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A broker-dealer settled FINRA charges for failing to report transactions to the Trade Reporting and Compliance Engine ("TRACE") in a timely manner. FINRA found that the broker-dealer's failure to report 66 transactions within the required time period for TRACE-eligible Agency Debt Securities constituted a consistent pattern of late reporting and, thus, a violation of FINRA Rule 6730 ("Transaction Reporting") and FINRA Rule 2010 ("Standards of Commercial Honor and Principles of Trade").
To settle the charges, the broker-dealer agreed to a (i) censure and (ii) $20,000 fine.
Originally published June 17, 2020.
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