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SEC Waives "Bad Actor" Disqualification for Dually Registered Investment Adviser and Broker-Dealer

The SEC Division of Corporation Finance granted relief to Citigroup Global Markets Inc. ("CGMI") from any disqualification under Rule 506 of Regulation D regarding a January 26, 2017 Order that found CGMI to have overbilled clients (see previous coverage).

Primary Sources

  1. SEC Division of Corporation Finance No-Action Letter to Sidley Austin LLP on Behalf of Citigroup Global Markets Inc.

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Tags

Regulated Activities
Recordkeeping Regulatory Reporting Supervision / Compliance Distribution Procedures
Sub-Activity
Bad Actors, CCO Obligations
Regulated Entities
Adviser / CTA / CPO Broker-Dealers
Body of Law
Securities Law
Jurisdiction
US - Federal
Organization
SEC