简体中文
繁體中文
English
Pусский
日本語
ภาษาไทย
Tiếng Việt
Bahasa Indonesia
Español
हिन्दी
Filippiiniläinen
Français
Deutsch
Português
Türkçe
한국어
العربية
Abstract:BBVA Securities Inc. has been fined $175,000 by the Financial Industry Regulatory Authority (FINRA) as part of a settlement over deficiencies in its Trade Reporting and Compliance Engine (TRACE) reporting. The penalty comes after an investigation revealed significant lapses in BBVA's compliance with FINRA's reporting requirements.
BBVA Securities Inc. has been fined $175,000 by the Financial Industry Regulatory Authority (FINRA) as part of a settlement over deficiencies in its Trade Reporting and Compliance Engine (TRACE) reporting. The penalty comes after an investigation revealed significant lapses in BBVA's compliance with FINRA's reporting requirements.
Between July 2016 and January 2023, BBVA Securities failed to include a required indicator on approximately 50,000 TRACE reports. This omission was a direct violation of FINRA Rule 6730, which mandates the inclusion of specific indicators to ensure accurate and complete trade reporting.
The investigation also uncovered that BBVA Securities had not established or maintained a supervisory system adequate to ensure compliance with TRACE reporting requirements. This failure included a lack of effective written supervisory procedures designed to meet the standards outlined in FINRA Rule 6730.
Moreover, BBVA Securities did not review its TRACE reports for accuracy, which would have included verifying the presence of required indicators. This oversight resulted in violations of FINRA Rules 3110 and 2010, which mandate proper supervisory systems and adherence to regulatory requirements.
In addition to the $175,000 fine, BBVA Securities has agreed to a censure as part of the settlement. The censure serves as an official reprimand and a formal acknowledgment of the firm's regulatory shortcomings.
This settlement underscores the importance of robust supervisory systems and accurate trade reporting. FINRA's action highlights the need for financial firms to adhere strictly to reporting requirements and maintain effective compliance practices to avoid significant penalties.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
Maxim Group LLC has reached a settlement with the Financial Industry Regulatory Authority (FINRA), agreeing to pay a fine of $75,000 due to violations related to their reporting practices. This fine comes in the wake of insufficient disclosures in the firm’s public quarterly reports on the handling of customer orders in National Market System (NMS) securities.
Swissquote introduces fractional shares and crypto trading, offering affordable and flexible investment options with a new saving plan for diversified portfolios.
The Financial Conduct Authority (FCA) has intensified its scrutiny of social media influencers, commonly known as "finfluencers," amid concerns that many are promoting financial products illegally.
Walder Wyss, the Swiss law firm overseeing the liquidation of bankrupt neobank FlowBank, has encouraged former clients to sell their securities held in accounts to expedite the refund process. Clients are able to log in to the FlowBank platform and complete the sale of their securities until 15th November 2024, after which the platform will no longer facilitate such transactions