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WWW: TD Securities Nabbed for Not Reviewing Email, Messages – FINRA
[Photo: by DullHunk (Duncan Hull) / Flickr]
TD Securities (USA) – the institutional arm of the firm – agreed to pay $125K to settle FINRA charges that, over a 13-month period, it failed to adequately conduct reviews or document its reviews of emails sent and received by employees.
ABOUT THE FIRM. TDS, a FINRA member since July 1987. provides a full range of capital and credit market products and services to institutional clients; it has no retail customers. TDS currently has approximately 513 registered reps and 10 branch office locations, the largest of which is in New York City. The firm has no relevant disciplinary history.
FINRA’S SPECIFIC FINDINGS. From February 2014 through February 2015, TDS failed to adequately conduct reviews or document its reviews of emails sent and received by employees in 6 of the Firm's business groups. During the 13-month period, TDS used both emails and Bloomberg Messages to communicate internally and with clients of the firm.
For the first 10 months, TDS failed to evidence in writing that it timely completed each of its monthly reviews of email communications and Bloomberg Messages sent and received by employees in 4 of the 6 business groups. In particular:
- for 5 of the 10 months, TDS failed entirely to document its review for any of the 4 groups;
- for 4 of the 10 months, TDS's documentation did not evidence a complete or timely review in any of the 4 groups; and
- for 1 of the 10 months, TDS's documentation did not evidence a complete review in 3 of the 4 groups.
For the last 3 months, TDS failed to conduct any of the monthly reviews of email communications or Bloombeirg Messages sent and received by employees in each of the Six Business Groups.
These failures affected a combined total of some 3.1 million email communications and Bloomberg Messages that could have been subject to the Firm's review – i.e., to the extent that registered reps were communicating with clients.
Apparently, TDS attributed the failures to understaffing and the Firm's failure to replace personnel responsible for the reviews.
This case was reported in FINRA Disciplinary Actions for March 2017.
For details on this case, go to … FINRA Disciplinary Actions Online, and refer to Case #2015043313001.