Wednesday, October 10, 2007
On October 9, the SEC entered a settled Order against Morgan Stanley & Co. Incorporated. The order finds that from as early as 2000 until 2005, Morgan Stanley DW Inc., then a registered broker-dealer, failed to provide to its customers accurate and complete written trade confirmations for certain fixed income securities. The Order further finds that Morgan Stanley & Co., a registered broker-dealer, also provided its customers with noncompliant trade confirmations for certain fixed income securities. The Order censures Morgan Stanley & Co.,imposes a $7.5 million penalty, and requires it to retain an independent consultant to review its policies and procedures.