The Financial Industry Regulatory Authority announced that it has fined Morgan Stanley $1.6M for “repeated failures to timely close out failed inter-dealer municipal securities transactions and to take prompt steps to obtain physical possession or control of municipal security positions that are short more than 30 calendar days, and related supervisory failures.” This is the first disciplinary action in which FINRA has charged a firm with violating the close-out requirements of Municipal Securities Rulemaking Board Rule G-12(h) and related supervisory failures.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on MS:
- Morgan Stanley (NYSE:MS) Joins the Layoff Trend
- Opening Day: Maker of Wilson tennis rackets raises $1.37B in discounted IPO
- Astera labs planning March IPO, The Information reports
- JPMorgan financial services analysts hold an analyst/industry conference call
- Morgan Stanley CEO tells CNBC U.S. is likely past peak inflation
