- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Adrianne Appel2022-12-22T18:05:00
Broker-dealer PNC Capital Markets agreed to pay nearly $200,000 and be censured to resolve Securities and Exchange Commission (SEC) allegations it violated rules related to limited offerings of municipal securities.
The SEC requires underwriters who make primary offerings of municipal securities worth $1 million or more to obtain a “continuing disclosure agreement” from the issuer of the securities confirming the issuer will provide information on a continuing basis to the Municipal Securities Rulemaking Board.
The agency allows an exemption to the disclosure rule if the securities are sold in denominations of $100,000 or more to 35 or fewer sophisticated investors whose intent is to invest. These requirements are “designed to prevent fraud in primary offerings of municipal securities,” the SEC said.
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USAA Federal Savings Bank has been hit with its third cease and desist order from the Treasury Department’s Office of the Comptroller of the Currency in the past five years for failing to correct unsafe and unsound banking practices.
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National Philanthropic Trust announced the appointment of Tamara Watts, vice president, legal and general counsel for The Susan Thompson Buffett Foundation, to its board of trustees.
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A Minnesota transportation company agreed to pay nearly $258,000 to settle allegations that a subsidiaries violated sanctions against Cuba and Iran more than 80 times, the U.S. Treasury Department’s Office of Foreign Assets Control said.
