The SEC has alleged that unknown customers of Singapore-based broker-dealer Maybank Kim Eng Securities and U.K.-based broker-dealer R.J. O'Brien Ltd.
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NEW YORK, Aug 143 (Reuters) - The largest U.S. independent broker dealer, LPL Financial, said Tuesday it acquired National Planning Holdings, another independent broker dealer, with around 3,200 affiliated financial advisers.
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DERIVATIVE COUNTERPARTY RATING Fitch has assigned a derivative counterparty rating (DCR) to Goldman's parent company, its main U.S. broker-dealer Goldman Sachs & Co. (GSCO) and its main international broker-dealer Goldman Sachs International (GSI).
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Dual-registered firms operate as both an RIA and broker dealer.
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"We already see it happening in the broker/dealer networks," said Welling.
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The SEC alert included data from broker-dealer and investment adviser examinations.
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WealthForge — an online broker/dealer that connects entrepreneurs with accredited investors — in Richmond.
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Derchin was most recently an industry analyst at broker-dealer Sterne Agee CRT.
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In the most recent deal, U.S. crypto broker-dealer Voyager Digital on Feb.
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CGML is Citigroup's primary international broker-dealer in the UK, headquartered in London.
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Those activities include investments in Wells Fargo debt and bank broker/dealer services.
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Barraud is a strategist and chief economist at the broker dealer Market Securities.
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Remember broker-dealer Lehman Brothers, insurance company AIG and mortgage company Fannie Mae?
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"We are fully regulated as an investment adviser and a broker dealer," he said.
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Schwab is the second largest broker-dealer by assets under management, according to Investopedia.
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Lorenzo served as the investment banking director at a broker-dealer called Charles Vista.
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BBVAC folded its U.S.-based broker-dealer, BSI, into its organization a few years back.
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But a broker or a broker dealer only has to point to suitable investment options.
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The July 1, 2016 closing involved three broker dealer entities purchased from Stifel Financial Corp.
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Everybody has a bank holding company and a bank and a securities firm-- broker dealer.
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In January 2014, it acquired Direct Edge, which operated securities exchanges and a broker dealer.
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Obviously in the media world, you probably wouldn't hear that much about a broker-dealer.
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Oracle said the deal involves Bank of America's international general ledger and broker-dealer systems.
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The SEC also launched a separate order against unregistered crypto broker-dealer TokenLot on Tuesday.
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The report only examined the broker/dealer operations of New York Stock Exchange member firms.
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Citadel Securities, the broker-dealer unit of the powerhouse founded by Kenneth Griffin, is an example.
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Gregg Schonhorn, another broker-dealer whom prosecutors said paid bribes, was charged in related court papers.
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In the broker dealer space, you get paid usually a commission on a transaction by transaction basis.
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In June, San Francisco-based Coinbase announced that it would acquire securities broker dealer Keystone Capital Corp.
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To extent the broker-dealer became an even greater proportion of revenues, ratings could be negatively impacted.
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"As a licensed broker-dealer, we're highly regulated and take clear communication very seriously," the statement said.
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Yet in the quarter that just ended, UBS's broker-dealer business squeezed out only a 4.4 percent return.
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The company announced a spinoff of the mortgage insurance business and agreed to sell its broker-dealer network.
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Gregg Schonhorn, a broker-dealer at FTN Financial Securities Corp, secretly pleaded guilty to paying bribes on Dec.
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The dually registered broker-dealer and investment advisory firms — Royal Alliance Associates, SagePoint Financial and FSC Securities Corp.
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But they are not a broker-dealer, so they've done less due diligence on the companies they advertise.
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Ally also agreed to withdraw the broker-dealer registration of Ally Securities LLC, formerly Residential Funding Securities LLC.
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Coinbase Custody is a partnership with a SEC-regulated broker-dealer that will store cryptocurrency for its clients.
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"We viewed this as a stepping stone to becoming an independent broker dealer in the future," said Huber.
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Hybrid RIAs, while they are independent entities, have an affiliation with a broker-dealer; "independent" ones do not.
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Khoury, based in New York, was most recently the chief marketing officer of independent broker-dealer LPL Financial .
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But we want people to understand that the investment adviser space and the broker dealer space and are different.
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"It's highly unusual to have somebody perpetrate a Ponzi scheme from essentially inside a registered broker dealer," he said.
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The regulator adopted rules to increase transparency around broker-dealer stock order routing and private off-exchange trading venues.
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In mid-May, CFG rolled out commercial broker-dealer capabilities, which also aided growth in noninterest income from 1Q16.
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On Wednesday, the state of California announced it was dropping the bank as its bond underwriter and broker-dealer.
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The 10-year Japanese government bond didn't even trade on March 13, according to broker-dealer Japan Bond Trading.
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The broker-dealer should have internal policies outlining the steps required and individuals responsible for this type of investigation.
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This is a relatively larger broker-dealer than other large regional peer banks, in terms of earnings and assets.
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They may be affiliated with a registered investment advisory firm, but they may also be affiliated with a broker/dealer.
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His broker-dealer, Accelerated Capital Group, fired him early this year due to the FINRA accusations, according to regulatory records.
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They should register through the SEC as a national securities exchange, an alternative trading system (ATS) or a broker-dealer.
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Its broker-dealer license was a key reason for the deal, which still needs to be approved by U.S. regulators.
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Trump scores positive for community/regional banks, asset managers, broker dealer and student lenders and mixed for all the others.
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The company said three financial advisers joined the private client group of its broker-dealer subsidiary, Stifel, Nicolaus & Co Inc.
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Yet, investment advisor examinations are slated for a 6900-percent increase and broker-dealer exams are actually scheduled to shrink.
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Breitman left the bank in 2016 and is not currently associated with a broker-dealer, according to his FINRA record.
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Wells Fargo is also banned from increasing its total non-bank and broker dealer assets beyond their September 30-level.
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Last month, Coinbase acquired Keystone Capital, a California-based FINRA-registered broker-dealer that operates as an alternative trading system.
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To make these available to customers, Susquehanna recently amended the broker dealer license that it has on file with regulators.
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The broker-dealer has been the primary underwriter of a series of closed-end fund companies since the mid-1990s.
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To make these available to customers, Susquehanna recently amended the broker dealer license that it has on file with regulators.
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And the sales are handled by Parallel Markets' subsidiary broker dealer in a way that's compliant with the various regulations.
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Wells Fargo&aposs broker-dealer affiliate on Thursday shared with its advisers the new terms in its 2020 compensation plan.
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DiNapoli's report found that there are now about 120 firms operating broker-dealer operations on the New York Stock Exchange.
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Are you stifling innovation a little bit in the broker dealer space by making it so expensive to just stay alive?
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The company has created a second company that doesn't comply with the same regulatory framework because it's not a broker dealer.
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He'd also logged time as a vice president at the broker dealer Orchard Platform (since acquired by the lending company Kabbage).
