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- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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NEWSLETTERS & ALERTS
De Minimis Activity is Never an Excuse for Lacking Adequate Supervision
by Howard Haykin
A Baltimore, MD-based firm agreed to pay a $10K fine to settle FINRA charges that it executed municipal securities transactions without having a Municipal Securities Principal at the firm.
FINRA FINDINGS. In this case, the broker-dealer, a FINRA member since 1991, has 54 registered branch offices and 69 registered persons. According to its CRD records, is the firm is engaged in the business as a Municipal Securities Broker.
Between December 2015 and March 2016, the firm executed 5 municipal securities transactions without having a Municipal Securities Principal (Series 53) at the Firm.
Between January 2014 and March 2016, the firm failed to establish and maintain a supervisory system and written procedures reasonably designed to supervise municipal securities transactions. Responsibility for reviewing municipal securities transactions was instead delegated to a principal who did not hold a Municipal Securities Principal license. In addition, Lombard permitted another principal who also was not a Series 53 Principal to review and approve at least 26 municipal securities transactions.
This case was reported in FINRA Disciplinary Actions for June 2018.
For details on this case, go to ... FINRA Disciplinary Actions Online, and refer to Case #2016047661702.