FINRA fines National Bank of Canada Financial for alleged reporting deficiencies
National Bank of Canada Financial Inc has agreed to pay a fine of $70,000 as a part of a settlement with the Financial Industry Regulatory Authority (FINRA).
From July 2016 through June 2024, National Bank of Canada Financial inaccurately reported to the Trade Reporting and Compliance Engine (TRACE) approximately 108,000 transactions without the required “No Remuneration” (NR) indicator, in violation of FINRA Rules 6730( d) and 2010.
On top of the $70,000 fine, the firm has agreed to a censure.
National Bank of Canada Financial has been a FINRA member since 1988. The firm is headquartered in New York, NY and has approximately 130 registered representatives operating out of 13 branch locations.