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Coinbase Custody, launched in partnership with "an SEC-regulated broker-dealer," provides safe storage of cryptoassets, paired with third-party auditing.
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For instance, broker-dealer LPL Financial announced this summer that it would standardize advisors' commissions on mutual funds and variable annuities.
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Accredited investors can buy Aspen Coins through an SEC-registered broker-dealer using US dollars, Bitcoin or ether, beginning tomorrow evening.
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The closely followed Bove, who joined broker-dealer Odeon earlier this year, initiated coverage of Goldman Sachs with a sell rating.
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BTIG's now kind of the ... I think we're the 13th largest broker-dealer in the world, in terms of shares traded.
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Next, he uses a quantitative model created by Empirical Research Partners, a broker-dealer, to rank stocks by factors including momentum.
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Kablawi's new role will span asset servicing, alternative investment services, corporate trust services, broker-dealer services, depositary receipts and treasury services.
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"We've been putting people in corporate bond situations," said Andrew Brenner, a partner at National Alliance Capital Markets, a broker-dealer.
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Frustration peaked over perceived inaction on setting standards for broker-dealer regulation during an SEC meeting devoted to small business issues.
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But the important area where it might matter would involve noncustomer creditors of the broker-dealer, or customers asserting such a shortfall.
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Thus, the process would be more like the F.D.I.C. part of the process, and less like a traditional S.I.P.A. broker-dealer proceeding.
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The independent broker-dealer hired Hamzah Mazari as a managing director and senior equity research analyst responsible for the business services sector.
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SeedInvest is a fully regulated broker-dealer, meaning they do extra amounts of vetting on the companies they display on their platform.
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The market is now operated by about a dozen registered national exchanges, 40 broker/dealer-operated trading venues and other trading systems.
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But despite its online presence, it sees traditional full-service broker-dealer "wirehouses" as its main competitors, not young robo-advice companies.
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In contrast, a broker-dealer is a registered representative of a brokerage firm and acts in the legal interests of the firm.
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"We're not there yet, but we're getting progressively closer," said Steven Abrahams, head of investment strategy at the broker dealer Amherst Pierpont.
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The bride's father is a broker, dealer and president of acquisitions for Lombardo Homes, a real estate development firm in Utica, Mich.
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The largest independent broker-dealer and investment advisor in the U.S. has struggled with low interest rates and higher costs of regulatory compliance.
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It is unrelated to Aegis Capital Corp, which is a New York based broker-dealer and is not referred to in this article.
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The broker-dealer should have internal policies outlining the steps required in this type of investigation, specifying exactly who carries out which steps.
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The subsidiary of Stifel Financial Corp said Rajib Sarkar has joined the broker-dealer as managing director in the insurance investment banking group.
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That's when he co-founded a securities and investment broker-dealer, Heptagon Group, which serviced the U.S. and Malka's home market of Venezuela.
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Fator Corretora is the latest victim of Brazil's increasingly concentrated broker-dealer market, where the top 10 players control 70 percent of trading.
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Hondius Capital, started by former Cantor Fitzgerald broker-dealer head Shawn Matthews, is also on the radar for investors looking for new blood.
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Companies like Tradier and Third Party Trade enable startups to avoid building the broker-dealer altogether and focus on developing a differentiated customer experience.
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The overall bonus pool fell 6 percent to $25 billion at broker-dealer operations of New York Stock Exchange member firms, the report said.
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Stephen Stanley is chief economist for Amherst Pierpont Securities, a broker dealer providing institutional and middle-market clients with access to fixed-income products.
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The spokesman also said the company closed its broker-dealer arm as part of a shift to focus on its core life insurance business.
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I read this to mean that the S.I.P.C. would conduct a traditional liquidation under the act of the "stub" of the failed broker-dealer.
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It's still looking for a C.E.O. (Bloomberg) • The head of Cantor Fitzgerald's broker-dealer unit, Shawn Matthews, is leaving to start a hedge fund.
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The financial services company said Greg Greenberg has joined its broker-dealer unit, Stifel, Nicolaus & Co Inc's private client group in Overland Park, Kansas.
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Instead, they neither resigned nor disclosed the conflict even when a city representative asked specifically whether the firm and broker-dealer had any connection.
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Tim Sumner will replace Gochee as head of U.S. ABS Syndicate within Lloyds Securities, the U.S. broker-dealer arm of Lloyds Bank North America.
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The inclusion of the broker-dealer also impacts the consolidated funding profile with a much higher proportion of short-term repos than peer banks.
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Stanley is the chief economist for Amherst Pierpont Securities, a broker-dealer providing institutional and middle-market clients with access to fixed-income products.
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But like other U.S. banks, it would need to host large trading operations in a separate entity known as a broker-dealer under American regulations.
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He was also barred from association with any investment adviser, broker, dealer, municipal securities dealer, municipal advisor, transfer agent, or nationally recognized statistical rating organization.
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The SEC says it has frozen all remaining assets as it pursues its case, which includes charges of fraud and violating broker-dealer registration provisions.
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Wall Street banks that trade trillions of euros in derivatives through London-based broker-dealer subsidiaries are on pins and needles about what happens next.
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His previous broker-dealer, Farmers Financial Solutions of Westlake Village, California, fired him in August 2018 for allegations related to the promissory notes, FINRA said.
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If less than 72 percent of National's business moves over to LPL, the broker-dealer will pay no additional contingency, according to the press release.
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"Most recently, Francesco was an equity research analyst covering publicly-listed consumer companies for an institutional broker-dealer in Manhattan," Francesco Pellegrino's LinkedIn profile says.
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Amazon certifies all flash briefings, and because of TD Ameritrade's status as a broker dealer, the company holds itself to equally high standards of review.
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The sanctions also suspended state investments in all Wells Fargo securities and halted the use of Wells Fargo as a broker-dealer for investment purchasing.
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That disclosure will also bring to light other forms of compensation that the broker-dealer and advisor can get, which may be an eye-opener.
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Smith, who worked as a financial planner, was barred from the broker-dealer business since 2010 by the Financial Industry Regulatory Authority, the SEC said.
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Betterment is not a bank — it is regulated by the Securities and Exchange Commission as a broker-dealer and is a member of the FINRA.
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Stephen Stanley is the chief economist for Amherst Pierpont Securities, a broker-dealer providing institutional and middle-market clients with access to fixed-income products.
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Stephen Stanley is the chief economist for Amherst Pierpont Securities, a broker-dealer providing institutional and middle-market clients with access to fixed-income products.
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Stephen Stanley is the chief economist at Amherst Pierpont, a broker-dealer servicing institutional and middle-market clients with a range of fixed-income products.
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Despite the crypto bear market, Coinbase has been reinvesting its gains in everything from institutional investor products, to acquisitions, including a fully licensed broker-dealer.
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The sanctions also suspend state investments in all Wells Fargo securities and halt the use of Wells Fargo as a broker-dealer for investment purchasing.
