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A broker-dealer with market access settled FINRA charges for failing to implement
a satisfactory system of risk management controls in connection
with providing customers access to an alternative trading system
("ATS").
According to FINRA, the broker-dealer violated Securities
Exchange Act Rule 15c3-5(b), as well as other securities
regulations. FINRA found that the broker dealer did not establish,
document, and maintain a risk management control system and
supervisory procedures reasonably designed to monitor financial,
regulatory, and other business activity risks connected to market
access and access to an ATS.
To settle the charges, the broker-dealer agreed to (i) a censure
and (ii) a $50,000 fine.
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