Defendant Name: PNC Capital Markets LLC

Defendant Type: Subsidiary of Public Company
Public Company Parent: The PNC Financial Services Group, Inc.
SIC Code: 6021
CUSIP: 69347510

Initial Case Details

Legal Case Name In the Matter of PNC Capital Markets LLC
First Document Date 21-Dec-2022
Initial Filing Format Administrative Action
File Number 3-21259
Allegation Type Municipal Securities & Public Pensions

Violations Alleged

Other
• Section 15B(c)(1) Exchange Act; Rule 15c2-12 Exchange Act; Rule G-27 MSRB

Resolutions

First Resolution Date 21-Dec-2022

Related Documents:

34-96558 21-Dec-2022 Administrative Proceeding
Order Instituting Administrative and Cease-and-Desist Proceedings, Pursuant to Sections 15(b) and 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order
On December 21, 2022, the SEC instituted settled administrative and cease-and-desist proceedings against PNC Capital Markets LLC, stating: "These proceedings involve PNC’s failure to comply with Exchange Act Rule 15c2-12 (the “Rule”) when participating as an underwriter in certain primary offerings of municipal securities. Exchange Act Rule 15c2-12 generally requires underwriters, in primary offerings of $1 million or more, to obtain disclosure documents from issuers and to reasonably determine that the issuer of the municipal securities or an obligated person has undertaken to provide certain information pertaining to the offered securities on a continuing basis to the Municipal Securities Rulemaking Board (“MSRB”)."
34-96558-s 21-Dec-2022 Administrative Summary
SEC Charges PNC Capital Markets LLC for Violating Municipal Bond Disclosure Law
The SEC "announced that PNC Capital Markets LLC has agreed to settle charges that it failed to comply with municipal bond offering disclosure requirements under Rule 15c2-12 of the Securities Exchange Act of 1934."