FINRA fined a muni dealer for MSRB Rule violations including (i) failing to timely cancel or close out inter-dealer municipal securities transactions after settlement; (ii) failing "to take prompt steps to obtain physical possession or control of 247 short positions resulting from failed inter-dealer municipal securities transactions;" and (iii) related supervisory violations.
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The SEC charged an online crypto asset trading platform for failing to register with the SEC as an exchange, as a clearing agency and as a broker-dealer of crypto asset securities.
Several investment advisers settled SEC charges for custody violations on the assets of private funds. The SEC charged the firms for failing to comply with audit and reporting procedures that would have afforded an exemption from the applicable custodial requirements.
The SEC reopened and extended the comment deadline until October 30, 2023 on a proposal to significantly amend and redesignate the Advisers Act "Custody Rule," expanding its requirements.
A transfer agent settled SEC charges for "fail[ing] to exercise reasonable care to ascertain the correct address of lost securityholders" and allowing those securityholders' assets to be "handed over to state governments – escheated – as unclaimed assets."