Goldman Sachs & Co. LLC has agreed to pay a fine of $250,000 as a part of a settlement with the Financial Industry Regulatory Authority (FINRA).

In July 2021, Goldman was a lead underwriter for an initial public offering (IPO) in which it had a conflict of interest, but a qualified independent underwriter (QIU) did not participate in the preparation of the registration statement and prospectus and exercise the usual standards of due diligence.

As a result, the firm violated FINRA Rules 5121 and 2010.

From May 2021 through March 2022, Goldman permitted four individuals to perform investment banking activities requiring registration during periods when they were not registered with FINRA in any capacity.

During the same period, Goldman’s supervisory system, including its written procedures, was not reasonably designed to achieve compliance with FINRA registration requirements.

As a result, the firm violated FINRA Rules 1210, 3110, and 2010.

For these violations, Goldman Sachs was censured and fined $250,000.