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.
Survey finds AI widely embedded in research and analysis, but barely touching portfolio construction or trade execution.
Two firms land teams managing more than $1.1 billion in combined assets from Kestra and Edward Jones.
A private partnership, Edward Jones is a giant in the retail brokerage industry with more than 20,000 financial advisors.
Meanwhile, Raymond James and Tritonpoint Partners separately welcomed father-son teams, including a breakaway from UBS in Missouri.
Paul Atkins has asked staff to solicit public comment on novel ETFs, pausing the clock on as many as 24 filings linked to the booming event contracts market.
Wellington explores how multi strategy hedge funds may enhance diversification
As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management
