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Stories of Interest
- 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
Violating Regulation NMS
by Howard Haykin
Merrill Lynch, Pierce, Fenner & Smith (AWC #2013037652201) agreed to pay a $115K fine revise its WSPs to settle FINRA charges that it failed to establish, maintain and enforce written policies and procedures that were reasonably designed to prevent trade-throughs of protected quotations in National Market System (NMS) stocks that do not fall within any applicable exception, and if relying on an exception, were reasonably designed to assure compliance with the terms of the exception. The violations occurred during the following periods: September and October 2012; January through March 2013; and, January through March 2014.
Wedbush Securities (AWC #2014041261702) agreed to pay a $40K fine and revise its WSPs to settle FINRA charges that it failed to establish, maintain and enforce WSPs that were reasonably designed to prevent trade-throughs of protected quotations in NMS stocks that did not fall within any applicable exception, and if relying on an exception, were reasonably designed to assure compliance with the terms of the exception. The violations occurred during the period, January 2014 through September 3, 2015.
JPMorgan Securities (AWC #2015045281404) agreed to pay total fines of $345K ($40K payable to FINRA) and revise its WSPs to settle charges by FINRA and various exchanges that, due to various proprietary system flaws and deficiencies, the firm on numerous occasions routed intermarket sweep orders (ISOs) through protected quotations. The violations occurred during the period, January 2009 through May 2017.
For details on any of these cases, click on ... FINRA Disciplinary Actions Online, and refer to the respective AWC Number.]