United States:
Broker-Dealer Settles Charges For OATS Reporting Violations
10 March 2020
Cadwalader, Wickersham & Taft LLP
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A broker-dealer settled FINRA charges for Order Audit Trail
System ("OATS") reporting violations.
According to FINRA, the broker-dealer transmitted 343,503,736
New Order Reports ("NWs"), almost all of which contained
inaccurate order event timestamps. In addition, the broker-dealer
was charged with failing to have a sufficient supervisory system
designed to ensure that it followed OATS reporting
requirements.
To settle the charges, the broker-dealer agreed to a censure and
a fine of $75,000.
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