FINRA fined BNP Paribas Securities Corp. $125,000 for 167,520 instances of failing to report large options positions over five years, the CFTC launched its Innovation Advisory Committee under Chairman Selig, banking agencies issued the 2025 Shared National Credit Program report, and the SEC named two new deputy directors of enforcement across 14 total events.
FINRA Fines BNP Paribas $125K for Options Reporting Failures
FINRA issued an Acceptance, Waiver, and Consent against BNP Paribas Securities Corp., imposing a $125,000 fine for failing to report 842 over-the-counter options positions to the Large Options Positions Reporting system in 167,520 instances from October 2019 to April 2024. The firm also failed to establish and maintain a supervisory system reasonably designed to ensure compliance with LOPR requirements through at least April 2025, violating FINRA Rules 2360(b)(5) and 2010.
The scale of the violations — 167,520 individual reporting failures across nearly five years — represents one of the largest options reporting enforcement actions in recent history. BNP Paribas Securities is the U.S. broker-dealer subsidiary of BNP Paribas, France's largest bank. Large options position reporting is a critical market surveillance tool that enables regulators to monitor concentrated positions that could pose systemic risk or indicate potential market manipulation.
CFTC Chairman Selig Launches Innovation Advisory Committee
CFTC Chairman Selig launched the CFTC Innovation Advisory Committee — a new advisory body designed to help the derivatives regulator engage with emerging financial technologies, digital assets, and market structure innovations. The committee's formation signals Chairman Selig's intent to position the CFTC as a forward-looking regulator that actively engages with fintech developments rather than reacting to them after the fact.
Agencies Release Shared National Credit Report
The FDIC, OCC, and Federal Reserve jointly published the 2025 Shared National Credit Program report — the annual interagency review of large, syndicated bank loans. The SNC program examines credits of $100 million or more that are shared by three or more supervised institutions, providing a comprehensive view of credit risk in the banking system's largest loan portfolios. The report's findings on credit quality trends, classified loan ratios, and sector concentrations serve as a benchmark for bank examiners and risk managers across the industry.
SEC Names Two Deputy Enforcement Directors
The SEC announced the appointment of Paul Tzur and David Morrell as Deputy Directors of the Division of Enforcement — two senior hires that will shape the agency's enforcement priorities and case selection in 2026. Deputy director appointments at Enforcement signal the SEC's strategic direction and capacity for pursuing complex investigations.
Servbank Approved for Business Combination
The OCC approved a business combination for Servbank, NA in Oswego, Illinois — a corporate action that allows the bank to merge with or acquire another institution. BMO Bank, NA in Chicago consummated a relocation to 320 South Canal Street. U.S. Bank closed a branch in Cincinnati, and two branch establishments were recorded in New England.
Across the Wire
One FOCUS report was filed. DTCC issued a notice regarding the retirement of ABN AMRO Securities' account — a cleanup action reflecting the wind-down of the Dutch bank's legacy U.S. clearing operations. FINRA issued a holiday reminder that market transparency reporting systems would be closed on January 19 for Martin Luther King Jr. Day. Cedar Consultants III in Georgetown deregistered. The day's 14 events balanced enforcement, regulatory announcements, and banking actions.
All data sourced from FINRA BrokerCheck, SEC EDGAR, FDIC, CFTC, OCC, DTCC, and the Finleet Terminal as of January 12, 2026. Entity profiles are available at terminal.finleet.com.