August 26, 2016 4:28 AM ET

Diversified Financial Services

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

Phone:

202-728-8000

Fax:

202-293-6260

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

Financial Industry Regulatory Authority Fines $1.3 Million on Barclays Capital Inc. for Extensive Oats Reporting Violations and Related Supervisory Failures

The Financial Industry Regulatory Authority announced that it has fined Barclays Capital Inc. $1.3 million for systemic Order Audit Trail System (OATS) reporting violations and related supervisory failures. INRA rules require firms to transmit to OATS complete and accurate data relating to events in the lifecycle of an order, called Reportable Order Events (ROEs). FINRA found 15 system issues at Barclays Capital that gave rise to OATS reporting violations. Barclays Capital transmitted more than 3 billion inaccurate or incomplete ROEs to OATS, including omitted special handling codes; inaccurate timestamps, execution quantities and member type codes; and duplicate or erroneous reports. In addition, Barclays Capital failed to transmit millions of ROEs to OATS. FINRA also found that Barclays Capital's supervisory system was not reasonably designed to achieve compliance with its OATS reporting obligations. In concluding this settlement, Barclays Capital neither admitted nor denied the charges, but consented to the entry of FINRA's findings.

Financial Industry Regulatory Authority Announces Executive Changes, Effective August 15, 2016

Financial Industry Regulatory Authority announced that Board of governors unanimously elected John J. Brennan Vanguard Group Chairman Emeritus and Senior Advisor, as Chairman effective Aug. 15, 2016. His term will be effective upon Ketchum previously announced retirement. It was also announced at that time that FINRA would move to a non-executive chair structure for its board governance. The company also announced that Robert W. Cook will become FINRA's new chief executive in the second half of 2016; his expected start date is August 15, 2016.

The Financial Industry Regulatory Authority Fines Deutsche Bank Securities Inc. with $6 Million for Submitting Inaccurate and Late Blue Sheet Data

The Financial Industry Regulatory Authority (FINRA) fined Deutsche Bank Securities Inc. with $6 million for failing to provide complete and accurate trade data in an automated format in a timely manner when requested by FINRA and the Securities and Exchange Commission (SEC). As part of the settlement, Deutsche Bank has agreed to retain an independent consultant to improve its policies, systems and procedures related to blue sheet submissions. FINRA found that from at least 2008 through at least 2015, Deutsche Bank experienced significant failures with its blue sheet systems used to compile and produce blue sheet data, including programming errors in system logic and the firm’s failure to implement enhancements to meet regulatory reporting requirements. These failures caused the firm to submit thousands of blue sheets to regulators that misreported or omitted critical information on over 1 million trades. Additionally, FINRA found a significant number of Deutsche Bank’s blue sheet submissions did not meet regulatory deadlines. Firms typically have 10 business days to respond to a blue sheet request. Between January 2014 and August 2015, approximately 40% of Deutsche Bank’s blue sheets were filed past the regulatory deadline; and likewise, from July to August 2015, more than 90% of Deutsche Bank’s blue sheets were not submitted to FINRA on a timely basis. In settling this matter, Deutsche Bank neither admitted nor denied the charges, but consented to the entry of FINRA’s findings.

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