The Commission imposed four penalties of $50 million and two penalties exceeding $40 million.
Among the institutions were LPL Financial and RBC Capital Markets.
The
Securities and Exchange Commission (SEC) has levied fines totaling $392.75
million against 26 financial firms for widespread failures to maintain and
preserve electronic communications. The charges, announced yesterday
(Wednesday), target broker-dealers, investment advisers, and dually-registered
entities for violating federal securities laws' recordkeeping provisions.
SEC Fines 26 Firms $392.75
Million for Recordkeeping Violations
The firms,
including industry giants Ameriprise Financial Services, Edward D. Jones &
Co., LPL Financial, and Raymond James & Associates, each agreed to pay $50
million in penalties. Other notable fines include $45 million for RBC Capital
Markets and $40 million for BNY Mellon Securities Corporation and Pershing LLC
combined.
“As today’s
enforcement actions against more than two dozen firms reflect, we remain
committed to ensuring compliance with the books and records requirements of the
federal securities laws, which are essential to investor protection and
well-functioning markets,” SEC Enforcement Director Gurbir S. Grewal,
commented.
Check
the full list of fines:
Company
Fine Amount
Ameriprise Financial Services, LLC
$50 million
Edward D. Jones & Co.,
L.P.
$50 million
LPL Financial LLC
$50 million
Raymond James & Associates, Inc.
$50 million
RBC Capital Markets, LLC
$45 million
BNY Mellon Securities
Corporation and Pershing LLC
$40 million
TD Securities (USA) LLC, TD
Private Client Wealth LLC, and Epoch Investment Partners, Inc.
$30 million
Osaic Services, Inc. and
Osaic Wealth, Inc.
$18 million
Cowen and Company, LLC and
Cowen Investment Management LLC
$16.5 million
Piper Sandler & Co.
$14 million
First Trust Portfolios L.P.
$8 million
Apex Clearing Corporation
$6 million
Truist Securities, Inc.,
Truist Investment Services, Inc., and Truist Advisory Services, Inc.
$5.5 million
Cetera Advisor Networks LLC
and Cetera Investment Services LLC
$4.5 million
Great Point Capital, LLC
$2 million
Hilltop Securities Inc.
$1.6 million
P. Schoenfeld Asset
Management LP
$1.25 million
Haitong International
Securities (USA) Inc.
$400,000
Three firms—Truist Securities, Cetera Advisor Networks, and Hilltop Securities—received
reduced penalties for self-reporting their violations, highlighting the SEC's
emphasis on proactive cooperation.
“Among this
group of firms, there are several that differentiated themselves by
self-reporting prior to the staff’s investigation, demonstrating once again the
real benefits of proactive cooperation,” Grewal added.
In addition
to the financial penalties, all firms were ordered to cease and desist from
future violations and were censured. They have also begun implementing
improvements to their compliance policies and procedures.
The
Commodity Futures Trading Commission (CFTC) announced separate but related
settlements with The Toronto Dominion Bank, Cowen and Company, and Truist Bank.
Other Collective SEC
Penalties
This isn't
the first instance where the SEC has imposed collective penalties on financial
firms in similar circumstances. In February of this year, the SEC took action
against 16 broker-dealers and financial advisors, including notable entities
like Guggenheim and Oppenheimer. These firms were penalized for failing to
maintain electronic communications, accruing civil penalties totaling over $81
million.
Last year,
the US securities regulator levied fines totaling USD $289 million against 11
broker-dealers for purported violations of recordkeeping regulations. The SEC
issued cease and desist orders to these companies, which have acknowledged the
infractions.
One of the
larger penalties occurred in 2022 when 16 Wall Street firms paid a collective
$1.1 billion for “off-channel communications.” Among the
penalized firms were major banks such as Barclays, Bank of America, Goldman Sachs,
and UBS.
The
Securities and Exchange Commission (SEC) has levied fines totaling $392.75
million against 26 financial firms for widespread failures to maintain and
preserve electronic communications. The charges, announced yesterday
(Wednesday), target broker-dealers, investment advisers, and dually-registered
entities for violating federal securities laws' recordkeeping provisions.
SEC Fines 26 Firms $392.75
Million for Recordkeeping Violations
The firms,
including industry giants Ameriprise Financial Services, Edward D. Jones &
Co., LPL Financial, and Raymond James & Associates, each agreed to pay $50
million in penalties. Other notable fines include $45 million for RBC Capital
Markets and $40 million for BNY Mellon Securities Corporation and Pershing LLC
combined.
“As today’s
enforcement actions against more than two dozen firms reflect, we remain
committed to ensuring compliance with the books and records requirements of the
federal securities laws, which are essential to investor protection and
well-functioning markets,” SEC Enforcement Director Gurbir S. Grewal,
commented.
Check
the full list of fines:
Company
Fine Amount
Ameriprise Financial Services, LLC
$50 million
Edward D. Jones & Co.,
L.P.
