FINRA Fines Merrill Lynch, Pierce, Fenner & Smith for Compliance Issues
Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD #7691, New York, New York) submitted an AWC in which the firm was censured and fined $30,000.
Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it failed to submit to the OTC Reporting FacilityTM (ORFTM) last sale reports of transactions in OTC equity securities within 10 seconds after execution.
The findings stated that the firm’s supervisory procedures were not reasonably designed to achieve compliance with respect to the applicable securities laws and regulations and FINRA Rules concerning late trade reporting. Specifically, the firm failed to identify, prevent and correct the firm’s pattern or practice of late trade reporting, which resulted in violations of FINRA Rule 6622(a).
For FINRA’s full findings see FINRA Case #2015046460201.
Merrill Lynch, Pierce, Fenner & Smith Incorporated offers security brokerage and dealership services. Additionally, it provides investment advisory services. Merrill Lynch, Pierce, Fenner & Smith Incorporated was formerly known as Merrill Lynch Pierce Fenner & Smith, Inc. The firm is based in New York, New York. As of January 1, 2015, Merrill Lynch, Pierce, Fenner & Smith Incorporated operates as a subsidiary of BAC North America Holding Company.
This information, which is publicly available on FINRA’s website has been provided by The White Law Group.
If you have questions about investments you made with Merrill Lynch, Pierce, Fenner & Smith the securities attorneys of The White Law Group may be able to help you. To speak with a securities attorney, please call 888-637-5510.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Vero Beach, Florida.
For more information on The White Law Group, and its representation of investors, please visit our website at https://www.whitesecuritieslaw.com.