Rafferty Capital Markets, LLC (CRD #23682, Garden City, New York) recently submitted a Letter of Acceptance, Waiver and Consent in which the firm was censured, fined $87,500 and required to revise its written supervisory procedures regarding TRACE and municipal securities reporting, and books and records compliance. Without admitting or denying the findings, the firm consented to the described sanctions and to the entry of findings that it failed to report information regarding transactions effected in municipal securities to the Real-time Transaction Reporting System (RTRS) within 15 minutes of trade time and failed to report the correct trade time to an RTRS Portal. The findings stated that the firm failed to show the correct execution time on the memoranda of transactions in municipal and TRACE-eligible securities. The findings also stated that the firm failed to report transactions in TRACE-eligible securities to TRACE within 15 minutes of execution time, and failed to report the correct trade execution time for these transactions to TRACE. The findings also included that the firm’s supervisory system did not provide for supervision reasonably designed to achieve compliance with applicable securities laws, regulations, MSRB rules and/or FINRA rules concerning TRACE, and municipal securities reporting and books and records compliance.
This information which is publicly available on FINRA’s website has been provided by The White Law Group, LLC.
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