§ 308.135. Grounds for imposition of sanctions.
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/us/cfr/t12/s§ 308.135·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Action under section 15(b)(4) of the Exchange Act. The Board of Directors or its designee may issue and have served upon any municipal securities dealer for which the FDIC is the appropriate regulatory agency, or any person associated or seeking to become associated with a municipal securities dealer for which the FDIC is the appropriate regulatory agency, a written notice of its intention to censure, limit the activities or functions or operations of, suspend, or revoke the registration of, such municipal securities dealer, or to censure, suspend, or bar the person from being associated with the municipal securities dealer, when the Board of Directors or its designee determines:
(1)That such municipal securities dealer or such person
(i)Has committed any prohibited act or omitted any required act specified in subparagraph (A), (D), or
(E)of section 15(b)(4) of the Exchange Act, as amended (15 U.S.C. 78o);
(ii)Has been convicted of any offense specified in section 15(b)(4)(B) of the Exchange Act within ten years of commencement of proceedings under this subpart; or
(iii)Is enjoined from any act, conduct, or practice specified in section 15(b)(4)(C) of the Exchange Act; and
(2)That it is in the public interest to impose any of the sanctions set forth in paragraph
(a)of this section.
(b)Action under sections 17 and 17A of the Exchange Act. The Board of Directors or its designee may issue, and have served upon any transfer agent or clearing agency for which the FDIC is the appropriate regulatory agency, a written Notice of its intention to deny registration to, censure, place limitations on the activities or function or operations of, suspend, or revoke the registration of, the transfer agent or clearing agency, when the Board of Directors or its designee determines:
(1)That the transfer agent or clearing agency has willfully violated, or is unable to comply with, any applicable provision of section 17 or 17A of the Exchange Act, as amended, or any applicable rule or regulation issued pursuant thereto; and
(2)That it is in the public interest to impose any of the sanctions set forth in paragraph
(b)of this section.
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§ 308.135
Grounds for imposition of sanctions.
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