Schwab self-reported the issues with disclosures related to exchange-traded notes, which occurred from January 2016 to December 2020, to Finra.
The Financial Industry Regulatory Authority (Finra) has imposed a US$350,000 fine on Charles Schwab & Co. Inc. for failing to fully disclose information about exchange-traded notes (ETNs) to thousands of customers over a period of almost five years. From January 2016 to December 2020, Schwab sent trade confirmations to 765,000 clients that did not disclose that the ETNs had a callable feature and that early redemption of the notes could affect their potential returns. As a result, Schw
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