California Firm Fined and Censured by FINRA

Ascendiant Capital Markets, LLC (CRD #152912, Irvine, California)

was censured and fined $52,500 by FINRA for allegedly failing to record all terms and conditions on a customer order record and document time-in-
force; failed to record all terms and conditions on a customer order record and document the correct order receipt time; and failed to maintain a complete order record with the identification of the corresponding customer account name/account number.

FINRA's findings stated that Ascendiant Capital Markets accepted orders from customers for execution in the pre-market session or post-market session without disclosing to such customers that extended-hours trading involves material trading risks, including the possibility of lower liquidity,
high volatility, changing prices, unlinked markets, an exaggerated effect from news announcements, wider spreads and any other relevant risk.

Ascendiant Capital Markets failed to submit to the Over-the-Counter (OTC) Reporting Facility the correct Related Market Center Indicator for a non-tape report. Ascendiant Capital Markets effected a short sale in an equity security for its own account without borrowing the security, or entering into a bona-fide arrangement to borrow the security; or having reasonable grounds to believe that the security could be borrowed so that it could be delivered on the date delivery is due; and documenting compliance with Securities Exchange Act of 1934 Rule 203(b)(1) of Regulation SHO.

Ascendiant Capital Markets executed short sale orders and failed to properly mark the orders as short, and incorrectly designated its compensation as “commission” on a customer confirmation for a transaction in which it acted in a principal or riskless principal capacity. Ascendiant Capital Markets also failed to transmit Reportable Order Events (ROEs) to the Order Audit Trail System (OATS TM) over 342 business days.

FINRA's findings also stated that Ascendiant Capital Markets failed to establish, maintain and/or enforce adequate policies and procedures related to compliance with Regulation NMS.
(FINRA Case #2013035829502)

This summation of information obtained from FINRA's Website "Disciplinary and Other Actions April 2015, ends here."

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