$50 million
LPL Financial LLC
$50 million
Raymond James & Associates, Inc.
$50 million
RBC Capital Markets, LLC
$45 million
BNY Mellon Securities
Corporation and Pershing LLC
$40 million
TD Securities (USA) LLC, TD
Private Client Wealth LLC, and Epoch Investment Partners, Inc.
$30 million
Osaic Services, Inc. and
Osaic Wealth, Inc.
$18 million
Cowen and Company, LLC and
Cowen Investment Management LLC
$16.5 million
Piper Sandler & Co.
$14 million
First Trust Portfolios L.P.
$8 million
Apex Clearing Corporation
$6 million
Truist Securities, Inc.,
Truist Investment Services, Inc., and Truist Advisory Services, Inc.
$5.5 million
Cetera Advisor Networks LLC
and Cetera Investment Services LLC
$4.5 million
Great Point Capital, LLC
$2 million
Hilltop Securities Inc.
$1.6 million
P. Schoenfeld Asset
Management LP
$1.25 million
Haitong International
Securities (USA) Inc.
$400,000
Three firms—Truist Securities, Cetera Advisor Networks, and Hilltop Securities—received
reduced penalties for self-reporting their violations, highlighting the SEC's
emphasis on proactive cooperation.
“Among this
group of firms, there are several that differentiated themselves by
self-reporting prior to the staff’s investigation, demonstrating once again the
real benefits of proactive cooperation,” Grewal added.
In addition
to the financial penalties, all firms were ordered to cease and desist from
future violations and were censured. They have also begun implementing
improvements to their compliance policies and procedures.
The
Commodity Futures Trading Commission (CFTC) announced separate but related
settlements with The Toronto Dominion Bank, Cowen and Company, and Truist Bank.
Other Collective SEC
Penalties
This isn't
the first instance where the SEC has imposed collective penalties on financial
firms in similar circumstances. In February of this year, the SEC took action
against 16 broker-dealers and financial advisors, including notable entities
like Guggenheim and Oppenheimer. These firms were penalized for failing to
maintain electronic communications, accruing civil penalties totaling over $81
million.
Last year,
the US securities regulator levied fines totaling USD $289 million against 11
broker-dealers for purported violations of recordkeeping regulations. The SEC
issued cease and desist orders to these companies, which have acknowledged the
infractions.
One of the
larger penalties occurred in 2022 when 16 Wall Street firms paid a collective
$1.1 billion for “off-channel communications.” Among the
penalized firms were major banks such as Barclays, Bank of America, Goldman Sachs,
and UBS.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
European Derivatives Giant Makes Two Big Moves in One Day
Transformation in the APAC Trading Landscape and Beyond | FMPS:24
Transformation in the APAC Trading Landscape and Beyond | FMPS:24
As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
Speakers:
Eric Blewitt, CEO, Investment Trends
Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC)
Michael Bogoevski, Head of Institutional Sales, CMC Connect
Karin Setchell, General Manager, Product & Investing Solutions, CommSec
#fmps #fmps24 #fmevents #RetailTrading #FintechInnovation #FinancialRegulation #DigitalAssets #GlobalFinance
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage.
Subscribe to our YouTube channel for more!
As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
Speakers:
Eric Blewitt, CEO, Investment Trends
Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC)
Michael Bogoevski, Head of Institutional Sales, CMC Connect
Karin Setchell, General Manager, Product & Investing Solutions, CommSec
#fmps #fmps24 #fmevents #RetailTrading #FintechInnovation #FinancialRegulation #DigitalAssets #GlobalFinance
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
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▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage.
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Executive Interviews with Joe Li & Simon Naish | ATFX | FMPS:24
Executive Interviews with Joe Li & Simon Naish | ATFX | FMPS:24
In this Finance Magnates Executive Interview, Joe Li, Chairman at ATFX and Simon Naish, Country Head of Australia at ATFX Connect, discuss ATFX’s strategic growth in the APAC region, particularly focusing on their institutional arm, ATFX Connect. They highlight the importance of Australia as a strategic hub, the challenges of operating in a highly competitive and regulated market, and their plans for regional expansion across APAC. The conversation touches on the integration of advanced technology and multi-asset offerings, the significance of optimal execution tools, and the importance of tailoring solutions to meet the sophisticated demands of institutional clients. They also emphasize their strong regulatory compliance and their commitment to enhancing client experience through innovative tools and infrastructure.
#fmps #fmps24 #fmevents #ATFXConnect #APACFinance #InstitutionalTrading #FinancialTechnology #MarketExpansion
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage.
Subscribe to our YouTube channel for more!
In this Finance Magnates Executive Interview, Joe Li, Chairman at ATFX and Simon Naish, Country Head of Australia at ATFX Connect, discuss ATFX’s strategic growth in the APAC region, particularly focusing on their institutional arm, ATFX Connect. They highlight the importance of Australia as a strategic hub, the challenges of operating in a highly competitive and regulated market, and their plans for regional expansion across APAC. The conversation touches on the integration of advanced technology and multi-asset offerings, the significance of optimal execution tools, and the importance of tailoring solutions to meet the sophisticated demands of institutional clients. They also emphasize their strong regulatory compliance and their commitment to enhancing client experience through innovative tools and infrastructure.
