BofA Securities, Inc has agreed to pay a fine of $250,000 as a part of a settlement with the Financial Industry Regulatory Authority (FINRA).
From October 2021 through June 2023, BofA Securities failed to timely report approximately 5,200 transactions to the Trade Reporting and Compliance Engine (TRACE), in violation of FINRA Rules 6730(a) and 2010.
From February 2018 through June 2022, BofA Securities failed to include a required modifier on approximately 57,000 reports to TRACE, in violation of FINRA Rules 6730(a) and (d) and 2010.
From February 2018 through June 2023, the firm failed to establish and maintain a system reasonably designed to achieve compliance with the firm’s obligation to report transactions timely and accurately to TRACE, in violation of FINRA Rules 3110(a) and 2010.
On top of the $250,000 fine, the firm consents to the imposition of a censure.
