Stifel, Nicolaus & Company, Incorporated has agreed to pay a $175,000 fine for alleged violations of Financial Industry Regulatory Authority (FINRA) rules.

Between January 2020 and December 2023, Stifel violated Rule 606(a) of Regulation NMS under the Securities Exchange Act of 1934 and FINRA Rule 2010 by publishing quarterly reports on its handling of customer orders in National Market System (NMS) securities that were inaccurate or incomplete.

In addition, between January 2020 and April 2025, the firm’s supervisory system, including its written supervisory procedures (WSPs), was not reasonably designed to achieve compliance with Rule 606(a), and therefore the firm violated FINRA Rules 3110 and 2010.

On top of the $175,000 fine, the firm has agreed to a censure.

Stifel has been a FINRA member since October 1936. The firm is headquartered in St. Louis, Missouri. Stifel is a full-service brokerage firm with approximately 5,000 registered representatives and 490 branch offices.