The Financial Industry Regulatory Authority (FINRA) said Wednesday that it has fined UBS Financial Services Inc. (UBS FSI) $1.1 million for submitting inaccurate trade data over a six-year period.

The settlement, revealed in a Letter of Acceptance, Waiver, and Consent (AWC), arises from issues in UBS FSI's reporting of "blue sheets" between December 2012 and September 2018.

Blue sheets contain critical transaction details used by regulators to investigate potential market misconduct, including insider trading and market manipulation.

FINRA said UBS FSI misreported or omitted data for approximately 4.4 million transactions across 17,000 submissions.

Errors included inaccurate customer addresses, execution times, and whether trades were solicited or unsolicited.

UBS FSI is said to have self-reported the issue, attributing the inaccuracies to coding errors during a migration to a new electronic reporting system.

FINRA said the bank implemented corrections starting in late 2017 and completed them by September 2018. UBS also enhanced its supervisory systems to improve oversight and accuracy in its reporting processes.

"The failure of a member firm to provide complete and accurate blue sheets in response to a regulatory request can impact a regulator's ability to discharge its obligations, undermine the integrity of its investigations and examinations, and ultimately interfere with its ability to protect investors and the market.," FINRA said.