Morgan Stanley reported
The National Association of Securities Dealers (NASD) has fined Morgan Stanley $2.9 million for widespread violations of association rules regarding reporting obligations, best execution and short sales.
The securities industry watchdog said the number and scope of the violations indicated extensive reporting problems at both Morgan Stanley & Co, Inc. and Morgan Stanley DW Inc.
Both firms are required to produce reports to the NASD detailing ongoing and completed corrective actions being taken to ensure that each one of them has adequate policies, procedures, systems and training necessary to ensure regulatory compliance.
The NASD also found that both firms incorrectly reported thousands of transactions through the Nasdaq Market Center in Nasdaq National Market securities, over-the-counter equity securities and listed securities.
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