SEA 1934 Rule 15(b)(4)(E)
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BMO Capital Markets in $40.6m settlement with SEC over bond sale supervision
SEC says BMO failed to properly supervise employees who sold certain bonds, but notes it has remediated lexicons, policies and training in this area.
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Morgan Stanley Smith Barney fined $1.5m for inadequate supervision
Firm found to have no policy or procedure in place that could have detected misappropriation of $10m.