N.Y. Comp. Codes R. & Regs. tit. 19, § 938.8
A late filing of a client semi-annual report, or failure to file a client semi-annual report in accordance with these regulations, or the filing of a client semi-annual report that contains false, misleading or knowingly inaccurate statements are violations of either Legislative Law section 1-j or 1-o and subject a client filer to the fines and penalties prescribed therein.