Dec 29 (Reuters) - Pershing LLC must pay a $3 million civil fine for violating a rule that requires the firm to protect customers' funds and securities from broker-dealer misuse, among other things, Wall Street's industry funded watchdog said on Monday.
Pershing, a clearing firm unit of the Bank of New York Mellon Corp, violated the rule between 2010 and 2011 and also failed to have certain adequate supervision systems in place related to its obligations under the rule, the Financial Industry Regulatory Authority (FINRA) said.
The clearing firm lacked adequate cash reserves to meet certain deposit requirements during the period, said FINRA.
Pershing neither admittned nor denied FINRA's allegations.
(Reporting by Suzanne Barlyn; Editing by Chizu Nomiyama)