A broker-dealer settled FINRA charges for Order Audit Trail System ("OATS") reporting violations.
According to FINRA, the broker-dealer transmitted 343,503,736 New Order Reports ("NWs"), almost all of which contained inaccurate order event timestamps. In addition, the broker-dealer was charged with failing to have a sufficient supervisory system designed to ensure that it followed OATS reporting requirements.
To settle the charges, the broker-dealer agreed to a censure and a fine of $75,000.
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