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Brokers or financial advisors working for a broker-dealer firm or an insurance company are held only to a suitability standard (not a fiduciary standard).
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Related to its resolution plan outcome, WFC has elected to limit the company's nonbank and broker-dealer assets to levels in place as of Sept.
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Stephen Stanley is the chief economist for Amherst Pierpont Securities, a broker dealer providing institutional and middle-market clients with access to fixed-income products.
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Securities regulators have sanctioned a broker-dealer and one of its registered representatives in related disciplinary cases involving the unsuitable recommendation of unregistered securities to clients.
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They must present their offers through an investment portal which can be run by a registered broker-dealer or through a portal approved by the SEC.
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Most of the long position was assigned to the company's asset management subsidiary, while the other positions are held by one of its broker-dealer subsidiaries.
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Lightyear's purchase of Lendmark comes after the buyout firm sold a 75% stake in broker-dealer Advisor Group last month to buyout firm Reverence Capital Partners.
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Ally said the decision would have no impact on operations as the broker-dealer had not been a "significant" part of the company for some time.
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You'll probably choose "money manager", but if you do, you've just also moved the client's index-linked holdings out of the "broker dealer index trader" category.
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MUSA is MUAH's broker-dealer subsidiary, and accounted for approximately 20% of consolidated assets and 8% of consolidated earnings during the first six months of 0003.
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Wells Fargo&aposs broker-dealer affiliate has 13,723 financial advisers, and is among the largest US wealth managers along with UBS, Merrill Lynch, and Morgan Stanley.
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The broker-dealer affiliate of Bank of America was found by the regulator to have insufficient policies to ensure traders maintained accurate records for futures block trades.
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The broker-dealer affiliate of Bank of America was found by the CFTC to have insufficient policies to ensure traders maintained accurate records for futures block trades.
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The company is a member of FINRA, a Securities and Exchange Commission registered broker-dealer, and is a member of the Securities Investor Protection Corporation, or SIPC.
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This includes all of Deutsche Bank's non-branch U.S. assets, including its mortgage lending and debt financing subsidiary, and its sizable Wall Street broker-dealer trading business.
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Mark Ginsberg, who left Deutsche in 2009 to join boutique investment bank Sander O'Neill before moving to broker-dealer Gleacher & Co Securities in 2012, returned last week.
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Changes in operational focus include a planned public offering of a partial interest in AIG's mortgage insurance subsidiary, and the sale of its independent broker-dealer network.
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Matthew Comstock is a partner with Murphy and McGonigle, PC, where he has a diverse practice covering all aspects of the broker-dealer, trading and markets business.
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That brokerage firms was Legacy Global Markets SA, a broker-dealer based in Panama that Bandfield claimed to have created and that Mulholland secretly owned, prosecutors said.
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However, if a broker-dealer offers a fund as a private placement under Regulation D, the firm may only make it available to so-called accredited investors.
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The bank's Europe, Middle East and Africa President Alex Wilmot-Sitwell will remain in that role, while chairing the board of the Dublin-based broker-dealer operations.
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The regulator said that broker-dealer application materials and trading websites characterized the products as exchange-traded funds (ETFs) - listed funds that track a basket of assets.
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Wyatt told the crowd the SEC is "not forgetting" about the broker-dealer population, and is keeping regulators focused on this group in New York and Chicago.
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Prior to joining Capital Square, Powers was a regional vice president with PTX Securities, a managing broker-dealer assisting sponsors in the design and engineering of securities programs.
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E*Trade, which operates a discount broker-dealer and a bank, said it intends to help finance the deal by issuing up to $400 million of preferred stock.
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In a later interview on CNBC, Tim Freeman, partner at institutional broker-dealer Elevation Securities, said he wants to know what Trump's plans are for the Federal Reserve.
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"Eventually these marketplaces will have tens of thousands, if not hundreds of thousands of assets — so the next piece was a broker dealer," licensed and ready to go.
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The broker-dealer operations at New York Stock Exchange member firms booked $17.3 billion in profits in 2016, the comptroller reported, using a standard measure of industry profitability.
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Besides the asset-management business Grayscale, DCG's subsidiaries include a cryptocurrency broker-dealer and CoinDesk, a leading cryptocurrency news website that reports on the industry and holds conferences.
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The creation of the new broker-dealer unit follows the establishment in December of the bank's Dublin business as its main European banking entity, Bank of America said.
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The financial services company said financial advisers Tom Hankins and Jay Lauzon have joined its broker-dealer unit, Stifel, Nicolaus & Co Inc's private client group in Flint, Michigan.
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Leading U.S. cryptocurrency exchange Coinbase announced it would acquire securities dealer Keystone Capital in a bid to become a fully SEC-regulated broker dealer, the company said Wednesday.
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In January, Equidate bought a regulated broker-dealer, which means that the deals made on Equidate must comply with securities rules and have some investor protection and disclosure.
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Belshe, who started as a software engineer at HP and Netscape, said BitGo will eventually look to become a broker-dealer, but he declined to give a timeline.
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In a more-balanced market, daily developments exert a greater effect on crude prices, leading to higher volatility, explained Robert Christensen, senior equity analyst a broker-dealer Drexel Hamilton.
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"Many retailers will do just fine, but you have to have other markets where your products can go," said Brandon Fletcher, an analyst at broker-dealer Sanford C. Bernstein.
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The short answer is simple: It will be paid for by those who use it, that is, the broker-dealer community like Goldman Sachs, Merrill Lynch, Morgan Stanley, etc.
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These and other services offered by platforms may trigger other registration requirements under the federal securities laws, including broker-dealer, transfer agent, or clearing agency registration, among other things.
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The move by the biggest independent broker-dealer in the country — the group expected to face the biggest impact from the DOL rule — is a sign of the times.
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"If the service is commission-based, the retail investor will get more information on the various forms of compensation that the broker-dealer and advisor have received," Wagner said.
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LPL Financial — The largest independent broker-dealer firm in the U.S. is working with Goldman Sachs to explore strategic alternatives, including a possible sale, according to Reuters, citing sources.
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Coinbase is much closer to offering security token products after acquiring a FINRA-registered broker-dealer in June, effectively backward-somersaulting its way into a state of regulatory compliance.
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But in consultation with Stepp, the two employees arranged to have the city's offerings underwritten by a broker-dealer with whom all three men were still working as representatives.
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The Florida real estate developer also agreed to an SEC order permanently barring him from any association with any broker, dealer, investment adviser, ratings firm or other financial entity.
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BTIG, which is a global financial services firm broker-dealer in New York, and we have 500-plus employees, and the firm is trying to help clients make money.
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Hassan was most recently with Charles Schwab & Co Inc, a broker-dealer unit of Charles Schwab Corp, where she was executive vice president of investment services segments and platforms.
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SharesPost, a broker-dealer for secondary market trades, has completed $2.3 billion worth of transactions since 2009, and said volume is growing 50 percent to 60 percent quarter-over-quarter.
