BAML have submitted a letter of Acceptance, Waiver and Consent (AWC) in order to propose a settlement of the alleged rule violations from FINRA, in which the respondents "accept and consent to the findings without admitting or denying them".
The regulator has ordered FINRA and SROs associated with Cboe, Nasdaq, and NYSE to work jointly in creating a new plan.
Potentially dozens of broker-dealers are set to be affected by the ruling; market opinion divided on decision.
The regulator’s longstanding head of enforcement is set to depart, with her deputy stepping in until a permanent replacement is selected.
From January 2014 to February 2019, FINRA found that the bank had failed to conduct reasonable reviews of execution quality for its customers’ orders.
The firm has been fined for failing to protect customers’ securities as well as for inaccurately disclosing conflicts of interest.
The US watchdog has asked market participants to submit comments on how they would enhance the way the data is collected for FINRA’s TRACE for US Treasury securities.
A study from Market Structure Partners carried out for the European Commission has recommended the EU moves forward with plans to form a consolidated tape.
The US watchdog has extended a delay for broker-dealers reporting to the CAT after system officially went live earlier this month.
The fine for BNP Paribas was related to failures around the AML system to identify suspicious penny stock trades and wire transfers over a four-year period.