Defendant Name:
Scotia Capital (USA) Inc.
Defendant Type:
Subsidiary of Public Company
Public Company Parent:
The Bank of Nova Scotia
SIC Code:
6021
CUSIP:
06414910
Document Reference:
34-97477
Document Details
Legal Case Name
In the Matter of Scotia Capital (USA) Inc.
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
11-May-2023
Document Format
Administrative Proceeding
Allegation Type
Broker Dealer
Document Summary
On May 11, 2023, the SEC instituted settled administrative and cease-and-desist proceedings against Scotia Capital (USA), stating: "From at least January 2020 to December 2021, SCUSA employees sent and
received off-channel communications that related to the business of the broker-dealer operated
by SCUSA. Respondent did not maintain or preserve the substantial majority of these written
communications. SCUSA’s failure was firm-wide, and involved employees at all levels of
authority. As a result, SCUSA violated Section 17(a) of the Exchange Act and Rule 17a-4(b)(4)
thereunder. . . .
SCUSA’s widespread failure to implement its policies and procedures that
prohibit such communications led to its failure to reasonably supervise its employees within the
meaning of Section 15(b)(4)(E) of the Exchange Act."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Censured
Compliance Related Independent Consultant
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
Self Reporting to SEC
Monetary Penalties:
Civil Penalty
Individual:
$7,500,000.00
Shared: