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Broker-Dealer Settles FINRA Charges for TRACE Reporting Violations

A broker-dealer settled FINRA charges for late and inaccurate trade reporting to the Trade Reporting and Compliance Engine (TRACE). FINRA stated that the broker-dealer reported 398 securities transactions late and inaccurately reported another 141 transactions. According to FINRA, the late reports were due to manual reporting and corrections to erroneous reports, and the inaccurate reports were due to the bunching of smaller transactions into a single report.

To settle the charges, the broker-dealer agreed to (i) a censure and (ii) a fine of $50,000.

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