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.
New chief executive Rich Steinmeier replaced Dan Arnold on October 1.
The global firm is navigating a crisis of confidence as an SEC and DOJ probe into its Western Asset Management business sparked a historic $37B exodus.
Beyond returns, asset managers have to elevate their relationship with digital applications and a multichannel strategy, says JD Power.
New survey finds varied levels of loyalty to advisors by generation.
Busy day for results, key data give markets concerns.
A great man died recently, but this did not make headlines. In fact, it barely even made the news. Maybe it’s because many have already mourned the departure of his greatest legacy: the 60/40 portfolio.
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