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Stories of Interest
- State Street Challenging BNY Mellon As Largest Custody Bank
- Changes to FINRA Advisory Committees: Phase 1
- SEC Approves CAT Fee Dispute Resolution Process
- Boston-Area Consultant & Friend Settle SEC Insider Trading Charges
- SEC Chair Clayton: Statement on Status of the Consolidated Audit Trail ('CAT')
- Goldman to Launch $5bn Fund with China Investment Corp.
- Wells Fargo Launches Robo-Adviser Targeting Millenial Investors
- Barclays Fails to End U.S. 'Dark Pool' Class Action
- Goldman Sachs' Chief Risk Officer, Craig Broderick, to Retire
- Time to Renew FINRA Registrations - B/D, IA, Agent, IA Rep, Branches
- New Jersey’s Next Governor Could Be a Democrat Who Worked at Goldman Sachs
- FINRA New York Region Networking Seminar - December 1st
- SEC Approves “Pay-to-Play” and Related Rules for Capital Acquisition Brokers
- Hedge Fund Giant Paul Singer Targeted for Destruction by Steve Bannon
- Saudi Arabia's arrest of Prince Alwaleed 'would be like arresting Warren Buffett or Bill Gates' in the US
- Arrest of Billionaire Saudi Prince Touches Sizable Stakes - Citigroup, Twitter, Lyft
- New York Fed President William Dudley set to announce retirement
- FINRA Arbitration Panel Rules Against ex-LPL Broker in $30Mn Lawsuit vs. Firm
- OOPS! Goldman, JPMorgan, BofA Fail in Pricing an IPO
- Former Merrill Broker Pleads Guilty to Fee Fraud, Faces Up To 25 Years
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NEWSLETTERS & ALERTS
Despite a Light Month for Trade Reporting Violations - FINRA
OATS TRADE REPORTS.
- FINRA AWC #2016049203601 - Global Oak Capital Markets agreed to pay a $10K fine to settle FINRA charges that it failed to transmit Reportable Order Events (ROEs) to the Order Audit Trail System (OATSTM).
- FINRA AWC #2016049037401 - Bulltick agreed to pay a $25K fine and to revise its WSPs to settle FINRA charges that it failed to transmit ROEs to OATS on 211 business days.
TRACE TRADE REPORT.
- FINRA AWC #2015047655501 - BNY Mellon Capital Markets agreed to pay a $150 K fine and to revise its WSPs to settle FINRA charges that it failed to report Trade Reporting and Compliance Engine (TRACE)-eligible securitized products transactions to TRACE within the time prescribed by FINRA Rule 6730.
- FINRA AWC #2015047818301 - ANZ Securities agreed to pay a $10K fine to settle FINRA charges that it failed to report S1 transactions in TRACE-eligible securities to TRACE within 15 minutes of the execution time.
RTRS TRADE REPORT.
- FINRA AWC #2016048224701 - Corecap Investments agreed to pay a $12.5K fine to settle FINRA charges that it failed to report municipal securities transactions to the Real-Time Transaction Reporting system (RTRS).
FINANCIALISH TAKE AWAY. Due to a coding error at the clearing firm, Corecap’s muni bond transactions were not reported to the RTRS. So, even though the firm had contracted with its clearing firm to report its muni bond transactions to the RTRS, the firm maintains final responsibility for accurate reporting to the RTRS under MSRB rules.
While it’s possible that Corecap has recourse against its clearing firm for this fine, the firm has been forewarned to establish and enforce practicable supervisory procedures to help ensure that its reporting obligations are fulfilled – even by third parties.
These cases were reported in FINRA Disciplinary Actions for September 2017.
For details on any of the cases, go to ... FINRA Disciplinary Actions Online, and refer to the respective AWC or Case Number.