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within Intellectual Property, International Law, Government and Public Sector topic(s)
A broker-dealer settled FINRA charges for failing to
repair and resubmit rejected Reportable Order Events
("ROEs") to the Order Audit Trail System
("OATS").
In a Letter of Acceptance, Waiver, and Consent, FINRA found that
the broker-dealer, in addition to not recognizing 8,257 rejected,
repairable ROEs, failed to timely submit (i.e., within
five OATS business days) 6,132 repaired ROEs.
As a result, FINRA determined that the broker-dealer violated
FINRA Rules 7450 ("Order Data Transmission
Requirements") and 2010 ("Standards of Commercial Honor
and Principles of Trade").
To settle the charges, the broker-dealer agreed to (i) a censure
and (ii) a $25,000 fine.
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