FINRA fines International Assets Advisory for alleged reporting deficiencies
International Assets Advisory, LLC has agreed to a fine and a censure as a part of a settlement with the Financial Industry Regulatory Authority (FINRA).
From May 2021 through July 2023, IAA failed to report approximately 290 transactions in Trade Reporting and Compliance Engine (TRACE)-eligible securities to TRACE. Therefore, IAA violated FINRA Rules 6730 and 2010.
From May 2021 through July 2023, IAA failed to report approximately 270 municipal securities transactions to the MSRB’s Real-time Transaction Reporting System (RTRS).
Furthermore, from July 2023 through November 2023, the firm reported approximately 40 canceled transactions to RTRS that should not have been reported. Therefore, IAA violated MSRB Rule G-14.
IAA has consented to a censure and a $20,000 fine ($10,000 of which pertains to the violations of MSRB Rule G-14).
IAA has been a FINRA member firm since 1982 and an MSRB registrant since 1992. IAA is located in Orlando, Florida and has approximately 155 registered representatives and 100 branch offices. IAA is a retail brokerage firm and operates on an independent contractor model.