FINRA Sanctions Santander Investment Securities for Inaccurate Disclosures
According to the Financial Industry Regulatory Authority (FINRA) on September 7, 2021, the regulator has censured and fined Santander Investment Securities (CRD #37216) $175,000 for inaccurate and omitted disclosures.
Between January 2016 and August 2019, all equity and debt research reports published by Santander Investment Securities allegedly omitted required disclosures or included inaccurate disclosures, according to a Letter of Acceptance, Waiver and Consent.
Specifically, the firm reportedly published 411 equity research reports with a total of 656 disclosure omissions or inaccuracies. Between July 16, 2016 and August 2019, Santander reportedly published 60 debt research reports with a total of 333 disclosure omissions which were the result of the firm’s failure to establish and maintain a supervisory system reasonably designed to achieve compliance with FINRA’s disclosure requirements, as well as its failure to enforce its relevant written supervisory procedures, according to FINRA.
Santander Investment Securities (Santander Securities), is a dually registered broker dealer and registered investment adviser headquartered in Dorchester, MA.
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