Two broker-dealers settled separate SEC charges (see here and here) for submitting deficient electronic blue sheet data.
In the first Order, the SEC found that Stifel, Nicolaus & Company, Incorporated ("Stifel") failed to submit complete and accurate data in response to SEC staff electronic blue sheet ("EBS") requests. The SEC stated that Stifel (i) reported less than half of the required transactions in response to EBS requests and (ii) many of the reported transactions contained inaccurate data.
In the second Order, the SEC found that BMO Capital Markets Corp. ("BMO") also failed to submit complete and accurate data in response to SEC requests.
To settle the charges, Stifel agreed to (i) cease and desist from further violating SEC rules, (ii) censure, and (iii) pay a civil monetary penalty of $2.7 million. BMO agreed to (i) cease and desist from further violating SEC rules, (ii) censure, and (iii) pay a civil monetary penalty of $1.95 million.
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