Apex Clearing was censured and fined $12,500. Without
admitting or denying the findings, the firm consented to the sanctions and to the entry
of findings that among other things, it had fail-to-deliver positions at a registered clearing agency in equity
securities that resulted from long sales, and did not close the fail to deliver positions by purchasing or borrowing securities of like kind and quantity within the time frame
prescribed by Rule 204(a)(1) of Regulation SHO. The findings stated that the firm had failed to deliver
positions at a registered clearing agency in equity securities that resulted from
sales of securities that the seller was deemed to own pursuant to §242.200 of Regulation
SHO and intended to deliver once all restrictions on delivery had been removed, and did
not close the fail-to-deliver positions by purchasing or borrowing securities of like kind and
quantity within the time frame prescribed by Rule 204(a)(2) of Regulation SHO.
www.finra.org/sites/default/files/publication_file/November_2015_Disciplinary_Actions.pdf
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Mark Astarita is a
New York securities lawyer who represents investors, brokers and firms in securities regulatory, enforcement and arbitration matters across the country. For a free consultation on markup questions, or any securities related question, call Mark at
212-509-6544 or email him at
mja@sallahlaw.com