FINRA found that the firm and the principal failed to timely update Forms U4 for a number of representatives with respect to those OBAs.
Full ArticleA firm settled FINRA and NYSE Arca charges for mismarking sell orders and failing to document compliance with SEC Regulation SHO..
FINRA highlighted practices which firms found effective for mitigating risks associated with customer account takeovers.
To settle the charges, the broker-dealer agreed to (i) a censure and (ii) a $1.5 million civil monetary penalty.