In the wake of recent episodes of so-called “rogue trading”, the Financial Industry Regulatory Authority issued guidance to firms outlining best practices for detecting and preventing such unauthorized proprietary trading.FINRA’s regulatory notice on the issue is intended to assist firms in the process of reviewing and modifying their internal controls against unauthorized trading. Sound practices […]
Market participants asked to monitor internal controls
Authority doled out fines, suspensions and one ban
Merrill Lynch, Prudential Securities, Pruco and UBS fined a total of US$2.4 million
Improper trades made on behalf of hedge fund client
Three major Canadian broker-dealers a part of the action
The Financial Industry Regulatory Authority announced that it has censured and fined Wachovia Capital Markets, LLC US$300,000 for violations of FINRA’s research analyst conflict of interest disclosure rules.FINRA found that from June 2004 to May 2006, Wachovia failed to include in 40 research reports a total of 56 disclosures concerning Wachovia’s financial relationships with subject […]
Firm’s current and former presidents violated anti-money laundering rules
The program will help compliance chiefs ensure effective communication about compliance and maintain effective controls at their firms
Firm submitted mutual fund breakpoint data it knew was inaccurate