Finra, Bats fine Citigroup Global Markets.
Global Banking News-March 24, 2014--Finra, Bats fine Citigroup Global Markets
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Global Banking News - 24 March 2014
The Financial Industry Regulatory Authority (Finra) and Bats Exchange have jointly ordered Citigroup Global Markets (NYSE: C) to pay nearly USD1.1m in connection with short selling in connection with five public offerings of securities, violating Rule 105 of Regulation M, Global Investor has reported.
The payments include the disgorgement of more than USD538,000, plus interest, of profits and improper financial benefits and approximately USD559,000 in fines.
Citigroup also violated supervisory requirements related to Rule 105 and as part of the sanction, the firm was ordered to update its written supervisory procedures for Rule 105 compliance.
Citigroup neither admitted nor denied the charges, but consented to Finra's and Bats' findings. A spokesperson stated that the bank was 'pleased to resolve this matter.'
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|Publication:||Global Banking News (GBN)|
|Date:||Mar 24, 2014|
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