New York Brokerage Firm BGC Submits AWC to FINRA in Connection with Reporting
BGC Financial L.P. (BGC) of New York submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Department of Regulation for the Financial Industry Regulatory Authority (FINRA) for an alleged “pattern or practice” of late reporting and failing to report transactions to regulators. BGC became associated with FINRA in July 1987 and has faced 15 regulatory events since its formation. Between August 31, 2012 and January 21, 2015, BGC submitted five AWC’s in relation to SEC Rule 17a-3 and FINRA Rule 6730(a) which “prescribes minimum standards for the creation, retention and preservation of records applicable to broker-dealer.” From January 2015 to March 2015, FINRA’s Department of Regulation reviewed BGC’s reporting to the Trade Reporting and Compliance Engine (TRACE) and found that BGC failed to report 100 transactions of TRACE-eligible Securitized Products within 15 minutes of their execution.
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