BNY Mellon Capital Markets, LLC (CRD #17454, New York, New York) recently submitted a Letter of Acceptance, Waiver and Consent in which the firm was censured, fined $25,000 and required to revise its written supervisory procedures regarding municipal securities reporting. Without admitting or denying the findings, the firm consented to the described sanctions and to the entry of findings that it failed to report the correct trade date to the RTRS in numerous reports of transactions in municipal securities; the firm also improperly reported information to the RTRS on numerous other occasions by submitting reports that represented sub-allocations to trusts a money manager managed, rather than reporting only the cumulative block trades encompassing those bundled sub-allocation events that represented the firm’s transactions with the money manager. The findings stated that the firm failed to purchase municipal securities for its own account from a customer at a price that was fair and reasonable, including the expense involved, the total dollar amount of the transaction and that the firm was entitled to a profit. The findings also stated that the firm’s supervisory system did not provide for supervision reasonably designed to achieve compliance with respect to municipal securities reporting.
This information which is publicly available on FINRA’s website has been provided by The White Law Group, LLC.
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