Category: Fines

The violations occurred between January 2021 and April 2023. They reportedly involved inadequate asset segregation, poor risk management, and unsatisfactory customer treatment during BinckBank's migration to Saxo Bank. The AFM investigation was prompted by consumer complaints and a critical assurance report from BinckBank's accountant. Customers reported delayed transactions, incorrect charges, and missing shares. The AFM…

The fine stems from lapses identified between February 2018 and June 2023. BofA Securities reportedly failed to meet the requirements of the Trade Reporting and Compliance Engine (TRACE) on several counts. According to FINRA, the firm failed to report approximately 5,200 transactions in TRACE-eligible securities in a timely manner. This included late reporting of agency…

The violations are said to have involved more than 330 million trade confirmations issued between February 2014 and November 2024, which contained misleading or incomplete disclosures regarding average trade prices. FINRA found that UBS either incorrectly indicated that a trade price "may" be an average price when it was not or failed to disclose that…

In its disciplinary action document, the regulator said the violations occurred over a seven-year period from October 2015 to December 2022 and involved more than 4.2 million transactions in options and issued options. Free-riding, a prohibited practice under U.S. securities regulations, involves customers buying and selling securities before paying for them in options and issued…

The regulator added that the fine is part of a larger $250,000 settlement which was resolved “simultaneously with similar matters.”  FINRA states: "Regulation M under the Securities Exchange Act of 1934, in relevant part, makes it unlawful for underwriters, broker-dealers, and other distribution participants to directly or indirectly 'bid for, purchase, or attempt to induce…

The SFC investigation is said to have found that Ever-Long fell short in conducting due diligence, disclosing material issues, and ensuring the accuracy of the Application Proof submitted for Coastal’s listing.  The regulator explained that key failures included neglecting to verify the rationale and legality of a leasing arrangement central to Coastal's business model, which…

The fine was for inaccuracies in its short interest positions reporting and deficiencies in its supervisory systems.  According to FINRA, the violations spanned over 16 years, from June 2008 to August 2024, involving approximately 820,000 short interest positions totalling 77 billion shares. The regulator found that J.P. Morgan both overreported and underreported short interest data…

The fine comes as FINRA says UBS-FS failed to establish and maintain a supervisory system to oversee the short-term trading of syndicate preferred stocks. Between January 2017 and December 2018, UBS-FS representatives are said to have recommended short-term trades in syndicate preferred stocks to retail customers.  According to the regulator, this resulted in financial losses…

The regulator said the penalty comes after an investigation into deficiencies in CITIC's transaction monitoring systems between November 2015 and July 2018. The HKMA found that CITIC's automated transaction monitoring system had failed to generate alerts for suspicious transactions due to errors in detection and core model rules. Additionally, they state that CITIC also failed…