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.
Blue Anchor Capital Management and Pickett also purchased “highly aggressive and volatile” securities, according to the order.
Reshuffle provides strong indication of where the regulator's priorities now lie.
Goldman Sachs Asset Management report reveals sharpened focus on annuities.
Ahead of Father's Day, InvestmentNews speaks with Andrew Crowell.
Cerulli research finds nearly two-thirds of active retirement plan participants are unadvised, opening a potential engagement opportunity.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today’s choppy market waters, says Myles Lambert, Brighthouse Financial.
How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave