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However, regulators are seeking to implement Title II in such a way as to ensure that the creditors of bank and broker-dealer subsidiaries will never lose money in bankruptcy.
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The code of ethics for the Certified Financial Planner Board of Standards prohibits a certified financial planner from serving as a broker-dealer, but not all financial planners are CFPs.
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Practically, it may not amount to much, since the piece of the broker-dealer that the S.I.P.C. is left with will likely be limited, whatever law it is operating under.
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Why let a part-time investment guy using an obscure broker-dealer put your money to work in funds that are likely just going to generate more fees for him?
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Smith, who worked as a financial planner, had been barred from the broker-dealer business since 2010 by the Financial Industry Regulatory Authority, the U.S. Securities and Exchange Commission said.
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The SNB has bought around 45 billion euros ($55 billion) of German bonds since early-2015, according to Vincent Deluard, global macro strategist at U.S.-based broker dealer INTL FCStone.
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The firm made $130,120 in adviser fees and the broker-dealer, also unnamed in the order, collected $121,530 in underwriter fees, 90 percent of which was remitted to Central States.
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When a broker-dealer buys or sells bonds for investors, it can either trade the bonds from its own inventory or it can trade in the open market for you.
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"As a licensed broker-dealer, we're highly regulated and take clear communication very seriously," said Tenev and Baiju Bhatt, the company's other co-founder, in a blog post last week.
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Broker-dealer firms reported to authorities nearly 2,300 cases of suspected senior fraud or exploitation in 2015, according to a new North American Securities Administrators Association analysis of 61 firms.
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Last week, Massachusetts Secretary of the Commonwealth William F. Galvin put the finishing touches on a new fiduciary standard for broker-dealers and broker-dealer agents operating in the state.
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Aspiration, which holds a broker dealer license and partners with banks, had last raised $47 million from investors including Social Impact Finance, Omidyar Network and Allen & Co in December 2017.
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But instead, the regulators are asserting that "in reality there is no proceeding under S.I.P.A. and the covered broker-dealer is being liquidated under Title II." What difference does it make?
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Wealthfront and Betterment are not chartered as banks — Betterment, for example, is regulated by the Securities and Exchange Commission as a broker-dealer, and Wealthfront is regulated as an investment advisor.
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An executive said it would have to consider whether it was worth the trouble of creating a parallel broker-dealer operation within the euro zone with billions of dollars in capital.
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The average Wall Street bonus fell 9 percent last year as volatile markets dented profits at broker dealer firms, according to a report by a top New York state financial watchdog.
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"The deadline for people who turned 70½ last year is less than a week away," said Martin Schamis, head of wealth planning at Janney Montgomery Scott, a broker-dealer in Philadelphia.
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White said the SEC had the authority to write broker-dealer rules and that she would aim for new standards to be "as compatible as possible" with those from other agencies.
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NEW YORK (Reuters) - U.S.-based cryptocurrency exchange Bittrex is partnering with registered broker-dealer Rialto Trading to offer a trading venue for blockchain-based digital assets, the companies said on Thursday.
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Profits from the broker-dealer operations of NYSE member firms (which is what it uses to measure the securities industry's health) rose 42 percent, to $24.5 billion, the most since 2010.
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"Find out whether [the advisor is] in sales, via a broker dealer/insurance company, or will they act like a fiduciary, such as many affiliated with RIAs will be," he said.
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Banks in London have been asking whether they could still centralise their broker-dealer trading services in London after Brexit to save on costs of setting up new euro zone entities.
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When you're rolling over your 401(k) into a different type of account, that advice is now covered by our Standards of Conduct, whether you're a broker dealer or an investment adviser.
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And then the third thing that's important is: we're making it so if you're at a broker dealer or investment adviser you have got to tell people how you make your money.
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The SEC in January reached a settlement with Cohen prohibiting him from serving in a supervisory role at any broker, dealer, or investment adviser until 2018, addressing charges related to the subsidiary.
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Goldman's main broker-dealer, GSCO's Short-Term IDR of 'F1' reflects the view that there is less surplus liquidity at this entity, given its greater reliance on the holding company for liquidity.
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LONDON (Reuters) - Bank of America Merrill Lynch has named Sanaz Zaimi as head of its new Paris-based European Union broker-dealer unit BofA Securities Europe, the U.S. bank said on Friday.
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"The MF Global episode provided a very stark example of a failure to supervise a broker dealer, " said Christopher Whalen, the chairman of Whalen Global Advisors and a longtime Wall Street analyst.
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Former SEC enforcer Ghillaine Reid has joined McGuireWoods' government investigations and white collar practice as partner and as co-head of the financial institutions industry team's broker-dealer practice in New York.
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Between March 2013 to May 2015, Morgan Stanley allegedly had an affiliate, Morgan Stanley Equity Financing Ltd, use margin loans from the company's United States broker-dealer to finance trade with customers.
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NEW YORK (Reuters) - TradeZero, a Bahamas-based online broker-dealer, said on Thursday it had launched the world's first "dark pool" exchange for bitcoin to enable institutional investors to execute large trades.
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Last fall, the Securities and Exchange Commission (SEC) approved the Financial Industry Regulatory Authority's (FINRA) proposal to require its broker dealer members to report certain Treasury transactions to the TRACE reporting system.
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"These and other services offered by platforms may trigger other registration requirements under the federal securities laws, including broker-dealer, transfer agent, or clearing agency registration, among other things," the statement said.
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Previously, he was co-founder and managing partner of Mesa Securities, a licensed broker-dealer investment bank focused on media and entertainment that was acquired by Houlihan Lokey in June of 2015.
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And the key part of this rule package is, whether you're an investment adviser or a broker dealer, you're going to have to be very candid with them how you're making your money.
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The broker-dealer must be able to articulate the risk, rewards, and costs of what they are doing for the client, and they must make a recommendation in the retail customer's best interest.
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Fitch recognizes that these characteristics are largely explained by the company's substantial mortgage banking and broker-dealer activities and that Hilltop's funding structure would appear stronger if adjusted for loans held for sale.
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"You'll see the restructuring of compensation at the wire house level, the broker-dealer level and the financial advisor level," said Marcia S. Wagner, managing director of the Wagner Law Group in Boston.
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To that end, it's acquiring securities dealer Keystone Capital, a California-based FINRA-registered broker-dealer that, according to the WSJ, can operate as a registered investment and run an alternative trading system.
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The SEC has concluded that it doesn't qualify as a broker-dealer or crowdfunding portal, though the commission won't pursue charges in this case — instead choosing to simply issue guidance to the industry.
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Goldman's main broker-dealer, GSCO's Short-Term IDR of 'F1' reflects the view that there is less surplus liquidity at this entity, particularly given its greater reliance on the holding company for liquidity.
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"Some investment banks in London can be attracted by countries saying 'I will give you the status of broker-dealer so you'll be supervised by me and not by the SSM'," Nouy said.
