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Broker Settles FINRA Charges for TRACE Reporting and Supervisory Violations

A firm settled FINRA charges for failing to report timely transactions in the Trade Reporting and Compliance Engine ("TRACE") and for related supervisory failures.

In a Letter of Acceptance, Wavier, and Consent ("AWC"), FINRA stated that the firm failed to report transactions in TRACE within the required 15-minute reporting window. FINRA concluded that the broker-dealer violated FINRA Rule 6730(a) ("Transaction Reporting"). FINRA also found that the broker-dealer violated FINRA Rule 2010 ("Standards of Commercial Honor and Principles of Trade").

To settle the charges, the broker-dealer agreed to a censure, a $350,000 fine and to undertake revisions to the firm's supervisory process within a 90 day period.

Primary Sources

  1. FINRA AWC: UBS Financial Services Inc.

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Tags

Regulated Activities
Supervision / Compliance Trade Reporting
Sub-Activity
TRACE
Regulated Entities
Broker-Dealers
Regulated Products
Debt
Body of Law
Securities Law
Jurisdiction
US - Federal
Organization
FINRA / MSRB / SEC Exchanges / SIPC / Accountants
Sub-Author
FINRA