5 Lessons From The Nasdaq Settlement

Law360, New York (June 4, 2013, 11:39 AM EDT) -- On May 29,2013, the U.S. Securities and Exchange Commission fined the Nasdaq Stock Market LLC and Nasdaq Execution Services LLC (NES) $10 million for violations arising from the initiation of trading in Facebook Inc., following Facebook’s initial public offering. This is the SEC’s most recent action against a self regulatory organization (SRO) for violations involving automated systems. The SEC and the Financial Industry Regulatory Authority have also imposed significant fines against broker-dealers for failures to supervise automated systems.

Although Nasdaq is an exchange and the settlement does not charge failure to supervise[1], it offers five important lessons to broker-dealers about supervision...

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