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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.

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.

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