Merrill Lynch Fined $2.8 Million by FINRA for Reporting Violations

[kreslik.news]

The Financial Industry Regulatory Authority (FINRA) has imposed a $2.8 million fine against Merrill Lynch, Pierce, Fenner and Smith on systemic OATS reporting violations spanning a period of several years, in addition to a failure to accurately submit required trade reports to the appropriate destination and other related supervisory failures.

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The U.S. regulator said during the period of review that Merrill Lynch did not have adequate systems and controls in place to detect and prevent the violations. In addition, FINRA’s latest fine was stipulated on repeated failures in ... (read more)