The Financial Industry Regulatory Authority has fined BofA Securities $5 million for failing to report over-the-counter options positions.
Finra said the firm failed to report positions to the Large Options Positions Reporting system in more than 7.4 million instances, including 26 positions that were over the applicable OTC position limit. Finra also cited related supervisory failures, the regulator said in a press release Monday.
In settling this matter, BofAS consented to the entry of Finra’s findings, without admitting or denying the charges. In addition to the fine, the firm agreed to a penalty of a censure and to improve its supervisory procedures.
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