Finra fines Pershing $3 million for customer protection rule violations
Regulator says the clearing and custody firm violated the customer protection rule, which requires that a certain level of funds be set aside to protect against broker-dealer misuse or insolvency.
The Financial Industry Regulatory Authority Inc. has fined Pershing $3 million for violating the Customer Protection Rule, which requires a certain level of funds be set aside to protect against broker-dealer misuse or insolvency.
For roughly nine months between 2010 and 2011, Pershing, a unit of B
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