Estimated reading time: 0 minutes, 20 seconds

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.

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.

Read the full report from Reuters.

Read 4264 times
Rate this item
(0 votes)
Tagged under

Visit other PMG Sites:

click me
PMG360 is committed to protecting the privacy of the personal data we collect from our subscribers/agents/customers/exhibitors and sponsors. On May 25th, the European's GDPR policy will be enforced. Nothing is changing about your current settings or how your information is processed, however, we have made a few changes. We have updated our Privacy Policy and Cookie Policy to make it easier for you to understand what information we collect, how and why we collect it.
Ok Decline