Defendant Name:
Key Investment Services LLC
Defendant Type:
Subsidiary of Public Company
Public Company Parent:
KeyCorp
SIC Code:
6021
CUSIP:
49326710
Document Reference:
34-100186
Document Details
Legal Case Name
In the Matter of Key Investment Services, 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 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
Document Date
21-May-2024
Document Format
Administrative Proceeding
Allegation Type
Broker Dealer
Document Summary
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."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Censured
Monetary Penalties:
Civil Penalty
Individual:
$223,228.00
Shared: