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ARTICLE · 10 JUNE 2019

Broker-Dealer Settles FINRA Charges For OTC Options Reporting Errors

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A broker-dealer agreed to settle FINRA charges for failing to report, and inaccurately reporting, OTC options positions to the Large Options Position Reporting system ("LOPR"), and for related supervisory failures.

United StatesFinance and Banking
Hogan Lovells Cadwalader
Hogan Lovells Cadwalader
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A broker-dealer agreed to settle FINRA charges for failing to report, and inaccurately reporting, OTC options positions to the Large Options Position Reporting system ("LOPR"), and for related supervisory failures.

According to FINRA's Letter of Acceptance, Waiver and Consent, the reporting breaches arose due to the firm's (i) failure to code certain accounts and derivatives as being subject to LOPR reporting, (ii) failure to identify certain accounts as "acting in concert" for purposes of LOPR reporting, and (iii) filing of LOPR reports with incorrect names, addresses or tax identification numbers due to manual data entry errors. In addition, FINRA charged the firm with related supervisory failures.

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