New York Stock Exchange Regulation said ING Financial Markets LLC has agreed to pay $5 million to settle charges for improperly handling “pre-released” American Depository Receipt.
NYSE Regulation monitors activities on NYSE’s markets, and addresses members’ violations of exchange rules and federal securities laws.
This settlement stems from NYSE Regulation’s investigation into improper conduct by ING’s securities lending desk from 2007 into 2015. A former employee on ING’s securities lending desk also settled with NYSE Regulation in connection with the investigation. The full settlement agreements posted on the website of NYSE Regulation are available here and here.
NYSE Regulation’s investigation was led by Senior Enforcement Counsels Tony M. Frouge and Catherine E. Lifeso, Head of Enforcement, Adam J. Wasserman, and was overseen by New York Stock Exchange Chief Regulatory Officer Anthony J. Albanese.
NYSE Regulation thanks the U.S. Securities & Exchange Commission for its assistance.