On August 27, FINRA accepted a broker dealer firm’s Letter of Acceptance, Waiver, and Consent (AWC) regarding alleged trade reporting violations and supervisory failures. According to the AWC, the respondent failed to include a required “No Remuneration” indicator on about 50,000 reports to FINRA’s Trade Reporting and Compliance Engine (TRACE) from 2016-2023, which violated FINRA Rules 6730 and 2010. FINRA further alleged that the respondent did not establish an acceptable system to achieve compliance with Rule 6730 and did not conduct supervisory reviews of TRACE reports, thereby failing to detect errors with certain indicators.

Without admitting or denying the allegations, the respondent agreed to a censure, a $175,000 fine, and an undertaking to certify within 60 days that the firm remediated the alleged issues and implemented a supervisory system designed to comply with FINRA Rule 6730.