Pershing LLC has agreed to pay a fine of $150,000 as a part of a settlement with the Financial Industry Regulatory Authority (FINRA).
From July 2016 to April 2021, Pershing failed to include the Non-Transaction Based Compensation (NTBC) indicator when reporting approximately 23,000 municipal securities transactions to the MSRB’s Real-Time Transaction Reporting System (RTRS) in violation of MSRB Rule G-14.
During the same period, the firm also did not report the No Remuneration (NR) indicator to the Trade Reporting and Compliance Engine (TRACE) for approximately 155,000 transactions in TRACE-eligible securities, as defined in FINRA Rule 6710(a), in violation of FINRA Rules 6730(d) and 2010.
Additionally, from July 2016 to May 2021, the firm failed to establish and maintain supervisory systems reasonably designed to achieve compliance with MSRB Rule G-14 and FINRA Rule 6730, in violation of MSRB Rule G-27 and FINRA Rules 3110 and 2010, respectively.
On top of the $150,000 fine, the firm has agreed to a censure.
