Disqualifications and Waivers

Overview

A number of financial statutes and rules "disqualify" a firm or individual from registration or from the conduct of certain activities if that firm or individual has been found to have engaged in a bad act. As a general matter, these disqualification provisions are extremely overbroad so that, if applied literally, they would disqualify many firms from participation in the financial industry or significant aspects of it. To address that issue, the regulators can in appropriate cases (see, e.g., the SEC Rules of Practice), provide an exemption from such disqualification where the fact of the prior bad act does not give rise to a material concern that the firm or individual will engage in misconduct relating to the potential disqualification. This page provides information both as to the statutory sections and rules that give rise to disqualification and as to the ability to obtain waivers from those punishments.

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Disqualification and Waiver Provisions