ARTICLE
25 February 2020

Broker-Dealer Settles FINRA Charges For OATS Reporting Inaccuracies

CW
Cadwalader, Wickersham & Taft LLP

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Cadwalader, established in 1792, serves a diverse client base, including many of the world's leading financial institutions, funds and corporations. With offices in the United States and Europe, Cadwalader offers legal representation in antitrust, banking, corporate finance, corporate governance, executive compensation, financial restructuring, intellectual property, litigation, mergers and acquisitions, private equity, private wealth, real estate, regulation, securitization, structured finance, tax and white collar defense.
A broker-dealer settled FINRA charges for Order Audit Trail System ("OATS") reporting violations.
United States Finance and Banking
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A broker-dealer settled FINRA charges for Order Audit Trail System ("OATS") reporting violations.

According to FINRA, due to system issues arising during a transition between third-party order management systems, the broker-dealer failed to (i) transmit 237,457 reportable order events ("ROEs") to OATS and (ii) accurately transmit an additional 82,959 ROEs.

To settle the charges, the broker-dealer agreed to a censure and a fine of $30,000.

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