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Robust supervision vital to ensure effective oversight of SROs
Nasdaq OMX agrees to $10m US SEC settlement for botched Facebook IPO, as the agency continues crackdown on errant stock exchanges.

Jun 03, 2013 | Magessan Raj

US Securities and Exchange Commission (SEC) charged Nasdaq OMX for a series of regulatory violations concerning Facebook’s initial public offering (IPO) earlier last week, with the latter agreeing to pay $10 million, the largest US SEC settlement with a stock exchange, to settle the agency’s charges. In striking the deal, the exchange stopped short of admitting allegations of wrongdoings, though the US SEC provided a recount of events, spelling out “a series of ill-fated decisions” that saw Nasdaq flagrantly flout securities law in its attempt to launch the botched IPO. According…

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Categories: Exchanges, Markets & Exchanges, Risk & Compliance
Keywords: Nasdaq OMX, SEC, Facebook, George Canellos, CBOE, Robert Greifeld, Luis Aguilar, SRO
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