- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Jeff Dale2024-11-06T21:36:00
The Financial Industry Regulatory Authority (FINRA) fined broker-dealer Morgan Stanley $1 million over alleged documentation failures related to risk management controls and supervisory procedures involving violations of the Market Access Rule.
Morgan Stanley had unclear order controls in regard to the grouping of customer transactions into low- or high-touch thresholds, with the potential for the entry of erroneous orders to enter the market, FINRA alleged in a disciplinary action Friday.
Low-touch orders are processed through an automated system, while high-touch orders are a more manual process, the self-regulatory agency noted. The firm allegedly “permitted orders that had been manually reviewed and released and subsequently amended at a later time … without additional manual review.”
THIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.
News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
Annual Membership $499 Value offer
Full price one year membership with auto-renewal.
Membership $599
One-year only, no auto-renewal.
Morgan Stanley will pay a $1.6 million fine levied by the Financial Industry Regulatory Authority for failing to close out certain municipal securities transactions over a five-year period.
Morgan Stanley Smith Barney agreed to pay $35 million to settle Securities and Exchange Commission charges it repeatedly disregarded the safeguarding of clients’ personal data in decommissioning local storage devices.
Two Wells Fargo subsidiaries were ordered to pay more than $2 million due to supervisory failures regarding the switching of customers’ variable annuities, the Financial Industry Regulatory Authority announced.
USAA Federal Savings Bank has been hit with its third cease and desist order from the Treasury Department’s Office of the Comptroller of the Currency in the past five years for failing to correct unsafe and unsound banking practices.
Becton Dickinson medical device company will pay $175 million for “repeatedly” misleading investors about its Alaris infusion pump, a product the company knew was flawed and was sold without the required patient-safety approvals, the Securities and Exchange Commission said.
The Securities and Exchange Commission charged bankrupt fashion retailer Express with failing to disclose nearly $1 million in perks to a former chief executive, but did not levy a financial penalty thanks to its cooperation, the SEC said.
