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SEC Fines Broker Dealer $100,000 under Reg S-P for Failing to Protect Customer Data by Requiring Reps to Have Anti-Virus Software by Sven C. Collins
Holme Roberts & Owen LLP - Denver Office
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October 15, 2009
Previously published on September 30, 2009
On September 29, the Securities and Exchange Commission (SEC) issued an administrative cease and desist order... against Commonwealth Equity Services, LLP d/b/a Commonwealth Financial Network...The SEC's cease and desist order--to which Commonwealth consented without admitting any wrongdoing--found that Commonwealth Financial violated Regulation S-P by leaving its customer information "vulnerable to unauthorized access."... According to the SEC's order, Commonwealth Financial did this by only recommending--but not requiring--that its registered representatives have anti-virus software on their computers used to access Commonwealth Financial's intranet trading platform.
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