The NASD fined Oppenheimer & Co. $800,000 for failing to timely and accurately report 6,100 municipal securities transactions between January 2003 and May 2004, as well as not responding to the regulator's request for information in September 2004. Oppenheimer also failed to retain business-related internal e-mail sent by 20 employees who traded the municipal securities, the NASD said.

In addition to the fine, the NASD is requesting Oppenheimer to retain outside counsel to review its supervisory policies regarding reporting municipal securities transactions.

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