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
Document Reference:
34-96558
Document Details
Legal Case Name
In the Matter of PNC Capital Markets LLC
Document Name
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
Document Date
21-Dec-2022
Document Format
Administrative Proceeding
Allegation Type
Municipal Securities & Public Pensions
Document Summary
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”)."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Censured
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
Monetary Penalties:
Disgorgement
Individual:
$81,362.00
Shared:
Civil Penalty
Individual:
$100,000.00
Shared:
Pre-Judgment Interest
Individual:
$16,961.00
Shared:
