Corby Capital Markets, Inc., a FINRA registered broker-dealer based in Boston, Massachusetts recently submitted a Letter of Acceptance, Waiver and Consent in which the firm was censured, fined $100,000 and required to certify to FINRA in writing within 30 days of the issuance of the AWC that it currently has in place systems and procedures reasonably designed to achieve compliance with the laws, regulations, and rules concerning MSRB reporting requirements.
Without admitting or denying the findings, the firm consented to the described sanctions and to the entry of findings that it failed to report 31 percent of its municipal securities transactions to the MSRB. The findings stated that the firm mistakenly viewed the transactions as “step outs” and therefore reported the transactions to the National Securities Clearing Corporation’s Real-Time Trade Matching System, but did not report them to the MSRB’s Real-Time Transaction Reporting System (RTRS).
This information which is publicly available on FINRA’s website has been provided by The White Law Group, LLC.
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