RBC Capital Markets, LLC has agreed to pay a fine of $375,000 as a part of a settlement with the Financial Industry Regulatory Authority (FINRA).

Between 2010 and 2019, RBC sent approximately 940,000 trade confirmations to customers that contained inaccurate information.

In addition, between 2006 and 2021, RBC failed to send millions of trade confirmations to customers as required. Accordingly, the firm violated Exchange Act Rule l0b-10, promulgated under Section 10(b) of the Securities Exchange Act of 1934, Exchange Act Section 17(a) and Exchange Act Rule 17a-3, FINRA Rules 2232, 4511, and 2010, and MSRB Rules G-15 and G-8.

RBC also violated NASD Rules 3010 and 2110, FINRA Rules 3110 and 2010, and MSRB Rule G-27 by failing to establish, maintain, and enforce a supervisory system, including written supervisory procedures, reasonably designed to achieve compliance with requirements for trade confirmations pursuant to the Exchange Act, Exchange Act rules and FlNRA and MSRB rules.

Additionally, from 2012 to 2016, RBC violated FINRA Rule 2010 by violating Regulation T promulgated by the Board of Governors of the Federal Reserve System under Section T of the Securities Exchange Act of 1934 by extending credit to certain customers of RBC and RBC’s introducing firm.

On top of the $375,000 fine, the firm has agreed to a censure.