FINRA Fines UBS Securities LLC for Compliance Issues

UBS Securities LLC Fined and Censured

According to FINRA, on May 15, 2017, UBS Securities LLC (CRD #7654, New York, New York) was issued an AWC in which the firm was censured and fined $50,000. Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it failed to accurately record the order receipt time at its taxable fixed income desk and the execution time for manually handled non-convertible preferred customer orders.

The findings stated that the firm failed to accurately report the order receipt time at the taxable fixed income desk and the execution time for manually handled non-convertible preferred orders to OATS. The findings also stated that the firm failed to report the accurate execution time to either the FNTRF or OTCRF for manually handled non-convertible preferred trades, and failed to report manually handled non-convertible preferred transactions to the TRF within 30 seconds of execution.

Additionally, the findings included that the firm’s supervisory system did not provide for supervision reasonably designed to achieve compliance with respect to applicable securities laws and regulations, and/ or FINRA rules related to recordkeeping, OATS reporting, and trade reporting.

For FINRA’s full findings see FINRA Case #2014042190802.

This information, which is publicly available on FINRA’s website has been provided by The White Law Group.

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