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The industry self-regulator said it fined the New York-based bank $1.25 million for not registering or properly fingerprinting 10,0003 people in its broker-dealer division between January 2010 and May 2017.
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HR 609 HR 609 would exempt merger and acquisition (M&A) advisors, intermediaries, and business brokers from federal registration as a "broker-dealer" when brokering the purchase or sale of privately-owned companies.
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The SEC in January reached a settlement with Cohen prohibiting him from serving in a supervisory role at any broker, dealer, or investment adviser until 2018, addressing charges related to the SAC subsidiary.
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Specifically, Laplanche cannot now serve as registered investment advisor or a broker dealer or as municipal bond trader, but he isn't doing any of these things at Upgrade, which purely manages institutional capital.
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That pressure taken off gives them a lot of flexibility to ask for more capital deployment," Marty Mosby, director of bank and equity strategies at broker-dealer Vining Sparks, told CNBC's "Closing Bell.
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"I don't think there's any question that there's enormous pressure put on the CFP Board to adopt broker-dealer practices," said Knut Rostad, president of the Institute for the Fiduciary Standard, a nonprofit.
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But the Phase One trade deal is by no means a silver bullet that eliminates the risk of a US recession, according to Christophe Barraud, chief economist of the broker-dealer Market Securities.
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Administrative Law Judge Cameron Elliot in 2013 found Bandimere liable for violating securities laws, barred him from associating with any broker, dealer or investment adviser and ordered him to pay nearly $1.03 million.
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VRs The VRs for Nomura and Daiwa reflect their superior market positions within the domestic financial system and strong capitalisations, which compare favourably with that of many global universal bank and broker dealer peers.
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Firms that obtain only a broker-dealer license, rather than an EU banking license, would not be able to take deposits or write loans for EU clients, but they could still deal in securities.
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LPL Financial, the largest U.S. independent broker-dealer by revenue, said it will pay a $499,000 fine to each of the 52 U.S. states and territories if they choose to participate in the deal.
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In a related civil complaint, the U.S. Securities and Exchange Commission said the employer had been registered with the commission as a broker-dealer since 1969 and as an investment adviser since April 2012.
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"The proposed rule would establish an orderly process for the liquidation of a broker dealer whose failure might otherwise pose a risk to the financial system," said FDIC Chairman Martin Gruenberg in a statement.
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Renwick Haddow, a British citizen living in New York, allegedly set up an unregistered broker-dealer firm to sell securities in Bitcoin Store Inc and Bar Works Inc, the SEC said in a statement.
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"PDVSA will face additional trouble just by keeping a sanctioned individual as CFO," said Jorge Piedrahita, chief executive of broker-dealer Gear Capital Partners, who has been involved with Venezuelan debt for many years.
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UBS Puerto Rico, a subsidiary of UBS Financial Services headquartered in Weehawken, New Jersey, is the largest broker-dealer on the island, controlling about 20133 percent of total retail brokerage assets at its peak.
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Rather, it is our understanding that, under Securities Exchange Act Rule 15c2-12 any broker-dealer that issue quotations for these securities is responsible for ensuring that required information regarding these securities is available.
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The regulator added that some cryptocurrency platforms may not behave like exchanges but offer related services - such as digital wallets - that trigger other registration requirements, such as becoming a clearing agent or broker dealer.
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Fitch recognizes that these characteristics are largely explained by the company's substantial mortgage banking and broker-dealer activities and that Hilltop's funding structure would appear stronger if adjusted to remove loans held for sale.
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Under the restructuring plan, lenders will inject $150 million into broker-dealer Cetera and ties to Schorsch will be cut by eliminating common shares and some $500 million in preferred stock, court documents showed.
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Prosecutors also announced Wednesday that Ashish Dole, a former risk officer at the firm, and Frank Dinucci, a former broker-dealer, had already pleaded guilty to related charges and agreed to cooperate with authorities.
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Indiegogo partnered with FINRA-registered broker-dealer MicroVentures when it launched its equity crowdfunding portal last year to "help ensure [its] equity crowdfunding offerings are SEC compliant," and it will similarly offer SEC-compliant ICOs.
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For sellers, Indiegogo provides a registered broker-dealer that can facilitate token pre-sales inside current SEC regulations in addition to providing critical investor accreditation validation, know-your-customer (KYC), anti-money-laundering (AML) services.
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"This will be one of the more hawkish Feds we have experienced in 20 years," said Andrew Brenner, head of international fixed income at NatAlliance Securities LLC, a broker-dealer, in a note on Wednesday.
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The company now boasts more than 2 million investment accounts (with 600,000 opened in 2017 alone) and is on track to do 1 billion trades in 0003 through the proprietary broker-dealer that it created.
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The founders say Alpaca's commission-free stock trading API is the first and only broker dealer that understands developers, and it allows customers to build and trade with real-time market data free of cost.
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Bank subsidiaries that obtain only a broker-dealer licence, rather than an EU banking licence, would not be able to take deposits or write loans for EU clients, but they could still deal in securities.
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The SEC's orders also found that Citadel, Natixis, and MUFG Securities Americas "willfully" violated the broker-dealer books and records and reporting provisions, it said, adding that the firms have admitted to the SEC findings.
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But the city's broker-dealer firms have set aside 7 percent less money for employee bonuses through June compared with the first six months of last year, and they have shed 2,2100 jobs since March.
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In 2006, employees of Kasowitz's in-house investigative arm, KBTF Consulting, tried to ensnare employees of Morgan Keegan, a broker-dealer whose insurance analyst was publishing critical research on Fairfax, according to a court document.
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Lawrence Obracanik, who worked as an operations manager for JPMorgan's broker-dealer services, was charged in a criminal complaint made public on Wednesday in federal court in Manhattan with wire fraud and attempted wire fraud.
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Time for a Strategic Shift at UBS's Investment Bank | After several quarters of more than 20 percent returns on equity, UBS's broker-dealer business squeezed out a 4.4 percent return in the quarter that just ended.
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AIG said in January it would spin off its mortgage insurance unit, cut jobs and sell its broker-dealer network as part of a sweeping overhaul promised to shareholders to fend off activist investor Carl Icahn.
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Supporters of the rule — which includes the broker-dealer industry — say it will be an improvement over the current standard for brokers, which only requires them to make sure an investment is "suitable" for a client.
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Of the just under 6,500 staff who handle Goldman Sachs International's broker-dealer services for all of EMEA, a region that brings in around 35 percent of group revenue, fewer than 1,000 are based outside Britain.
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BOSTON (Reuters) - LPL Financial Holdings has reached a $26 million settlement with state securities regulators resolving claims that the U.S. broker-dealer was negligent in supervising employees and preventing the sale of unregistered securities to customers.
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Profits for broker-dealer operations of New York Stock Exchange member firms totaled $2422 billion in 2500, up from $20073 billion in 22007, the report said, despite end-of-the-year volatility in the stock markets.
