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Posted On: 08/20/2018 11:11:36 AM
Post# of 72447
Alan...Fine for Naked Shorting
The Financial Industry Regulatory Authority on Monday said it fined a unit of Interactive Brokers Group Inc. (IBKR) $ 5.5 million for violations and supervisory failures related to short selling.
Finra said it found that from July 2012 through June 2015 , Interactive Brokers LLC's supervisory system wasn't reasonably designed to comply with the Securities and Exchange Commission's Regulation SHO, which is aimed at limiting ongoing naked short positions.
The agency said Interactive Brokers repeatedly ignored "red flags" about its Regulation SHO supervisory systems and procedures, and didn't implement remedial measures until mid-2015, resulting in numerous violations of the regulation.
Interactive Brokers neither admitted nor denied the charges, but the company consented to the
The Financial Industry Regulatory Authority on Monday said it fined a unit of Interactive Brokers Group Inc. (IBKR) $ 5.5 million for violations and supervisory failures related to short selling.
Finra said it found that from July 2012 through June 2015 , Interactive Brokers LLC's supervisory system wasn't reasonably designed to comply with the Securities and Exchange Commission's Regulation SHO, which is aimed at limiting ongoing naked short positions.
The agency said Interactive Brokers repeatedly ignored "red flags" about its Regulation SHO supervisory systems and procedures, and didn't implement remedial measures until mid-2015, resulting in numerous violations of the regulation.
Interactive Brokers neither admitted nor denied the charges, but the company consented to the
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