Rulemaking

FINRA Fines Morgan Stanley $1.6 Million for Municipal Securities Violations and Related Failures

Retrieved on: 
Thursday, February 15, 2024

FINRA announced today that it has fined Morgan Stanley Smith Barney LLC $1.6 million for the firm’s repeated failures to timely close out failed inter-dealer municipal securities transactions and to take prompt steps to obtain physical possession or control of municipal security positions that are short more than 30 calendar days, and related supervisory failures.

Key Points: 
  • FINRA announced today that it has fined Morgan Stanley Smith Barney LLC $1.6 million for the firm’s repeated failures to timely close out failed inter-dealer municipal securities transactions and to take prompt steps to obtain physical possession or control of municipal security positions that are short more than 30 calendar days, and related supervisory failures.
  • This is the first disciplinary action in which FINRA has charged a firm with violating the close-out requirements of Municipal Securities Rulemaking Board (MSRB) Rule G-12(h) and related supervisory failures.
  • FINRA previously sanctioned Morgan Stanley for supervisory failures regarding short positions in municipal securities in 2015.
  • MSRB Rule G-12(h) requires that failed inter-dealer municipal securities transactions be canceled or closed out no later than 20 calendar days after settlement date.

FINRA Orders Four Firms to Pay $2.6 Million for Violations Relating to Fully Paid Securities Lending

Retrieved on: 
Wednesday, December 6, 2023

“It is imperative that FINRA member firms offering fully paid securities lending programs exercise particular care in supervising them.

Key Points: 
  • “It is imperative that FINRA member firms offering fully paid securities lending programs exercise particular care in supervising them.
  • Fully paid securities lending is a practice through which a clearing firm borrows a customer’s fully paid or excess margin securities and lends them to a third party in exchange for a daily borrowing fee.
  • If a customer chooses to enroll in a fully paid lending program, the clearing firm determines which securities to borrow, when, and on what terms.
  • The four broker-dealer firms that FINRA has sanctioned failed to establish, maintain, and enforce a supervisory system, including written supervisory procedures, reasonably designed to supervise their fully paid securities lending offerings.

FINRA Fines BofA Securities $24 Million for Treasuries Spoofing and Related Supervisory Failures

Retrieved on: 
Thursday, November 30, 2023

FINRA announced today that it has fined BofA Securities, Inc. $24 million for engaging in more than 700 instances of spoofing through two former traders in U.S. Treasury secondary markets and related supervisory failures spanning more than six years.

Key Points: 
  • FINRA announced today that it has fined BofA Securities, Inc. $24 million for engaging in more than 700 instances of spoofing through two former traders in U.S. Treasury secondary markets and related supervisory failures spanning more than six years.
  • From at least October 2014 through September 2022, BofA Securities failed to establish and maintain a supervisory system reasonably designed to detect spoofing in U.S. Treasury markets.
  • Lastly, BofA Securities did not supervise for potential cross-product spoofing in Treasuries through September 2022.
  • In settling this matter, BofA Securities consented to the entry of FINRA’s findings, without admitting or denying the charges.

Joseph Gunnar Announces Appointment of Joseph Terranova as Managing Director, Capital Markets

Retrieved on: 
Monday, October 2, 2023

Joseph Gunnar & Co., LLC ("JGUN"), a leading full-service broker-dealer, investment adviser, and investment bank focused on the emerging growth markets, continues to expand the capabilities of its growing corporate finance practice with the addition of industry veteran Joseph Terranova as Managing Director, Capital Markets.

Key Points: 
  • Joseph Gunnar & Co., LLC ("JGUN"), a leading full-service broker-dealer, investment adviser, and investment bank focused on the emerging growth markets, continues to expand the capabilities of its growing corporate finance practice with the addition of industry veteran Joseph Terranova as Managing Director, Capital Markets.
  • Mr. Terranova brings over two decades of equity capital markets and fixed-income experience to the team.
  • About Joseph Gunnar & Co.
    Joseph Gunnar & Co., LLC is a full-service boutique investment banking, securities, and wealth management firm with main offices in New York.
  • Joseph Gunnar & Co., LLC’s affiliate Buttonwood fund also offers suitable individual and entity investors membership interests in pre-IPO venture investments.

Joseph Gunnar Announces Appointment of Sean Corcoran as Head of Equity Capital Markets

Retrieved on: 
Tuesday, July 11, 2023

Joseph Gunnar & Co., LLC (“JGUN”), a leading full-service broker-dealer, investment adviser, and investment bank focused on the emerging growth markets, continues to expand the capabilities of its growing investment banking practice with the addition of industry veteran Sean Corcoran as Head of Equity Capital Markets.

Key Points: 
  • Joseph Gunnar & Co., LLC (“JGUN”), a leading full-service broker-dealer, investment adviser, and investment bank focused on the emerging growth markets, continues to expand the capabilities of its growing investment banking practice with the addition of industry veteran Sean Corcoran as Head of Equity Capital Markets.
  • Mr. Corcoran brings over three decades of equity capital market experience.
  • Davidson, where he was instrumental in enhancing the firm’s origination, distribution, and placement of lead-managed and co-managed deals.
  • Joseph Gunnar & Co., LLC’s affiliate Buttonwood fund also offers suitable individual and entity investors membership interests in pre-IPO venture investments.

