Goldman Sachs (GS) is facing a $1.45 million civil penalty by the Financial Industry Regulatory Authority for failing to report accurate data for numerous stock market trades.
The financial markets regulator said Tuesday in a consent order that the bank had failed to accurately report data for 36.6 billion equity order events to the CAT Central Repository between June 2020 and June 2023.
Further, Goldman Sachs issued more than 90 million inaccurate order memoranda between October and November 2021, according to the order. It also states that the bank inaccurately reported over 6.8 million trades and overreported over 98,000 trades to a trade reporting facility, and issued over 372,000 inaccurate trade confirmations during this two-month period.
For violating the FINRA rules, the regulator has imposed a fine of $1.45 million on the bank, of which approximately $1.35 million are to be paid to FINRA.
Goldman Sachs didn't immediately respond to a request for comment from MT Newswires.
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