The fine and censure are said to be for multiple compliance violations, including failures to implement policies required under Regulation Best Interest (Reg BI). According to a Letter of Acceptance, Waiver, and Consent published by FINRA last week, the firm failed to establish, maintain, and enforce written procedures reasonably designed to comply with Reg BI…
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According to FINRA, between April 2013 and February 2023, Revere mismarked approximately 19,000 order tickets related to syndicate offerings, including initial public offerings (IPOs), bonds, and real estate investment trusts (REITs). The firm reportedly classified these transactions as unsolicited, despite its registered representatives having solicited most of the trades. The misclassification led to inaccurate books…
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USCA Securities has been fined $75,000 by the Financial Industry Regulatory Authority (FINRA) for multiple violations, including failing to maintain its required minimum net capital and submitting inaccurate financial reports. According to a Letter of Acceptance, Waiver, and Consent published by FINRA, USCA operated below its required net capital on 35 occasions between January and…
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According to FINRA’s disciplinary notice, posted on Thursday, Tigress onboarded hundreds of high-risk foreign customers between 2018 and 2022, but failed to implement adequate AML procedures to monitor and report suspicious transactions. Furthermore, the regulator says the firm did not tailor its compliance programme to its evolving customer base, which accounted for a majority of…
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On Wednesday, ICE Futures US revealed it has fined Novum Energy Trading Corp $35,000 for violating exchange rules related to trade practices and block trading requirements. The firm said the fine was issued following an investigation into trading activity between February and June 2023. According to a disciplinary notice published by the exchange, one of…
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According to FINRA, between April 2009 and May 2023, NFS failed to transfer over 5,600 Unit Investment Trusts (UITs) through the Automated Customer Account Transfer Service (ACATS). Additionally, the firm reportedly did not process approximately 4,000 of these UITs as in-kind transfers, despite customer instructions, instead redeeming them for cash. FINRA found that some transfers…
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The regulator revealed in a filing that the failures included deficiencies in its anti-money laundering (AML) program and market manipulation oversight. According to FINRA, between September 2019 and October 2023, Redbridge, which provides self-directed trading to retail investors, failed to establish an AML program reasonably designed to detect and report suspicious activity. The firm’s oversight…
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The fine is said to be for breaches of organisational requirements related to derivative sales, investment advice recording, and account switching delays at its Postbank branch. The largest portion of the fine—€14.8 million—was issued for Deutsche Bank’s failure to investigate and address compliance shortcomings in its sale of currency derivatives in Spain. The bank took…
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AustralianSuper is the trustee of Australia’s largest superannuation fund. The Australian Securities and Investments Commission (ASIC) said in a recent press release that it launched an investigation into systemic failures at the country’s largest super fund, which resulted in approximately 90,700 members holding multiple accounts between 1 July 2013 and 31 March 2023. These members…
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According to the CMA, individual traders at each bank shared competitively sensitive pricing information via private one-to-one Bloomberg chatrooms between 2009 and 2013. The unlawful exchanges were said to be related to gilt auctions, trading, and sales to the Bank of England. Deutsche Bank also participated in the chatrooms. However, it is exempt from a…
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