise its WSPs … to settle FINRA charges that it failed to transmit ROEs to OATS. [OATS Review Period: 2014 - 2015]
Jefferies (AWC #2015045211201). The firm agreed to pay a $195K fine and to revise its WSPs … to settle FINRA charges that it transmitted ROEs to OATS that contained inaccurate, incomplete, or improperly formatted data. FINRA also charged the firm with failing to report new issue offerings in TRACE-eligible agency debt securities. [OATS Review Period: 2012 – 2015; TRACE Review Period: Apr-Sep 2015]
J.H. Darbie (AWC #2015044150301). The firm agreed to pay a $12.5K fine … to settle FINRA charges that it transmitted reports to OATS that contained inaccurate, incomplete or improperly formatted data. [OATS Review Period: Jan 2015]
StockCross Financial Services (AWC #2014040160101). The firm agreed to pay a $12.5K fine … to settle FINRA charges that it failed to report options positions that traded on the options’ expiration to the Large Options Position Reporting (LOPR) system. [Options Review Period: Oct-Dec 2013; 2014 - 2015]
Andbanc Brokerage (AWC #2015046459601). The firm agreed to pay a $22.5K fine and to revise its WSPs … to settle FINRA charges that it failed to report transactions in TRACE eligible corporate debt securities that it was required to report. [TRACE Review Period: 2012 - 2015]
Canaccord Genuity (AWC #2015046600801). The firm agreed to pay a $75K fine and to revise its WSPs … to settle FINRA charges that it failed to transmit ROEs to OATS. [OATS Review Period: 2014 - 2016]
