A broker-dealer settled FINRA charges for failing to repair and resubmit rejected Reportable Order Events ("ROEs") to the Order Audit Trail System ("OATS").
In a Letter of Acceptance, Waiver, and Consent, FINRA found that the broker-dealer, in addition to not recognizing 8,257 rejected, repairable ROEs, failed to timely submit (i.e., within five OATS business days) 6,132 repaired ROEs.
As a result, FINRA determined that the broker-dealer violated FINRA Rules 7450 ("Order Data Transmission Requirements") and 2010 ("Standards of Commercial Honor and Principles of Trade").
To settle the charges, the broker-dealer agreed to (i) a censure and (ii) a $25,000 fine.
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