FINRA fines BBVA Securities for TRACE reporting deficiencies
BBVA Securities Inc has agreed to pay a fine of $175,000 as a part of a settlement with the Financial Industry Regulatory Authority (FINRA).
BBVA Securities Inc has agreed to pay a fine of $175,000 as a part of a settlement with the Financial Industry Regulatory Authority (FINRA).
Between July 2016 and January 2023, BBVA failed to include a required indicator on approximately 50,000 reports to FINRA’s Trade Reporting and Compliance Engine (TRACE) as required by FINRA Rule 6730. Accordingly, BBVA violated FINRA Rules 6730 and 2010.
From July 2016 to the present, BBVA failed to establish and maintain a supervisory system, including written supervisory procedures, reasonably designed to achieve compliance with the TRACE reporting requirements of FINRA Rule 6730.
Specifically, the firm failed to review its TRACE reports for accuracy, including to assess whether it had included required indicators. Accordingly, BBVA violated FINRA Rules 3110 and 2010.
In addition to the $175,000 fine, the firm has agreed to a censure.
Maria Nikolova
Maria has been engaged in journalism for more than 17 years, providing Forex industry coverage for the past 10 years. Before joining FNG she was Managing Editor at FinanceFeeds. Prior to that, she worked at LeapRate. Maria has a Philosophy degree from the St. Kliment Ochridski university in Sofia. She has specialized in Cognitive Science in Vienna. Her interests include psychology, AI, and linguistics.Related Posts
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