Electronic records retention violations continue
LOSSES & LAWSUITS
Quick & Reilly, Fleet Specialist and Fleet Securities, all of New York, were penalised for violating New York Stock Exchange (NYSE) Rule 440, Section 17(a) of Securities Exchange Act of 1934 and Rule 17a-4(b)(4) thereunder by failing to preserve electronic communications.They also violated NYSE Rule 342 by failing to reasonably supervise and implement adequate controls, including a separate system of follow-up and review, with respect to retention of electronic communications.
Quick & Reilly, Inc. was fined $200,000; Fleet Specialist $200,000 and Fleet Securities $350,000 for the violations. All the firms consented to the penalties.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact [email protected] to find out more.
You are currently unable to copy this content. Please contact [email protected] to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email [email protected]
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email [email protected]
More on Regulation
Risk Management
Litigation threats seen delaying SEC climate disclosure rules
Efforts to demonstrate materiality of exposures to investment decision-making is taking longer than expected, say lawyers
Receive this by email