UBS Financial Services Inc. has agreed to pay a fine of $1,100,000 as a part of a settlement with the Financial Industry Regulatory Authority (FINRA).

From December 2012 through September 2018, UBS FSI submitted approximately 17,000 blue sheets to FINRA that misreported or failed to report information about approximately 4.4 million transactions related to eight different types of transaction information.

The firm’s inaccurate blue sheet submissions impacted fields related to, among other things: the customer’s address, including city, state and zip; the execution time for trades allocated to customer accounts; and whether the trades were solicited or unsolicited.

The firm self-reported to FINRA that in connection with migrating to a new electronic blue sheets system, coding errors caused certain required fields in some of the firm’s electronic blue sheet submissions to be incorrectly populated. UBS FSI began revising the coding issues in November 2017 and by September 2018, all of the logic impacting the transaction fields was remediated.

The firm has since remediated these errors and amended and resubmitted the impacted blue sheets to FINRA. Specifically, UBS FSI developed and implemented an enhanced supervisory system with rigorous oversight of the firm’s EBS submissions and testing processes, which includes pre- submission controls and quarterly assessments of the firm’s EBS submissions for completeness, accuracy, and timeliness.

By failing to submit accurate and complete blue sheets to FINRA, UBS FSI violated FINRA Rules 8211, 8213, and 2010.

In addition to the $1.1 million fine, the firm has agreed to a censure.