UBS Financial Services Inc. has agreed to pay a fine of $1,100,000 as a part of a settlement with the Financial Industry Regulatory Authority (FINRA).
From December 2012 through September 2018, UBS FSI submitted approximately 17,000 blue sheets to FINRA that misreported or failed to report information about approximately 4.4 million transactions related to eight different types of transaction information.
The firm’s inaccurate blue sheet submissions impacted fields related to, among other things: the customer’s address, including city, state and zip; the execution time for trades allocated to customer accounts; and whether the trades were solicited or unsolicited.
The firm self-reported to FINRA that in connection with migrating to a new electronic blue sheets system, coding errors caused certain required fields in some of the firm’s electronic blue sheet submissions to be incorrectly populated. UBS FSI began revising…
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