Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Morgan Stanley is fined by US regulator for municipal securities violations

Published 02/15/2024, 11:39 AM
Updated 02/15/2024, 02:01 PM
© Reuters. The logo for Morgan Stanley is seen on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., August 3, 2021. REUTERS/Andrew Kelly/ File photo

NEW YORK (Reuters) - A U.S. regulator on Thursday fined Morgan Stanley $1.6 million for failing to timely cancel or close out 239 failed inter-dealer municipal securities transactions, and take prompt steps to obtain control of hundreds of municipal securities that had been due for months.

The Financial Industry Regulatory Authority said the case was its first disciplinary action for violating close-out requirements under a rule imposed by the Municipal Securities Rulemaking Board.

Morgan Stanley did not admit or deny wrongdoing in agreeing to settle. The alleged improper conduct occurred between 2016 and August 2021.

"Morgan Stanley has enhanced its policies and procedures for closing out municipal short positions and is pleased to resolve this matter," a spokesperson for the bank said in an emailed statement.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.