BofA Securities, Inc has agreed to pay a fine of $90,080 as a part of a settlement with the Financial Industry Regulatory Authority (FINRA).
Between August 2019 and August 2022, BofA Securities violated FINRA Rules 5190 and 2010 in 195 instances by filing untimely or inaccurate notifications with FINRA in connection with its participation in 112 security distributions subject to Regulation M under the Securities Exchange Act of 1934.
In addition, between August 2019 and March 2024, BofAS violated FINRA Rules 3110(a), 3110(b), and 2010 by failing to establish and maintain a supervisory system, including written supervisory procedures (WSPs), reasonably designed to achieve compliance with FINRA Rule 5190.
Regulation M is the SEC’s principal anti-manipulation provision that applies to distributions of covered securities and is intended…
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