Stifel Fined $175,000 Over Inaccurate Order Routing Disclosures

Stifel Fined $175,000 Over Inaccurate Order Routing Disclosures

According to FINRA, between January 2020 and December 2023, Stifel released 16 quarterly reports under Rule 606(a) of Regulation NMS that misstated key information, including payments for order flow, profit-sharing arrangements, transaction fees and rebates.  In some cases, the firm is said to have incorrectly reported these amounts as zero, despite having received or paid such sums. FINRA found that several reports failed to disclose material a…

2022073415101 Stifel, Nicolaus & Company, Inc. CRD 793 AWC gg.pdf

Between January 2020 and December 2023, Stifel violated Rule 606(a) of Regulation NMS under the Securities Exchange Act of 1934 and FINRA Rule 2010 by publishing quarterly reports on its handling of customer orders in National Market System (NMS) securities that were inaccurate or incomplete. In addition, between January 2020 and April 2025, the firm’s supervisory system, including its written supervisory procedures (WSPs), was not reasonably de…