SEC Fines Broker-Dealer Canaccord Over Lax Compliance
Law360 (August 14, 2019, 6:22 PM EDT) -- The U.S. Securities and Exchange Commission ordered broker-dealer Canaccord Genuity LLC to pay a civil penalty of $250,000 on Wednesday, resolving allegations that it failed to properly vet dozens of securities before allowing them to be traded in U.S. markets.
Without admitting or denying the allegations, New York-based Canaccord agreed to be censured over claims that it failed to conduct adequate due diligence on over-the-counter securities that Canaccord made a market for between October 2017 and September 2018.
The Securities Exchange Act's Rule 15c2-11 requires broker-dealers to review information about a security's issuer before listing the security and "have a reasonable...
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