FINRA fines Odeon Capital for reporting flaws
From July 2016 to April 2018, and from August 2021 to March 2022, Odeon Capital did not report approximately 640 transactions in a timely manner.。
As part of its settlement with the Financial Industry Regulatory Authority (FINRA), Odeon Capital Group LLC has agreed to pay a $100,000 fine.。
From July 2016 to April 2018, and from August 2021 to March 2022, Odeon Capital did not report approximately 640 transactions to the Transaction Reporting and Compliance Engine (TRACE) in a timely manner, and from February 2017 to April 2018, incorrectly reported approximately 130 internal transfers to TRACE as securitized product transactions that were not reportable.。
As a result, Odeon Capital is in violation of Financial Industry Regulatory Authority rules 6730 and 2010.。
In addition, from February 2017 to August 2019, Odeon Capital did not report approximately 225 transactions to the Municipal Securities Rulemaking Board's (MSRB's) Real-Time Transaction Reporting System (RTRS) in a timely manner, and from February 2017 to March 2021, and from January 2022 to August 2022, approximately 3,250 internal transfers were incorrectly reported to RTRS as municipal securities transactions that were not reportable.。
As a result, the company violated MSRB Rule G-14.。
In addition, from July 2016 to July 2022, the company's oversight systems, including its Written Supervisory Program (WSP), were not designed to enable compliance with TRACE and MSRB reporting rules.。As a result, the company violated Financial Industry Regulatory Authority rules 3110 and 2010 and MSRB rule G-27.。
In addition to the $100,000 fine, the company agreed to accept a reprimand.。
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