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A firm settled FINRA charges for failing to
establish a supervisory system designed to monitor employees'
outside brokerage accounts.
In a Letter of Acceptance, Waiver and Consent, FINRA found that
the firm did not, among other things, (i) have an automated system
to track whether new hires had disclosed all existing accounts or
(ii) require employees to annually certify disclosure of all
outside brokerage accounts. FINRA also found that the firm's
Global Personal Account Trading system created a backlog of
instances where trade and account data could not be matched to