Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

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Wednesday, October 10, 2007

Morgan Stanley Settles SEC Charges Involving Noncompliant Trade Confirmations

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. 

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