#fmps #fmps24 #fmevents #ATFXConnect #APACFinance #InstitutionalTrading #FinancialTechnology #MarketExpansion
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage.
Subscribe to our YouTube channel for more!
Ready to Scale? Regtech in Australia, A Global View | FMPS:24
Ready to Scale? Regtech in Australia, A Global View | FMPS:24
In the effort to elevate Australian fintech on the global stage, RegTech presents a unique and compelling case. Despite the increasing demand for robust compliance solutions, Australia's RegTech sector—ranked third-largest globally—remains underfunded. Join this insightful fireside chat to explore the future of Australia’s RegTech hub and its global potential.
Key discussion points include uncovering the hidden opportunities in RegTech that VCs are overlooking, the necessary steps for increased governmental support, the readiness of the local ecosystem to collaborate across global regulatory regimes, and lessons learned from other leading fintech hubs around the world.
Speakers:
Dickie Currer, National Lead, Tech Australia Advocates
Deborah Young, CEO, The RegTech Association
#fmps #fmps24 #fmevents #RegTech #Fintech #AustralianFintech #GlobalCompliance #TechInnovation
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage.
Subscribe to our YouTube channel for more!
In the effort to elevate Australian fintech on the global stage, RegTech presents a unique and compelling case. Despite the increasing demand for robust compliance solutions, Australia's RegTech sector—ranked third-largest globally—remains underfunded. Join this insightful fireside chat to explore the future of Australia’s RegTech hub and its global potential.
Key discussion points include uncovering the hidden opportunities in RegTech that VCs are overlooking, the necessary steps for increased governmental support, the readiness of the local ecosystem to collaborate across global regulatory regimes, and lessons learned from other leading fintech hubs around the world.
Speakers:
Dickie Currer, National Lead, Tech Australia Advocates
Deborah Young, CEO, The RegTech Association
#fmps #fmps24 #fmevents #RegTech #Fintech #AustralianFintech #GlobalCompliance #TechInnovation
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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🐦 Twitter: https://twitter.com/F_M_events
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Resilience in Trading: From Third Class To World Class | FMPS:24
Resilience in Trading: From Third Class To World Class | FMPS:24
Join Mario Singh, Founder and Chairman of Fullerton Markets, as he shares his life story, highlighting the traits that were required starting without financial knowledge to become a financial and trading expert recognised by world-renowned media like CNBC & Bloomberg.
#fmps #fmps24 #fmevents #trading #onlinetrading #tradingexpert #tradingjourney
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage.
Subscribe to our YouTube channel for more!
Join Mario Singh, Founder and Chairman of Fullerton Markets, as he shares his life story, highlighting the traits that were required starting without financial knowledge to become a financial and trading expert recognised by world-renowned media like CNBC & Bloomberg.
#fmps #fmps24 #fmevents #trading #onlinetrading #tradingexpert #tradingjourney
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
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🎥 TikTok: https://www.tiktok.com/@fmevents_official
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IBs and Brokers: The Good, The Bad, The Ugly | FMPS:24
IBs and Brokers: The Good, The Bad, The Ugly | FMPS:24
For most brokers, IBs and trading educators are invaluable partners, driving highly targeted traffic from key regions. However, without proper management, these relationships can quickly turn sour. In this session, gain an insider’s perspective on the types of licenses IBs need in APAC, the crucial details in IB agreements that both parties must scrutinize, common disputes between IBs and brokers and effective resolutions, and the pros and cons of transitioning from IB to broker.
Speakers:
Melody Gao, Senior Lawyer, Sophie Grace
James Perry-Keene, Head of Strategic Partnerships, Pepperstone
Christopher Balanzategui, CEO, N3tworx
#fmps #fmps24 #fmevents #IBAgreements #BrokerPartnerships #TradingIndustry #APACFinance #FinancialRegulation
📣 Stay updated with the latest in finance and trading!
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🐦 Twitter: https://twitter.com/F_M_events
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For most brokers, IBs and trading educators are invaluable partners, driving highly targeted traffic from key regions. However, without proper management, these relationships can quickly turn sour. In this session, gain an insider’s perspective on the types of licenses IBs need in APAC, the crucial details in IB agreements that both parties must scrutinize, common disputes between IBs and brokers and effective resolutions, and the pros and cons of transitioning from IB to broker.
Speakers:
Melody Gao, Senior Lawyer, Sophie Grace
James Perry-Keene, Head of Strategic Partnerships, Pepperstone
Christopher Balanzategui, CEO, N3tworx
#fmps #fmps24 #fmevents #IBAgreements #BrokerPartnerships #TradingIndustry #APACFinance #FinancialRegulation
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
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