Replies to post #93549 on DD Support Board and Research Team

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Statement on Edward D. Jones Enforcement Action

Commissioners Luis A. Aguilar, Daniel M. Gallagher, Kara M. Stein and Michael S. Piwowar

Aug. 13, 2015
http://www.sec.gov/news/statement/statement-on-edward-jones-enforcement-action.html

The Commission’s recent enforcement action against Edward D. Jones involving the offer and sale of municipal bonds to retail investors highlights the need for clear rules requiring the disclosure of mark-ups and mark-downs.[1] We encourage the Financial Industry Regulatory Authority (FINRA) and the Municipal Securities Rulemaking Board (MSRB) to complete rules mandating transparency of mark-ups and mark-downs, even in riskless principal trades. If not, we believe the Commission should propose rules to address this important issue.


[1] See In the Matter of Edward D. Jones & Co., L.P., Exch. Act Rel. No. 75688 (Aug. 13, 2015) available at http://www.sec.gov/litigation/admin/2015/33-9889.pdf.

http://www.sec.gov/news/statement/statement-on-edward-jones-enforcement-action.html

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You know that those positions pop up on the daily blotter. Your firm can have 1 to 1000 traders, there quite a few people that get the daily blotters, depending on how the company operates, head of trading, purchase and sales, compliance, operations manager, COO, etc all should get the daily blotter.

I put this all on the COO an CCO for not flattening out.

Some of these Reg SHO violations could be coming from selling stock for clients on certificates that have not cleared on deposit yet.