October 27, 2016 12:13 PM ET

Capital Markets

Company Overview of Financial Industry Regulatory Authority, Inc.

Company Overview

Financial Industry Regulatory Authority, Inc. (FINRA) is a trade association that provides regulatory, consulting, and advisory services focusing on financial services and securities brokerage companies. The organization offers registration, dispute resolution, federal securities law enforcement, market surveillance and analysis, and regulatory policy formulation and implementation services. FINRA, formerly known as National Association of Securities Dealers, Inc., was founded in 1938 and is headquartered in Washington, District of Columbia.

1735 K Street

Washington, DC 20006

United States

Founded in 1938





Key Executives for Financial Industry Regulatory Authority, Inc.

Executive Chairman of Board of Governors and Chief Executive Officer
Age: 65
Executive Vice President and Chief Financial Officer
Senior Vice President and Regional Director of New York Region
President of Dispute Resolution, Executive Vice President, and Chief Hearing Officer
Executive Vice President and Director of Dispute Resolution
Compensation as of Fiscal Year 2016.

Financial Industry Regulatory Authority, Inc. Key Developments

The Financial Industry Regulatory Authority Fines $2.8 Million to Merrill Lynch, Pierce, Fenner and Smith Inc. for Systemic Reporting, Books and Records, and Related Supervisory Violations

The Financial Industry Regulatory Authority (FINRA) announced that it has fined Merrill Lynch, Pierce, Fenner and Smith Inc. $2.8 million for systemic trade reporting, Order Audit Trail System (OATS) reporting, books and records, and related supervisory violations that occurred over a period of several years. FINRA uses trade reporting and OATS data as an integral part of its automated market surveillance program to detect manipulative activity and other potential violations of FINRA rules and the federal securities laws. FINRA relies on the accuracy of a firm’s books and records to conduct adequate policing of the securities markets. FINRA found that a system configuration error caused Merrill Lynch to, among other things, inaccurately report millions of trades to a FINRA Trade Reporting Facility in which purchases were reported as principal sales and agency crosses. Merrill Lynch also reported millions of trades it was not required to report. In addition, over the course of almost five years, the firm encountered a number of separate system errors that caused it to report millions of inaccurate reportable order events to OATS, including inaccurate timestamps, broker-dealer orders reported as customer orders and a failure to report millions of execution reports. Moreover, FINRA found that, for approximately three years, Merrill Lynch failed to record certain special handling instructions, as well as the correct receipt and route timestamps on order tickets, which caused millions of records to be inaccurate. FINRA also found that the scope of Merrill Lynch’s supervisory system with respect to, among other things, trade reporting, OATS reporting, and books and records, was not reasonably designed. In concluding this settlement, Merrill Lynch neither admitted nor denied the charges, but consented to the entry of FINRA's findings. Investors can obtain more information about, and the disciplinary record of, any FINRA-registered broker or brokerage firm by using FINRA's BrokerCheck.

Financial Industry Regulatory Authority Penalizes Bank of America Corp with $3 Million

Bank of America Corporation was penalized $3 million by the Financial Industry Regulatory Authority, on behalf of the New York Stock Exchange, NASDAQ and others, for violating the market access rules and the exchanges' supervision rules. The exchanges' investigation found Merrill Lynch filed more than 200 incorrect petitions from July 2011 to October 2014.

KCD Financial, Inc. Files an Application for Review of Disciplinary Action Taken Against it by Financial Industry Regulatory Authority

KCD Financial, Inc. filed an application, pursuant to Section 19(d)(2) of the Securities Exchange Act of 1934, for review of disciplinary action taken against the company by the Financial Industry Regulatory Authority. FINRA filed a copy of the index to the record on September 9, 2016, pursuant to Rule 420(d) of the Rules of Practice. Accordingly, it is ordered, pursuant to Rule 450(a) of the Rules of Practice, that a brief in support of the application for review shall be filed by October 21, 2016. A brief in opposition shall be filed by November 21, 2016, and any reply brief shall be filed by December 5, 2016. Pursuant to Rule 180(c) of the Rules of Practice, failure to file a brief in support of the application may result in dismissal of this review proceeding.

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