- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2024-05-30T18:41:00
The Financial Industry Regulatory Authority (FINRA) fined a Bank of America subsidiary $90,080 for filing untimely or inaccurate notifications related to security distributions and failing to adopt an adequate supervisory system.
Bank of America Securities, a broker-dealer based in New York City, filed approximately 195 problematic notifications with FINRA between August 2019 and August 2022, according to the self-regulatory organization’s final notice released Tuesday. The firm also lacked written supervisory procedures describing how it would comply with FINRA Rule 5190, per the notice.
The notifications were required by Regulation M, the Securities and Exchange Commission’s anti-manipulation provision.
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