FINRA Fines Santander Over Report Disclosure Issues
By Katryna Perera (September 8, 2021, 2:51 PM EDT) -- The Financial Industry Regulatory Authority has censured Santander Investment Securities Inc. and ordered the company to pay a $175,000 fine for omitting required disclosures and reporting inaccurate disclosures in its equity and debt research reports from 2016 to 2019.
An order the regulatory agency filed on Tuesday stated the omissions in the reports resulted from a failure by the company to implement a supervisory system that would ensure compliance with FINRA rules and the company's failure to enforce the written supervisory procedures it had in place.
"The firm had no procedures, testing, or other mechanisms to review and confirm, at the...
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