The Financial Industry Regulatory Authority (Finra) said it has fined Bank of America Corp.’s BAC, +0.94% BofA Securities Inc. unit a $5 Million for reporting failures in large option positions in trades from 2009 to 2020. Finfra said BofA failed to report over-the-counter options positions more than 7.4 million times, according to a statement released Monday. BofA consented to Finra’s findings without admitting or denying the charges. The bank agreed to a penalty of a censure. It also faces a Finra requirement that an officer and principal of the firm certify by Oct. 31 that BofA has achieved compliance with Finra Rule 2360, which requires member firms to report large options positions to allow regulators to detect potentially manipulative behavior. Shares of Bank of America are down 20.7% in 2022, compared to a 13.8% drop by the S&P 500 SPX, +1.06%.
