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ARTICLE · 04 JUNE 2020

Broker-Dealer Settles FINRA Charges For SHORT System Reporting Failures

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A broker-dealer settled FINRA charges for Short-Term Obligation Rate Transparency ("SHORT") System reporting and related supervisory failures.

United StatesFinance and Banking
Hogan Lovells Cadwalader
Hogan Lovells Cadwalader
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A broker-dealer settled FINRA charges for Short-Term Obligation Rate Transparency ("SHORT") System reporting and related supervisory failures.

As described in a Letter of Acceptance, Waiver and Consent, FINRA found that on 3,710 occasions over a period of nine years, the broker-dealer violated MSRB Rule G-34 (specifically MSRB Rule G-34(c)(ii)) as a remarketing agent for variable rate demand obligations. FINRA found that the broker dealer failed to submit accurate minimum denomination and maximum interest rates to the MSRB's SHORT System. Specifically, FINRA found the broker-dealer failed to report the minimum denomination in 2,002 submissions and the maximum interest rate in 1,708 submissions.

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