WASHINGTON—FINRA announced today that it has ordered Merrill Lynch, Pierce, Fenner & Smith, Inc. to pay more than $8.4 million in restitution to more than 3,000 customers who incurred potentially excessive sales charges in connection with early rollovers of Unit Investment Trusts (UITs). FINRA also fined the firm $3.25 million for failing to reasonably supervise early UIT rollovers.
A
Summary
Effective September 1, 2021, FINRA is amending its rulebook to eliminate the Order Audit Trail System (OATS) rules in the FINRA Rule 7400 Series and FINRA Rule 4554 (Alternative Trading Systems — Recording and Reporting Requirements of Order and Execution Information for NMS Stocks) (collectively referred to as the “OATS Rules”). FINRA has determined that the accuracy and
GUIDANCE
SUGGESTED ROUTINGKEY TOPICS
Legal and ComplianceOperationsSenior
ManagementService Bureaus/Providers
Form NMANew Member ApplicationsRule 1012Rule 1013Standardized Online Application Form
New Member Applications
Executive Summary
NASD is issuing this Notice to inform members and applicants for membership of amendments to Rules 1012 (General Provisions) and 1013 (New Member
FINRA publishes information about the Order Audit Trail System (OATS) on a regular basis via an online newsletter titled The OATS Report.
(a) Temporary Injunctive Orders
(1) In industry or clearing disputes required to be submitted to arbitration under the Code, parties may seek a temporary injunctive order from a court of competent jurisdiction. Parties to a pending arbitration may seek a temporary injunctive order from a court of competent jurisdiction even if another party has already filed a claim arising from the same
GUIDANCE
OATS Reporting Requirements
SUGGESTED ROUTING
KEY TOPICS
Internal Audit
Legal & Compliance
Operations
Registered Representatives
Senior Management
Systems
Trading
Training
OATS
Rules 6950–6958
Rule 9610(a)
Executive Summary
In November 2005, NASD issued Notice to Members (NTM) 05-78 announcing Securities
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.
A UIT is an investment company that offers investors
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
