Investing.com – Robinhood (NASDAQ:HOOD) Securities LLC and Robinhood Monetary LLC, identified collectively as Robinhood, have agreed to pay a complete of $45 million in civil penalties to settle fees by the U.S. Securities and Trade Fee (SEC), the company stated on Monday.
The settlement addresses allegations of a number of regulatory violations in Robinhood’s brokerage operations.
The SEC discovered that Robinhood did not adjust to a number of important regulatory necessities. These included inaccuracies in reporting buying and selling exercise, non-compliance with brief sale guidelines, delays in submitting suspicious exercise experiences, improper upkeep of books and data, and inadequate measures to safeguard buyer info.
The settlement, which Robinhood has agreed to with out admitting or denying the SEC’s findings, displays the decision of a collection of fees that spotlight the need for broker-dealers to function inside the strict boundaries of economic laws.
This settlement follows earlier regulatory scrutiny on Robinhood, a preferred buying and selling platform identified for its commission-free trades and user-friendly interface, which has been credited with democratizing inventory buying and selling for a brand new technology of traders.
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