Susquehanna Financial Group has been subjected to oversight and a fine of $ 100,000 by the Financial Industry Regulatory Authority (Finra) due to its inaccurate reports of about 74,000 transactions and a failure to maintain an appropriate supervisory system.
The results, which accepted Susquehanna without recognition or denial, related to the violations that occurred between February 2021 and May 2023.
The Vendra investigation revealed that Soskana failed to include a mandatory “no bonus” index (NR) in Trace reports for transactions in which no commission, coding or mark was imposed.
“I informed Susquehanna inaccurately in qualified securities without the required NR index.”.
It is said that this negligence affects the organizational scrutiny and monitoring paths. The company attributed the mistake to moving to a new tracking reports system, and it has been said that it has since corrected the problem after it caught their attention.
Moreover, Susquehanna was found to violate the Finra 3110 and 2010 bases by not creating or maintaining a supervisory system, including written procedures, specifically designed to ensure compliance with the NR index reporting.
Finra added that the company has since amended its procedures to include the supervisory review of the NR index accuracy.