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Broker-Dealer Fined for Inaccurate Trade Routing Reports

A broker-dealer settled charges with FINRA for publishing incorrect quarterly reports required under National Market System regulations ("Regulation NMS").

In a Letter of Acceptance, Waiver and Consent, FINRA found that the broker-dealer published quarterly reports regarding its handling of NMS securities that (i) lacked the required disclosures, (ii) included inaccurate information and (iii) were not filed in a timely manner. FINRA determined that the broker-dealer violated Regulation NMS Rule 606(a) ("Disclosure of order routing information") and FINRA Rules 3110 ("Supervision") 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 $275,000 fine.

Primary Sources

  1. FINRA AWC: Cowen and Company

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Tags

Regulated Activities
Trading
Sub-Activity
Rule 605 and Rule 606
Regulated Entities
Broker-Dealers
Body of Law
Securities Law
Jurisdiction
US - Federal
Organization
FINRA / MSRB / SEC Exchanges / SIPC / Accountants
Sub-Author
FINRA