The Financial Industry Regulatory Authority yesterday announced that it fined Wachovia Securities LLC and First Clearing LLC $1.1 million for failing to provide more than 800,000 notifications to muni bond and other investors over a five-year period ending in 2008.

The self-regulator also required the two St. Louis-based firms to hire an independent consultant to conduct a comprehensive review of the adequacy of the policies, procedures, testing, and systems they adopted in response to the enforcement action. The consultant is to submit a written report to the firms and FINRA.

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