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within Intellectual Property, Government, Public Sector, Food, Drugs, Healthcare and Life Sciences topic(s)
with readers working within the Consumer Industries industries
A broker-dealer settled FINRA charges for failing to comply
with the Regulation SHO close-out requirement.
According to the Letter of Acceptance, Waiver and Consent, the
broker-dealer (i) failed to close out 28
"fail-to-deliver" positions from short sales in a timely
manner, as required by Rule 204(a), and (ii) improperly routed and
executed 15 short sale orders by failing to arrange to borrow
securities first, as required by Rule 204(b). In addition, FINRA found that the
broker-dealer's supervisory and written systems were not
sufficient to maintain compliance with SEC and FINRA rules.
To settle the charges, the broker-dealer agreed to (i) a censure
and (ii) a fine of $80,000.
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