WASHINGTON — The Financial Industry Regulatory Authority censured and fined Greenwich, Conn.-based Interactive Brokers, Inc. $7,500 for municipal securities trade reporting failures.
The sanctions were reported in FINRA's latest monthly disciplinary actions, which were released on Friday.
According to FINRA, the firm failed to report on a timely basis 55, or 52%, of its sales or purchases of munis between July 1, 2012 and Sept. 30, 2012, in violation of the Municipal Securities Rulemaking Board's G-14 on trade reporting.
G-14 requires most muni trades be reported to the MSRB within 15 minutes of execution.
No one at Interactive Brokers could be reached for comment.
