Category: Regulation

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…

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…

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…

The firm was also found to have lacked a proper supervisory system and failed to comply with filing requirements. Between June 2018 and December 2021, Cova is said to have recommended three private placements without verifying key details about the issuers and investment risks.  As a result, FINRA determined that Cova willfully violated Regulation Best…

FINRA said in its release that the fine is for publishing inaccurate trade execution reports and failing to maintain adequate supervisory procedures.  New York-based GTS, which specialises in market-making and proprietary trading, also received a censure as part of the settlement. According to FINRA, between May 2019 and March 2021, GTS published 23 inaccurate monthly…

The fine follows an investigation by the firm into Apex’s handling of customer loans, disclosures, and supervisory systems between January 2019 and June 2023. According to FINRA, Apex entered into securities loans with certain customers without ensuring the loans were appropriate, as some customers did not receive loan fees for lending their shares.  Furthermore, from…

FINRA said that Berkshire Global Advisors failed to establish and enforce adequate supervisory systems and written supervisory procedures (WSPs) for monitoring its associated persons outside brokerage accounts. FINRA found that from October 2019, Berkshire’s oversight of outside brokerage accounts was inadequate.  The firm is said to have failed to implement effective processes to verify disclosures,…