A broker-dealer settled FINRA charges for bidding for, and purchasing, an issuer's securities during a restricted period in violation of Rule 101 of SEC Regulation M.
FINRA also alleged the broker-dealer failed to (i) provide complete or timely notifications to FINRA under Rule 5190 regarding the firm's participation in the securities offerings, or (ii) implement supervisory procedures reasonably designed to assure compliance with the requirements of Regulation M and related FINRA reporting requirements.
To settle the charges, the broker-dealer agreed to (i) a censure, (ii) a fine of $120,000 and (iii) an undertaking to revise its written supervisory procedures.
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