Broker-Dealer Settles FINRA Charges for OATS Reporting Inaccuracies

A broker-dealer settled FINRA charges for Order Audit Trail System ("OATS") reporting violations.

According to FINRA, due to system issues arising during a transition between third-party order management systems, the broker-dealer failed to (i) transmit 237,457 reportable order events ("ROEs") to OATS and (ii) accurately transmit an additional 82,959 ROEs.

To settle the charges, the broker-dealer agreed to a censure and a fine of $30,000.