Sei Investments Distribution Co (SIDCO) has agreed to pay a fine of $ 150,000 as part of a settlement with the Financial Industry Regulatory Authority (FINRA).
The FINRA (TRACE) reference and compliance mechanism facilitates the mandatory report of certain mobile transactions and provides increased prices transparency to market participants and investors.
From August 2013 to September 2021, Sidco failed to report the detection of about 19,160 transactions between the same and another member, company A, which acted as a broker execution to fill the orders of Sidco’s customers. For about 17,130 of these transactions, Sidco was inaccurately referred to the detection and confirmations of the Customer Trade. the ability to execute.
And from August 2013 until at least in September 2021, Sidco has failed to oversee compliance with trace reference rules.
Thus, Sidco violated the Law on Exchange 10b-10 rule issued in accordance with Article10 (b} of the 1934 Mobile Exchange Act, the Law on Exchange 17 (A), the rule of the 17A-3 exchange law.
Sidco was accused and imposed a fine of $ 150,000.