Treasury Aggregate Statistics to Provide More Transparency in Marketplace
WASHINGTON — FINRA today for the first time posted weekly, aggregate data on the trading volume of Treasury securities reported to TRACE®, FINRA’s Trade Reporting and Compliance Engine®.
News Releases & Statements
WASHINGTON—FINRA announced today that Tom Selman, Executive Vice President for Regulatory Policy and Legal Compliance Officer, is retiring after 24 years at the organization.
WASHINGTON—FINRA announced today that it has promoted Jessica Hopper to Executive Vice President and Head of Enforcement. Hopper has been Acting Head of Enforcement since Susan Schroeder announced her departure in September 2019. Hopper will report directly to CEO Robert Cook.
WASHINGTON—FINRA today released its 2020 Risk Monitoring and Examination Priorities Letter, highlighting new priorities as well as identifying areas of ongoing concern that FINRA will continue to focus on in the coming year.
WASHINGTON—FINRA announced today that it has ordered Oppenheimer & Co. Inc. to pay more than $3.8 million in restitution to customers who incurred potentially excessive sales charges caused by early rollovers of Unit Investment Trusts (UITs). FINRA also fined the firm $800,000 for failing to reasonably supervise early UIT rollovers.
Firms Did Not Know Essential Facts About Customers With Custodial Accounts Established Pursuant to the Uniform Transfers to Minors Act (UTMA) and Uniform Gifts to Minors Act (UGMA)
WASHINGTON – FINRA announced today that it has sanctioned five firms—Citigroup Global Markets Inc.; J.P. Morgan Securities LLC; LPL Financial LLC; Morgan Stanley Smith Barney LLC; and Merrill Lynch, Pierce, Fenner & Smith Incorporated—for failing to reasonably supervise compliance with FINRA Rule 2090, FINRA’s “Know Your Customer” rule.
WASHINGTON—FINRA, Cboe Global Markets, The Nasdaq Stock Market LLC, the New York Stock Exchange, and their affiliated Exchanges (collectively, “Exchanges”) today announced that they censured Credit Suisse Securities (USA) LLC, and fined the firm a total of $6.5 million for supervisory violations and violations of various provisions of Rule 15c3-5 of the Securities Exchange Act of 1934 (known as the Market Access Rule). The fine was apportioned among FINRA and the Exchanges.
WASHINGTON—FINRA announced today that it has fined Robinhood Financial, LLC $1.25 million for best execution violations related to its customers’ equity orders and related supervisory failures that spanned from October 2016 to November 2017. As part of the settlement, Robinhood also agreed to retain an independent consultant to conduct a comprehensive review of the firm’s systems and procedures related to best execution.
WASHINGTON — Samuel Lek, former Chief Executive Officer of Lek Securities Corporation (Lek Securities), has been permanently barred from the securities industry in all capacities, and Lek Securities was fined $900,000 for violating, among other things, FINRA and Exchange supervisory rules, and Rule 15c3-5 of the Securities Exchange Act of 1934 (the Market Access Rule). The actions were taken by FINRA, along with The NASDAQ Stock Market LLC, the New York Stock Exchange LLC, Cboe Global Markets, and certain of their affiliated Exchanges (collectively, Exchanges).
Board Approves Rule Proposals, Reaffirms Financial Guiding Principles
WASHINGTON – FINRA’s Board of Governors met on Dec. 4-5 at FINRA’s offices in New York, where it approved two rule proposals, received several operational updates and reaffirmed FINRA’s Financial Guiding Principles.