Finra Fines Sell-Side Firms for Lacking 'Adequate Supervisory Systems'
US self-regulatory body Financial Industry Regulatory Authority (Finra) has announced sanctions against four large sell-side firms—Citigroup, Morgan Stanley, UBS, and Wells Fargo—totaling more than $9.1 million, for lacking reasonable supervision and systems surrounding sales of leveraged and inverse exchange-traded funds (ETFs). The sanctions include $7.3 million in fines with an additional $1.8 million in restitution granted to clients involved in the ETF purchases.
The sanctions stem from
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