Oct 17 Morgan Stanley Smith Barney LLC said it
would pay a fine of $2.2 million to the Financial Industry
Regulatory Authority (FINRA), after the regulatory body alleged
that the firm submitted millions of inaccurate reports to the
Options Clearing Corp, violating the FINRA rules.
FINRA claimed that in over 13 million situations the wealth
management firm sent reports, on its large options positions,
which missed details such as tax identification numbers, had
wrong account type details and incomplete address fields etc.
FINRA typically tracks reports like those that Morgan
Stanley submitted in order to identify holders of large option
positions who could be, in addition to other things, attempting
to manipulate the market.
New York-based Morgan Stanley Smith Barney, is a unit of
Morgan Stanley, and has been a member of FINRA for seven
(Reporting by Rishika Sadam in Bengaluru; Editing by Bernard