United States: Broker-Dealer Settles FINRA Charges Of TRACE Reporting And Recordkeeping Violations

A broker-dealer agreed to settle FINRA charges for late and inaccurate reporting and recordkeeping violations.

According to the FINRA Letter of Acceptance, Waiver and Consent, the broker-dealer:

• failed to report the correct time of execution for 266 transactions in TRACE-eligible securitized products and to record the correct time of execution on the memoranda of the brokerage order for 71 of the 266 transactions; and
• failed to report in a timely manner 287 transactions in TRACE-eligible securitized products.

The broker-dealer agreed to pay $30,000 to settle the charges.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.