The clearing unit of the Bank of New York Mellon violated the rule in 2010 and 2011 and also lacked supervisory systems needed to comply with the regulation.
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FINRA Slaps Pershing with $3M Fine
- Friday, Jan 02 2015
- Regulatory & Compliance
- Written by PFA News
The Financial Industry Regulatory Authority has ruled that Pershing LLC must pay a $3 million fine for failing to comply with a rule that seeks to protect customers’ assets from misuse by brokerages. So reports Reuters.