- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2023-08-21T13:50:00
Cantor Fitzgerald agreed to pay $100,000 as part of a settlement with the Financial Industry Regulatory Authority (FINRA) regarding alleged disclosure failures about which the firm had previously been warned.
Cantor violated Regulation NMS (National Market System) when it published public quarterly reports on its handling of customers’ orders in securities that contained inaccurate and incomplete information, according to FINRA’s disciplinary action published Thursday. The firm was also faulted for deficiencies in its supervisory procedures.
In January 2020, Cantor published its required NMS report for the fourth quarter of 2019, which “failed to disclose … the material aspects of Cantor’s relationship with one of its specified execution venues, including a description of Cantor’s payment for order flow and profit-sharing relationship with the venue,” according to FINRA.
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Network 1 Financial Securities and its chief compliance officer agreed to pay approximately $740,000 combined, plus interest, as part of a settlement with the Financial Industry Regulatory Authority addressing alleged Regulation Best Interest compliance failures.
Goldman Sachs agreed to pay $425,000 as part of a settlement with the Financial Industry Regulatory Authority addressing allegations of reporting and supervision violations regarding more than 1 million over-the-counter options positions.
Instinet, a brokerage firm subsidiary of Nomura Group, agreed to pay $3.8 million as part of a settlement with the Financial Industry Regulatory Authority regarding “tens of billions” of inaccurate or late reports filed to the consolidated audit trail central repository.
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