WASHINGTON -- The National Association of Securities Dealers in Washington, D.C., Tuesday fined 29 brokerage firms for late filing regulatory information about their brokers. NASD said the charges are similar to those leveled against Morgan Stanley in July, when the firm was censured and fined $2.2 million for late filings of regulatory information, which are supposed to keep regulators and investors abreast of any new problems with a broker.
The NASD's fine against Morgan Stanley was the largest sanction meted out for late filings.
In Tuesday's fines, Merrill Lynch & Co. was hit with the second largest, at $1.6 million, followed by American Express Financial Advisors, at $700,000.
Combined, the 29 brokerage firms were fined $9.2 million for more than 8,000 late disclosures
In addition to the fine, Merrill and Wachovia Corp. were prohibited from registering new brokers for five business days. Morgan Stanley was given a similar ban in July.
