WASHINGTON—FINRA announced today that it has fined Barclays Capital Inc. (Barclays Capital) $2 million for failing to comply with its best execution obligations in connection with its customers’ electronic equity orders.
News Releases & Statements
WASHINGTON—FINRA announced today that it has fined UBS Securities LLC (UBS) $2.5 million for Regulation SHO (Reg SHO) violations and supervisory failures spanning a period of nine years.
University of Georgia Professor Recognized for Pioneering Research and Advocacy to Advance Financial Inclusion and Alleviate Racial and Gender Bias in Agricultural Lending
WASHINGTON—The FINRA Investor Education Foundation (FINRA Foundation) today awarded Cesar Escalante the 2022 Ketchum Prize—its highest honor—in recognition of his outstanding service and research to advance financial capability and inclusion in the U.S.
WASHINGTON—FINRA announced today that an extended hearing panel has expelled broker-dealer NYPPEX, LLC and barred its former CEO Laurence Allen for failing to respond in a timely and complete manner to FINRA requests for information and documents. The panel also found that NYPPEX and Allen engaged in securities fraud.
Revisions to the Sanction Guidelines Create New Fine Ranges Specific to Firm Sizes and Individuals, Reflect FINRA’s Enforcement Priorities
WASHINGTON—FINRA announced today that the National Adjudicatory Council (NAC) has made significant improvements to the Sanction Guidelines to ensure that they accurately reflect the levels of sanctions imposed in FINRA disciplinary proceedings and serve as an efficient resource for member firms, individuals and adjudicators.
Board Approves Rulemaking Items, Hosts Securities and Exchange Commission Officials
WASHINGTON—FINRA’s Board of Governors held its fourth meeting of the year—the first with Eric Noll as Chair—on Sept. 21-22 in New York. The Board approved two rulemaking items and continued its engagement with key stakeholders by hosting officials from the Securities and Exchange Commission (SEC).
Firm Failed to Report Over-the-Counter Options Positions in More Than 7.4 Million Instances
WASHINGTON—FINRA announced today that it has fined BofA Securities Inc. (BofAS) $5 million for failing to report over-the-counter (OTC) options positions to the Large Options Positions Reporting system (LOPR) in more than 7.4 million instances, including 26 positions that were over the applicable OTC position limit, and related supervisory failures.
Three Supervisors Suspended for Failing to Respond to Red Flags Eight Representatives Suspended for Excessive Trading
WASHINGTON—FINRA announced today that it has ordered Joseph Stone Capital LLC to pay restitution of approximately $825,000 to customers whose accounts were excessively traded by the firm’s representatives.
WASHINGTON—FINRA announced today that it has promoted Nathaniel Stankard to Executive Vice President and Chief of Staff to the CEO for Regulatory Operations, effective immediately. In this new role, Stankard will be responsible for providing strategic direction on the integration of FINRA’s regulatory operations, and for helping advance FINRA’s unified approach to regulatory policy.
Linde Murphy Re-Elected as Small-Firm Governor
Moira Kilcoyne and Fabiola Arredondo Appointed as New Public Governors
Camille Busette and Ethiopis Tafara Re-Appointed as Public Governors
WASHINGTON – The FINRA Board of Governors elected current FINRA Public Governor Eric Noll as its next Chair. Noll succeeds Eileen Murray, whose term on the Board and service as Chair concluded at the Aug.