FINRA fines Odeon Capital for reporting deficiencies

Odeon Capital Group LLC has agreed to pay a effective of $100,000 as part of a settlement with the Monetary Business Regulatory Authority (FINRA).

From July 2016 via April 2018 and from August 2021 via March 2022, Odeon Capital did not well timed report roughly 640 trades to the Commerce Reporting and Compliance Engine (TRACE), and, from February 2017 via April 2018, incorrectly reported roughly 130 inside transfers to TRACE as securitized merchandise transactions, after they weren’t reportable.

In consequence, Odeon Capital violated FINRA Guidelines 6730 and 2010.

As well as, from February 2017 via August 2019, Odeon Capital did not well timed report roughly 225 trades to the Municipal Securities Rulemaking Board’s (MSRB) Actual-time Transaction Reporting System (RTRS), and, from February 2017 via March 2021 and from January 2022 via August 2022, incorrectly reported roughly 3,250 inside transfers to the RTRS as municipal securities transactions, after they weren’t reportable.

In consequence, the agency violated MSRB Rule G-14.

Moreover, from July 2016 via July 2022, the agency’s supervisory system, together with its written supervisory procedures (WSPs), was not moderately designed to attain compliance with TRACE and MSRB reporting guidelines. In consequence, the agency violated FINRA Guidelines 3110 and 2010 and MSRB Rule G-27.

Along with the $100,000 effective, the agency has agreed to a censure.