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Paul Brodsky was an options trader in the 1980s, helped found a mortgage trading broker-dealer that was sold to Piper Jaffray in 1994 and began managing assets for investors in 1996, according to Brodsky's website.
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An expected 6 percent annual return from an indexed universal life policy is "not logical," said Lawrence Rybka, president and CEO of ValMark Securities, an independent broker-dealer in Akron, Ohio, with a large insurance business.
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Last week, Indiegogo and its Financial Industry Regulatory Authority registered broker-dealer partner MicroVentures launched an ICO service that will help entrepreneurs stay on the right side of the U.S. Securities and Exchange Commission, said Rubin.
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AIG said in January it would spin off the mortgage insurance unit, cut jobs and sell its broker-dealer network as part of a sweeping overhaul promised to shareholders to fend off activist investor Carl Icahn.
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He said he thought the bonds were "relatively low risk," would help him restore MF Global to profitability, and would advance his plan to transform the futures and commodities brokerage into a full-service broker-dealer.
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The SEC's action, supported by the broker-dealer industry but opposed by consumer and investor advocates as not going far enough, comes a year after regulators first proposed most of the changes included in the approved package.
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By Dena Aubin Arizona broker-dealer Scottsdale Capital Advisors Corp cannot challenge a Financial Industry Regulatory Authority (FINRA) enforcement action in U.S. district court because it did not exhaust its administrative appeals, a federal appeals court ruled.
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Broker-dealer Robinhood announced the product with great fanfare on Thursday, saying that money deposited in its new checking and savings accounts would be protected up to $250,000 by the SIPC, which guarantees cash in brokerage accounts.
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FINRA requires most employees at the broker-dealer firms it regulates to be finger-printed and screened for past criminal history regardless of whether the employee will be registered with FINRA to be involved in investment decisions.
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We're a registered broker-dealer doing M&A advisory, increasingly focusing on what we think will be opportunities as startups begin to [consolidate their efforts], and also doing traditional capital raising for startups and later-stage companies.
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Tony Russon, at the time a managing partner at a MetLife insurance subsidiary and a registered principal for a related broker-dealer, introduced Mr. Friedman and his fund to the agents in about 2004, the lawsuit says.
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FINRA requires most employees at the broker-dealer firms it regulates to be fingerprinted and screened for past criminal history, regardless of whether the employee is to be registered with FINRA to be involved in investment decisions.
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Coinbase's digital custody service is now awaiting final approval from the U.S. Securities and Exchange Commission before it can open its doors in partnership with a regulated broker-dealer, VP and general manager Adam White tells Axios.
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Silver Lake: Sources tell Axios that the tech-focused private equity is not working with Musk as a "financial advisor," as regulators and lawyers would generally consider that to be the same thing as a broker-dealer.
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The insurance giant said it would spin off its mortgage insurance unit and sell its broker-dealer network as part of the sweeping changes it has been promising shareholders as it fends off activist investor Carl Icahn.
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Later that year, in August, the Financial Industry Regulatory Authority permanently barred him from acting as a broker or associating with a broker-dealer firm after he failed to cooperate with regulators during his on-the-record testimony.
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Lorenzo, who served as the investment banking director at a broker-dealer called Charles Vista, sent the emails in 2009 seeking investors for a startup company's debt offering even though its energy-from-waste technology did not work.
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The companies, Avalon, Mer Telemanagement Solutions and New Concept Energy have all seen their shares soar and sink in a few days during which a Bahamas-based broker dealer MintBroker International disclosed holdings in each of the companies.
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Malone was fined $20,000 and agreed to a one-year ban, while Stepp will pay a $17,500 penalty and is suspended for six months from acting as a supervisor for any broker-dealer, investment adviser or municipal adviser.
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These three months are critical, nevertheless, as they offer investors a vital opportunity to recommend improvements to the proposal which, while virtuous in its stated goal of enhancing broker-dealer standards, falls well short of this worthy endeavor.
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Its requirement that a broker-dealer act in the "best interests" of a retail customer when recommending any securities transaction or investment strategy involving securities to that customer, laid out over hundreds of pages, is a perfect example.
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Broker dealer LPL Financial added language to a loan last month that says if Libor goes away, the administrative agent, JP Morgan, and the company can establish an alternative rate through an amendment, according to a regulatory filing.
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LONDON, Feb 8 (Reuters) - Bank of America Merrill Lynch has named Sanaz Zaimi as head of its new European Union broker-dealer unit BofA Securities Europe, the U.S. bank said on Friday, as it steps up Brexit preparations.
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WASHINGTON (Reuters) - The U.S. Securities and Exchange Commission (SEC) on Monday issued a notice on broker-dealer custody of digital asset securities, amid industry requests for clarity on whether they can hold such assets under federal securities laws.
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They would include things like being a knowledgeable employee of a private investment fund or having passed certain examinations administered by the Financial Industry Regulatory Authority, the independent body that regulates Wall Street brokers and broker-dealer firms.
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The broker-dealer trading arms of banks in Britain have asked EU regulators whether their entities in the remaining 27 EU states will still be allowed to outsource operations to London after Britain leaves the bloc in 2019.
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"With indexed annuities and indexed universal life insurance, the marketing pitch is always that you get all of the upside of equities and have guarantees," said Larry J. Rybka, CEO of Valmark Securities, an Akron, Ohio-based broker-dealer.
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Deborah Kelley, a former managing director at broker-dealer Sterne Agee who is one of two brokerage executives to face charges over the scheme, also pleaded not guilty to fraud charges contained in an indictment made public Dec. 21.
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The Securities and Exchange Commission issued new guidance on Monday outlining areas of risk alerts and addressing SEC-registered investment advisors that employ individuals with disciplinary histories, including those who have been disciplined or barred from a broker-dealer.
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That year, the SEC launched an exam initiative focused on compliance oversight and controls of registered investment advisers that employ individuals with a history of disciplinary events, including individuals that have been disciplined or barred from a broker-dealer.
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SAO PAULO (Reuters) - Banco Fator SA, a Brazilian lender specializing in structured lending and financial advising, will stop taking and processing equity and derivatives orders directly from institutional clients, reducing broker-dealer operations in the face of tumbling markets.
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This is what "led ultimately to the creation of a capital market in Puerto Rico," Carlos Ubinas, the current president of UBS Puerto Rico's broker-dealer and trust company, explained to a FINRA panel in 2015 during sworn testimony.
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The European Central Bank (ECB) is expected to push hard for that business to shift out of London and into the eurozone, meaning that banks may have to create new broker-dealer operations supported by billions of dollars in capital.
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The insurer, however, has been selling or restructuring some units to save costs - last month it sold its broker-dealer network in the United States for $325 million and merged its M&G asset management and UK and European insurance businesses.
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"The Board's data collection would complement the work of the Securities and Exchange Commission, which recently approved a rule change by FINRA to require its broker-dealer members to report secondary market transactions in U.S. Treasury securities," according to a statement.
