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Olsen Payne & Company

Olsen Payne & Company (CRD #15607, Salt Lake City, Utah) received a censure and fine of $19,500. The firm was also required to revise its written supervisory procedures concerning ACT compliance, best execution, limit-order display, registration of trades and supervisors, Small Order Execution SystemSM (SOESSM) compliance, books and records, locked and crossed markets, SEC 21(a) issues, and OATS compliance. According to the findings, the firm, while acting as a market maker, failed to transmit through ACT last-sale reports within 90 seconds after execution. Additionally, the firm failed to designate through ACT such last-sale reports as late. The firm accepted the fine and censure but did not admit or deny the accusations. (NASD Case #CMS020215)

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