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Broker-Dealer Fined for Reporting to TRACE without Required "No Remuneration" Indicator

A broker-dealer settled charges with FINRA for reporting transactions to the Trade Reporting and Compliance Engine ("TRACE") without the required "No Remuneration" ("NR") indicator.

In a Letter of Acceptance, Waiver and Consent, FINRA stated that the broker-dealer reported 33,000 transactions in TRACE-eligible securities without the NR indicator to TRACE. As a result, FINRA stated that the broker-dealer violated FINRA Rules 6730(d) ("Transaction Reporting") and 2010 ("Standards of Commercial Honor and Principles of Trade").

To settle the charges, the broker-dealer agreed to (i) a censure and (ii) pay a $25,000 fine.

Primary Sources

  1. FINRA AWC: Commonwealth Australia Securities LLC

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Tags

Regulated Activities
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