Interactive Brokers LLC has agreed to pay a fine of $400,000 as a part of a settlement with the Financial Industry Regulatory Authority (FINRA).

From January 2020 through at least June 2022, Interactive Brokers failed to report to FINRA accurate statistical and summary information regarding written customer complaints.

Prior to at least June 2022, the firm’s supervisory system, including written procedures, was not reasonably designed to achieve compliance with FINRA Rule 4530(d).

As a result, the firm violated FINRA Rules 4530, 3110, and 2010.

From July 2011 to September 2022, Interactive Brokers failed to timely report 91 regulatory actions and civil complaints. From March 2012 to February 2022, Interactive Brokers failed to file amendments to its Uniform Application for Broker-Dealer Registration disclosing 12 foreign regulatory actions against the firm’s foreign affiliates.

As a result, the firm violated Article IV, Section 1(c) of FINRA’s By-Laws and FINRA Rules 4530, 1122, and 2010.

For these violations, Interactive Brokers was censured, fined $400,000, and has agreed to undertake corrective action.