Defendant Name: Key Investment Services LLC

Defendant Type: Subsidiary of Public Company
Public Company Parent: KeyCorp
SIC Code: 6021
CUSIP: 49326710

Initial Case Details

Legal Case Name In the Matter of Key Investment Services, LLC
First Document Date 21-May-2024
Initial Filing Format Administrative Action
File Number 3-21945
Allegation Type Broker Dealer

Violations Alleged

Other
• Sections 206(2), 206(4) Advisers Act; Rule 206(4)-7 Advisers Act

Resolutions

First Resolution Date 21-May-2024
Headline Total Penalty and Disgorgement $223,228

Related Documents:

34-100186 21-May-2024 Administrative Proceeding
Order Instituting Administrative and Cease-and-Desist Proceedings Pursuant to Sections 15(b) and 21C of the Securities Exchange Act of 1934 and Sections 203(e) and 203(k) of the Investment Advisers Act of 1940, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order
On May 21, 2024, the SEC instituted settled administrative and cease-and-desist proceedings against Key Investment Services, LLC, stating: "These proceedings concern failures by dually-registered broker-dealer and investment adviser Key Investment Services to address conflicts of interest in compliance with Regulation Best Interest ("Regulation BI") and the Advisers Act. Between June 30, 2020 and February 2022, Key Investment Services failed to comply with Regulation BI's Disclosure Obligation, Conflict of Interest Obligation, and Compliance Obligation, which require broker-dealers to, among other things, provide certain prescribed written disclosures to their customers; have policies and procedures reasonably designed to identify and address conflicts of interest; and establish, maintain and enforce written policies and procedures reasonably designed to achieve compliance with Regulation BI."
34-100186-s 21-May-2024 Administrative Summary
SEC Charges Ohio Broker-Dealer and Investment Adviser with Violations of Regulation BI and the Investment Advisers Act for Failure to Address Conflicts of Interest
The SEC "announced settled charges against Ohio-based dually-registered broker-dealer and investment adviser Key Investment Services, LLC for its failure to address conflicts of interest incompliance with Regulation Best Interest and the Investment Advisers Act."