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A broker-dealer agreed to pay $450,000 to settle FINRA charges for failing to establish and maintain an adequate supervisory system to comply with Order Audit Trail System ("OATS") reporting obligations.
A broker-dealer agreed to pay $450,000 to settle FINRA charges for failing to establish
and maintain an adequate supervisory system to comply with Order
Audit Trail System ("OATS") reporting obligations.
According to the Letter of Acceptance, Waiver and Consent, FINRA
alleged that Electronic Transaction Clearing, Inc.
("Electronic") failed to sufficiently enforce its written
supervisory procedures regarding OATS reporting, which required
that identified exceptions be addressed by the firm's Chief
Compliance Officer. In addition, FINRA claimed that Electronic
neglected to accurately submit to OATS more than 3.1 billion Route
Reports concerning a single customer. FINRA claimed that due to the
lack of supervision, Electronic's OATS violations went
undetected until the issues were recognized by FINRA staff.
Electronic neither admitted to nor denied the findings.
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