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A broker-dealer settled FINRA charges of Order Audit Trail System ("OATS") reporting violations.
According to FINRA, the broker-dealer submitted to OATS approximately (i) 380 million reports that were not required and (ii) 400 million reports with inaccurate data. In addition, the broker-dealer failed to implement a supervisory system and written supervisory procedures ("WSPs") to comply with OATS reporting obligations.
To settle the charges, the broker-dealer agreed to (i) a censure, (ii) payment of a $300,000 fine and (iii) an undertaking to revise the firm's WSPs, as outlined in its Letter of Acceptance, Waiver and Consent.
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