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ARTICLE · 01 APRIL 2021

Firm Settles FINRA Charges For TRACE Reporting Violations - March 29, 2021

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A firm settled FINRA charges for incorrectly and inadequately reporting Treasury transactions to the Trade Reporting and Compliance Engine ("TRACE").

United StatesFinance and Banking
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A firm settled FINRA charges for incorrectly and inadequately reporting Treasury transactions to the Trade Reporting and Compliance Engine ("TRACE").

In a Letter of Acceptance, Waiver, and Consent, FINRA stated that: "the over-reporting occurred when the firm transferred Treasury securities within its internal accounts because the firm unintentionally removed the logic to prevent these internal transfers from being automatically reported." FINRA found that this led to improperly reported Treasury transactions to TRACE in violation of FINRA Rule 6730 ("Transaction Reporting"). Additionally, FINRA found that the firm's "logic" (i) did not automatically code Treasury transactions with an affiliate that were at cost with the required "No Remuneration" indicator and (ii) misreported affiliate transactions as customer transactions.

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