Defendant Name:
RBC Capital Markets, LLC
Defendant Type:
Subsidiary of Public Company
Public Company Parent:
Royal Bank of Canada
SIC Code:
6719
CUSIP:
78008710
Document Reference:
34-100706
Document Details
Legal Case Name
In the Matter of RBC 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 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
14-Aug-2024
Document Format
Administrative Proceeding
Allegation Type
Investment Advisers/Investment Companies
Document Summary
On August 14, 2024, the SEC instituted administrative and cease-and-desist proceedings against RBC Capital Markets, LLC, stating that: "These proceedings arise out of the widespread and longstanding failure of RBC personnel throughout the firm, including at senior levels, to adhere to certain of these essential requirements and the firm’s own policies. Using their personal devices, these personnel communicated both internally and externally by text messages, and/or other unapproved written communications platforms (“off-channel communications”)."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Censured
Compliance Related Independent Consultant
Other Compliance Related Undertaking
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
Monetary Penalties:
Civil Penalty
Individual:
$45,000,000.00
Shared:
