The Financial Industry Regulatory Authority announced that it has fined Morgan Stanley $1.6M for “repeated failures to timely close out failed inter-dealer municipal securities transactions and to take prompt steps to obtain physical possession or control of municipal security positions that are short more than 30 calendar days, and related supervisory failures.” This is the first disciplinary action in which FINRA has charged a firm with violating the close-out requirements of Municipal Securities Rulemaking Board Rule G-12(h) and related supervisory failures.
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