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Failure to supervise

Firms are falling short of the mark in establishing, maintaining, and enforcing a supervisory system tied to OBAs
Violations of Reg BI's care and compliance obligations led to SEC charges against the London-based Laidlaw & Co. (UK)
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Although Laidlaw had monitoring procedures to detect potential violations by reps of the quantitative prong of the Care Obligation, Laidlaw did not reasonably maintain and ...
FINRA charged parties failed to evaluate the activities of two reps engaged in OBAs involving investment funds and private placement offerings
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Commission staff uncovered Respondents’ misconduct after commencing a risk-based initiative to investigate the use of off-channel and unpreserved communications at broker-dealers
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SCUSA contacted the Division of Enforcement upon uncovering off-channel communications potentially related to the business of its broker-dealer
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HSI contacted the Division of Enforcement upon uncovering off-channel communications potentially related to the business of its broker-dealer. HSI had already initiated a review of ...
Concerns expressed by both compliance and trading desk about a new account opening fell on deaf ears
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Should you have a need to supervise IARs, you can benefit from the aftermath of this case
Seven-month delay in reviewing OBA request and subsequent lack of communication on disapproval decision costs B-D $180K
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