U.S SEC fines Cantor, BMC Capital over $4 million for improper handling of ADRs


The Securities and Exchange Commission (SEC) said it has placed an administrative fine on Cantor Fitzgerald & Co and BMO Capital Markets.

The SEC said in a press release earlier today that Cantor Fitzgerald & Co and BMO Capital Markets had agreed to pay $647,000 and $3.9 million respectively in fines.

Cantor and BMC Capital agreed to settle charges of improper handling of “pre-released” American Depositary Receipts (ADRs).

According to a report by Reuters, the SEC has charged 13 financial institutions in its ongoing investigation into abusive ADR practices, which has so far led to more than $427 million in monetary settlements.