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within Intellectual Property, International Law, Government and Public Sector topic(s)
A broker-dealer settled FINRA charges for failing to report
"millions" of reportable order events ("ROEs")
to the Order Audit Trail System ("OATS").
According to FINRA, the broker-dealer failed to report
62,099,602 ROEs to OATS and reported approximately 1.6 billion ROEs
that did not provide correct, properly formatted or complete data.
In addition, FINRA found that the broker-dealer neither established
nor implemented a supervisory system to comply with OATS-related
FINRA rules.
To settle the charges, the broker-dealer agreed to (i) a
censure, (ii) a $90,000 fine and (iii) undertaking a review of the
firm's supervision of OATS reporting.
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