The American mediation company, Stifel and Nicolaus & Company, was fined at $ 175,000 and was controlled by the Financial Industry Regulatory Authority (Finra) to publish inaccurate and incomplete reports on how to process customer orders in the securities of the National Market System (NMS).
According to Finra, between January 2020 and December 2023, Stifel 16 issued a quarterly report under Article 606 (A) of NMS that made a mistake in major information, including requests for requests flow, profit sharing arrangements, transactions and discounts.
In some cases, it is said that the company has incorrectly reported these amounts that they are zero, although it was received or paid these sums.
Finra found that many reports failed to reveal the material aspects of Stifel relationships with places of implementation.
The organizer explained that some of the deleted details require the details completely, while others relied on mysterious data or extreme connections instead of pricing information and arrangement. In addition, the company erred in identifying three mediators as implementation places in 11 reports.
The organizer also decided that the STIFEL supervisory system was not sufficient from January 2020 to April 2025.
Although it used a third -party seller to collect reports, the company did not review the accuracy of the basic data or its completion of its disclosure.
According to what was reported, written supervision procedures lack instructions on how to verify reports, and no review has been made after the publication.
Before Stifel, who has been a member of the Finra since 1936 and works about 5,000 registered actors, the results without recognizing or rejecting allegations.