Joseph Gunnar to Sponsor the Sequire Investor Summit in Puerto Rico

Retrieved on: 
Friday, April 21, 2023

Joseph Gunnar & Co., LLC ("JGUN"), a leading full service broker-dealer, investment adviser and investment bank, focused on the emerging growth markets, is proud to announce its sponsorship of the upcoming Sequire Investor Summit.

Key Points: 
  • Joseph Gunnar & Co., LLC ("JGUN"), a leading full service broker-dealer, investment adviser and investment bank, focused on the emerging growth markets, is proud to announce its sponsorship of the upcoming Sequire Investor Summit.
  • One of the standout highlights of this year's summit is the focus on attractive tax laws in Puerto Rico, which offer a unique tax-friendly environment for both funds and investors.
  • "JGUN is thrilled to be sponsoring the Sequire Investor Summit Puerto Rico," said Chief Executive Officer Joseph A. Alagna.
  • For more information about the Sequire Investor Summit, including registration details, please visit the official event website at https://puertorico.srax.com/
    About Joseph Gunnar & Co.
    Joseph Gunnar & Co., LLC is a full-service boutique investment banking, securities and wealth management firm with main offices in New York.

Joseph Gunnar Announces Appointment of Neil Kleinman as Head of Debt Capital Markets

Retrieved on: 
Tuesday, April 4, 2023

Joseph Gunnar & Co., LLC ("JGUN"), a leading full service broker-dealer, investment adviser and investment bank, focused on the emerging growth markets, continues to build its growing investment banking practice with the addition of Neil Kleinman as Head of Debt Capital Markets.

Key Points: 
  • Joseph Gunnar & Co., LLC ("JGUN"), a leading full service broker-dealer, investment adviser and investment bank, focused on the emerging growth markets, continues to build its growing investment banking practice with the addition of Neil Kleinman as Head of Debt Capital Markets.
  • Mr. Kleinman will be based in JGUN’s New York City office where he will service the Firm’s issuer clients’ debt needs.
  • Mr. Kleinman brings over two decades of experience in the debt capital markets, having completed more than 350 transactions.
  • Most recently, Neil was a Director at Reveille Capital and led their debt capital markets initiatives to originate and execute all asset-backed and corporate transactions.

Sky Harbour Group Corporation Announces its 2022 Financial Results, Modification of SH Capital’s 2021 Project Portfolio, Recapitalization of its Obligated Group, and Opening of its Campus at Miami-Opa Locka Executive Airport

Retrieved on: 
Tuesday, March 28, 2023

We believe these actions, originally announced in September 2022, are intended to fully prevent any potential funding gaps of the 2021 Project deriving from construction inflation.

Key Points: 
  • We believe these actions, originally announced in September 2022, are intended to fully prevent any potential funding gaps of the 2021 Project deriving from construction inflation.
  • The Sky Harbour organization has grown significantly, notably the Site Acquisition Team, responsible for driving the coming year’s ambitious growth plans.
  • The Sky Harbour Finance Team has guided the firm through challenging economic conditions, successfully avoiding the liquidity and counterparty risks of the past quarter.
  • Sky Harbour recently broke ground on new campuses at Denver Centennial Airport and Phoenix Deer Valley Airport.

Joseph Gunnar Announces Appointment of Michael Graichen as Head of Capital Markets

Retrieved on: 
Friday, March 24, 2023

Joseph Gunnar & Co., LLC ("JGUN"), a leading full service broker-dealer, investment adviser, and investment bank, focused on the emerging growth markets, continues to build its growing investment banking practice with the addition of Michael Graichen as Head of Capital Markets.

Key Points: 
  • Joseph Gunnar & Co., LLC ("JGUN"), a leading full service broker-dealer, investment adviser, and investment bank, focused on the emerging growth markets, continues to build its growing investment banking practice with the addition of Michael Graichen as Head of Capital Markets.
  • Mr. Graichen brings over two decades of experience in equity capital markets and institutional sales to JGUN.
  • Most recently, Michael was with Paulson Investment Company, LLC, where he was Director, Capital Markets.
  • About Joseph Gunnar & Co.
    Joseph Gunnar & Co., LLC is a full-service boutique investment banking, securities and wealth management firm with main offices in New York.

SEC Proposes New Requirements to Address Cybersecurity Risks to the U.S. Securities Markets

Retrieved on: 
Wednesday, March 15, 2023

“I am pleased to support this proposal because, if adopted, it would set standards for Market Entities’ cybersecurity practices,” said SEC Chair Gary Gensler.

Key Points: 
  • “I am pleased to support this proposal because, if adopted, it would set standards for Market Entities’ cybersecurity practices,” said SEC Chair Gary Gensler.
  • “The nature, scale, and impact of cybersecurity risks have grown significantly in recent decades.
  • The interconnectedness of Market Entities increases the risk that a significant cybersecurity incident can simultaneously impact multiple Market Entities causing systemic harm to the U.S. securities markets.
  • Further, new public disclosure requirements for Covered Entities would improve transparency about the cybersecurity risks that can cause adverse impacts to the U.S. securities markets.