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American International Group gained nearly 1 percent after the firm announced a restructuring plan that included spinning off its mortgage insurance unit and selling its broker-dealer network, but said a full breakup of the firm would detract from shareholder value.
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The SEC separately on Tuesday said TokenLot and its heads Lenny Kugel and Eli Lewitt agreed to pay $471,000 in disgorgement plus interest to settle charges that they acted as an unregistered broker-dealer for the sale of digital tokens.
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Neither was it legally obligated to supervise the broker who made the sale to Ms. Ramirez, MetLife said, because he was a contractor and licensed through another, unaffiliated broker-dealer, even though he was authorized to sell MetLife insurance products.
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"The Customer Protection Rule establishes crucial safeguards for investors to ensure that their cash and securities are secure when held by a broker-dealer," said Michael J. Osnato, chief of the SEC enforcement division's complex financial instruments unit, in a statement.
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WASHINGTON, July 8 (Reuters) - The U.S. Securities and Exchange Commission (SEC) on Monday issued a notice on broker-dealer custody of digital asset securities, amid industry requests for clarity on whether they can hold such assets under federal securities laws.
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While various firms already registered as broker-dealers are seeking to expand their businesses to include digital asset securities services, the SEC says non-registered firms would likely have to register as a broker-dealer before engage in this activity.
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While various firms already registered as broker-dealers are seeking to expand their businesses to include digital asset securities services, the SEC says non-registered firms would likely have to register as a broker-dealer before engaging in this activity.
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Profits for the broker-dealer operations of New York Stock Exchange member firms meanwhile jumped 42 percent to $24.5 billion, the highest level since 2010, driven by growth in wealth management fees, underwriting and M&A advisory fees, the report said.
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NEW YORK, May 6 (Reuters) - Amherst Pierpont, a broker-dealer, became a primary dealer, bringing the total number of firms that do business directly with the U.S. Federal Reserve to 24, according to the New York Federal Reserve on Monday.
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The EU's executive European Commission has proposed that non-EU banking firms with banking and broker-dealer operations with total assets of more than 30 billion euros in the EU, should set up an intermediate holding company inside the bloc.
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NEW YORK (Reuters) - The average Wall Street bonus fell 9 percent to $146,20093 in 2015 as volatile financial markets hurt profits at New York's broker-dealer firms, according to a report released by a top New York state financial watchdog on Monday.
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If history is any guide, the move higher in yields that began in mid-July shouldn't start affecting equity values until the 10-year note roughly doubles from its current level, according to an analysis this week from broker-dealer LPL Financial.
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NEW YORK (Reuters) - A former managing director at broker-dealer Sterne Agee pleaded guilty on Tuesday to bribing a former portfolio manager at New York state's retirement fund in exchange for tens of millions of dollars' worth of business, federal prosecutors said.
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The justices will review a lower court ruling that upheld most of the SEC's liability findings against Francis Lorenzo, who served as the investment banking director at a broker-dealer called Charles Vista that was expelled from the securities industry in 2014.
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"This represents more of a return to the form of the first six months of the year, and indicates Fed Chair Janet Yellen is presiding over a strong but not spectacular U.S. economy, " said Dennis De Jong, managing director at broker-dealer UFX.
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"We continue to work closely with the regions, the staff and our stakeholders to try and reach our goal of transitioning some of the BD [broker-dealer] staff over to the IAIC [investment adviser] program," said Marc Wyatt, director of the examinations office.
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"In order to trade securities, they need to be a broker-dealer," said Jerry Brito, executive director at Coin Center, a digital currency advocacy group based in Washington, D.C. "I could imagine [Coinbase] could sell a number of other tokens" with the license.
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It said the New York-based broker-dealer, which is indirectly controlled by Banca IMI, admitted that it conspired with other institutions and individuals to submit rigged bids to borrow pre-release American Depository Receipts between March 2012 and at least August 2014.
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According to court filings, the SEC has been looking into an email a lobbyist at the law firm Greenberg Traurig LLP sent to an analyst at broker-dealer Height Securities regarding a deal struck in Congress about Medicare reimbursement rates in 2013.
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"Regardless of whether you work with a broker dealer or an investment adviser, they are not going to be required to recommend the investments that are in your best interest," said Barbara Roper, director of investor protection at the Consumer Federation of America.
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The bank plans to have a new broker-dealer business up and running in Frankfurt by the end of 2018 in case there is no trade or transition deal in place by the time the UK exits the EU, Bloomberg reported, citing sources.
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NEW YORK (Thomson Reuters Regulatory Intelligence) - The Financial Industry Regulatory Authority for the first time has released an interim report on findings of early broker-dealer compliance exams, as the industry self regulator works to examine every firm over the next four years.
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Pending necessary agency approvals, the combined entity also intends to become both a registered broker-dealer and separate non-fiduciary trust company, meaning the company will be able to provide custodial services for clients even when they're investing in assets outside of the Forge platform.
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"Frankfurt is our first choice for headquartering our EU broker-dealer based on the existing infrastructure, and the people and expertise we already have on the ground," Jim Cowles, the bank's head of Europe, Middle East and Africa (EMEA) said in a memo to staff.
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"This proposal will help ensure that in the event there is a need for the orderly liquidation of a broker-dealer, the process is handled in a manner that minimizes disruption and promotes public confidence," said SEC Chair Mary Jo White in a statement.
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Haddow allegedly diverted funds raised by the broker-dealer for the Bitcoin Store, and sent more than $4 million from the Bar Works bank accounts to one or more accounts in Mauritius and $1 million to one or more accounts in Morocco, the statement said.
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They agency is exploring the Financial Industry Regulatory Authority's (FINRA's) approach to the use of testimonials in broker-dealer adverting, Paul G. Cellupica, chief counsel of the SEC's division of investment management, told the Practising Law Institute's "SEC Speaks" conference in Washington this week.
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NEW YORK, March 7 (Reuters) - The average Wall Street bonus fell 9 percent to $146,200 in 2015 as volatile financial markets hurt profits at New York's broker dealer firms, according to a report released by a top New York state financial watchdog on Monday.
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FINRA accused Merrill Lynch of submitting millions of inaccurate trades, some which listed purchases as sales, broker-dealer trade orders filed as customer orders, inaccurate or incomplete order events and audit data, and several million orders it just did not need to submit, among other things.
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The move should help São Paulo-based Fator free up to 40 million reais ($11.4 million) in capital and sharpen broker-dealer Fator Corretora's focus on catering to private-banking, home-broker, banking and asset management clients, Rodolfo Froes, the unit's general manager, told Reuters on Monday.
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NEW YORK (Reuters) - A former managing director at broker-dealer Sterne Agee was sentenced on Friday to six months' home confinement after she pleaded guilty to bribing a former portfolio manager at New York state's retirement fund in exchange for tens of millions of dollars' worth of business.
