Goldman Sachs & Co.

Goldman Sachs & Co. was fined $1,450,000 for failing to accurately report data to the Consolidated Audit Trail (CAT) Central Repository for 36.6 billion order events and failed to reasonably supervise its compliance with its CAT reporting obligations.

The findings stated that the firm had six unique CAT reporting error types, two of which accounted for approximately 36 billion of the inaccurately reported events.

For over 33 billion reportable events, the firm did not submit the counterparty restriction handling instruction to CAT while the firm reported over 2.9 billion equity order events with an inaccurate customer displays instruction flag. Subsequently, the firm remediated these issues.

The findings also stated that the firm made over 90 million inaccurate order memoranda, 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.

The firm implemented a technology update that converted certain principal orders to agency orders. The reconfiguration caused trade reporting violations.

The findings also included that the firm failed to establish and maintain a supervisory system reasonably designed to achieve order capacity accuracy. The firm did not have a process to review the accuracy of the capacity reflected in the firm’s books and records, trade reports, or trade confirmations.