A Charlotte, NC, firm agreed to settle FINRA charges related to its options business. Elevation, LLC, a general securities broker-dealer that had been a FINRA member firm since August 2006.  Elevation clears through another FINRA member firm and has about 45 brokers located in 4 registered and 3 non-registered branch locations. FINRA Findings and Allegations. Elevation commenced an options business in May 2009, engaged in options transactions and designated an individual as its Registered Options Principal (ROP) until he resigned from the firm one year later - in May 2010. Under IM-1022-1, the firm was required to notify FINRA upon the ROP's resignation, but it did not do so.  It continued to engage in options business without registering a new ROP.  Instead, over the next 3 months, the firm allowed a principal who was not registered as an options principal, to supervise its options business.  These alleged actions violated NASD Membership and Registration Rule 1022(f) and IM-1022-1, and FINRA Rule 2010. Elevation also was cited for failing to establish, maintain and enforce an adequate supervisory system, including its WSPs.   Such actions constitute separate and distinct violations of NASD Conduct Rules 3010(a) and 3010(b) and FINRA Rules 2360 and 2010. Finally, Elevation failed to comply with the registration and customer agreement requirements of FINRA Rule 2360, the Options Rule. FINRA Sanctions. Elevation agreed to pay a $10K fine.  For further details, go to:   [FINRA AWC #2010021236201]. [Disciplinary Actions for December 2011]