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"On behalf of the retirement savers who depend on their financial advisors, we applaud the president's action, which will delay a rule with devastating consequences with so many people," said Dale Brown, president and CEO of the Financial Services Institute, an organization that represents the broker-dealer industry.
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Data from broker-dealer LPL Financial show that since 1980 the median S&P 500 gain in the last 50 trading days of the year is 3.6 percent, an advance that would see the index end the year near 2,10.83 and above its current record close of 2,190.15.
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In the newly created role, Girondo is tasked with strengthening AB - PCI's relationships and driving dealflow with the Wall Street broker-dealer community, including with leveraged finance and high yield syndicate sales teams, intermediaries focused on middle market debt placement, and certain core co-investment relationships, said Humphries.
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"Broker-dealer customers expect to be told if a routing program like Deutsche Bank's does not function properly, relies on stale data, and routes millions of orders contrary to the described methodology," said Robert Cohen, the co-chief of the SEC Enforcement Division's market abuse unit, in a statement.
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A $3053-billion trading program to buy a broad spectrum of stocks came into the market in the afternoon and "really just sparked this market to move higher and higher," said Jonathan Corpina, senior managing partner for Meridian Equity Partners, an equity and options broker-dealer in New York.
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Barclays has gotten there very quickly, we are not in the proprietary trading business in our investment bank, we like the broker dealer model, we like the consistency of our revenues, we like the revenues versus risk that we have, which I think is where the regulators want us to be.
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All trades are settled through a registered broker dealer (that's currently licensed in 32 states with more coming), and the SEC permits any level of investor to participate in the offering and second-market trading platform as long as they pledge to not invest more than 10% of their net worth.
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A $3-billion trading program to buy a broad spectrum of stocks also came into the market in the afternoon and "really just sparked this market to move higher and higher," said Jonathan Corpina, senior managing partner for Meridian Equity Partners, an equity and options broker-dealer in New York.
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WASHINGTON (Reuters) - The U.S. Securities and Exchange Commission has charged Wedbush Securities Inc for failing to supervise an employee after the broker-dealer ignored red flags that the employee was involved in a "long-running pump-and-dump scheme targeting retail investors," the agency said in a statement on Tuesday.
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Reg BI now requires brokers "to act in the best interest of the retail customer at the time the recommendation is made, without placing the financial or other interest of the broker-dealer ahead of the interests of the retail customer," the SEC explained in the summary of the rule.
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NEW YORK (Thomson Reuters Regulatory Intelligence) - The Securities and Exchange Commission has announced that broker-dealer State Street Global Markets and investment adviser State Street Global Advisor Funds Unlimited have agreed to pay more than $35 million(here) to settle charges that they fraudulently charged secret markups for transition management services.
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The recipient of those leaks, Raj Rajaratnam, the former head of Galleon Group, was sentenced to 11 years for insider trading, and was barred from association with any investment adviser, broker, dealer, municipal securities dealer or transfer agent, but had the right to apply for re-entry after five years.
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"Under the fiduciary rule, a broker-dealer performing the same type of service for a single client's retirement and non-retirement securities accounts would be subject to separate obligations based on the regulatory status of each account," SEC Commissioner Michael Piwowar wrote in a July 25 letter to the Labor Department.
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"Barclays has gotten there very quickly, we are not in the proprietary trading business in our investment bank, we like the broker dealer model, we like the consistency of our revenues, we like the revenues versus risk that we have, which I think is where the regulators want us to be," he added.
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Wells Fargo Advisors, among the largest US wealth managers with some 14,000 financial advisers and $1.7 trillion in client assets, is a broker-dealer affiliate of the San Francisco bank still trying to put behind it a massive fake retail account scandal that came to light three years and two chief executives ago.
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The SEC has had a similar committee in place to advise it on the equity markets since February 2015> That panel, composed of industry experts and academics, has made recommendations to the regulator on a wide range of issues, including regulation of trading venues, market volatility, and broker-dealer order handling practices.
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"Market data costs are excessively high, they've been growing at an abnormal rate relative to other technology, and it is clearly the exchanges leveraging what they have as almost monopoly power to be able to do that," Joe Wald, CEO of broker-dealer Clearpool, who participated in the SEC roundtable, said in an interview.
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Then Musk returned to Twitter to share what proved to be more misinformation: Silver Lake, a private equity firm that helped Michael Dell take his eponymous company private, was indeed providing advice to Musk, but "financial advisor" is a technical term that the markets take to mean Silver Lake was acting as a broker-dealer.
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In a separate opinion on secondary trading, ESMA said decision-making for designing, controlling and monitoring trading systems' operations should not be outsourced outside the EU. The broker-dealer trading arms of banks in Britain have previously asked EU regulators whether their entities in the other 27 EU states will still be allowed to outsource operations to London once Britain leaves the bloc.
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He represented Highbridge Capital Management in its sale to JPMorgan Chase & Co and York Capital Management in a sale of a stake to Credit Suisse AG. Truesdale also helped take investment firms Och-Ziff Capital Management Group and Fortress Investment Group public and sold broker dealer LPL Financial Holdings Inc to private equity firms TPG Capital and Hellman & Friedman LLC before later taking it public.
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James Cowles, Citi's chief executive for EMEA, said in a memo to staff reported by the Guardian: "A hard Brexit would require certain changes, including relocating certain client-facing roles to the EU from the UK, and the possible creation of a new broker-dealer entity within the EU. "Citi has been discussing our options with representatives from a number of different countries, as well as with our clients.
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Additionally, the Long-Term IDRs for the material U.S. operating entities, GSBUSA and the main broker dealer Goldman Sachs & Co. (GSCO) are rated one-notch above Goldman's Long-Term IDR to reflect Fitch's belief that the U.S. single point of entry (SPOE) resolution regime, the likely implementation of total loss absorbing capacity (TLAC) requirements for U.S. global systemically important banks (G-SIBs), and the presence of substantial holding company debt reduce the default risk of these domestic operating subsidiaries' senior liabilities relative to holding company senior debt.
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These specialists include (1) a former FBI agent skilled in conducting insider trading investigations; (2000) two quantitative analysts trained in applying statistical metrics to trading data; (22015) a trading strategies expert; (22014) an index arbitrage and ETF specialist; (22015) a market structure expert skilled in analyzing latent compliance and regulatory risks in market centers; (210) a broker dealer analyst; (276) a high-frequency trading expert; and (203) an experienced accountant investigator who utilizes market intelligence and trading data to connect the dots between traders and their potential sources of information.
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The move crimps the number of SEC examiners monitoring brokerages, and to make sure FINRA is picking up the slack, the commission formed a group that assesses the Wall Street regulator's efforts at monitoring the sector, said Marc Wyatt, the head of the SEC's Office of Compliance Inspections and Examinations at a speech in Washington, D.C. "(The office) is working to enhance our oversight of FINRA because we will be somewhat more dependent on them for broker-dealer exams in the first instance," Wyatt said, speaking to the National Society of Compliance Professionals.
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