Goldman Sachs has agreed to pay $2.5m in penalty to the Financial Industry Regulatory Authority (FINRA) to settle allegations of incomplete reporting regarding conventional options positions.
The reporting failure occurred between January 2010 and July 2016 as the bank failed to install an effective supervisory system, the regulator revealed.
Go deeper with GlobalData
In total, the bank failed to report over 16,700 conventional options positions in around 6.8 million cases, and failed to accurately report similar options positions between 2010 and 2014.
The regulator also accused the firm of exceeding the position restrictions in three different securities over four years.
“The firm failed to establish and maintain an adequate supervisory system, including a system of follow-up and review, that was reasonably designed to achieve compliance with the rules governing the reporting of options positions to the [Large Options Positions Reporting] system,” the watchdog stated.
Goldman Sachs agreed to the settlement without admitting or refuting the wrongdoings.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
