BCP Securities, Inc has agreed to pay a fine of $85,000 as a part of a settlement with the Financial Industry Regulatory Authority (FINRA).

From December 2018 to April 2024, BCP engaged in the publication of equity research reports (publishing approximately 300 equity research reports during that period) prior to obtaining approval from FINRA to engage in such activity, in violation of NASD Rule 1017 and FINRA Rules 1017 and 2010.

BCP also permitted four registered representatives to perform research activities even though they lacked the requisite registration qualifications, in violation of FINRA Rules 1210 and 2010.

In addition, BCP’s supervisory system was not reasonably designed to achieve compliance with FINRA registration requirements, in violation of FINRA Rules 3110 and 2010.

BCP has agreed to a censure on top of the fine of $85,000.

BCP Securities, Inc. has been a FINRA member since 1990. The firm is headquartered in Greenwich, CT, maintains six branch offices, and employs approximately 50 registered representatives. The firm engages in a general securities business, including providing services to institutional clients.