FNBB Capital Markets, LLC has agreed to pay a fine of $30,000 as a part of a settlement with the Financial Industry Regulatory Authority (FINRA).
Between June 2020 and September 2023, FNBB issued 121 non-institutional customer confirmations for municipal transactions. The confirmations reported the firm’s mark-up and mark-down as a dollar amount, but failed to include the mark-up or mark-down as a percentage of the prevailing market price because the firm did not select the appropriate fields in its clearing firm’s systems when entering the transactions.
Therefore, FNBB violated MSRB Rule G-15.
From September 2019 to present, the firm failed to establish a supervisory system or conduct any supervisory reviews to confirm that mark-ups and mark-downs on retail customer trade confirmations were disclosed accurately and completely as…
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