August 21, 2017 BY Valentina Kirilova
Banca IMI Securities to pay $35 million for improper handling of ADRs
The Securities and Exchange Commission (SEC) announced that broker Banca IMI Securities Corp. (BISC), an indirect, wholly-owned U.S. subsidiary of Italian bank Intesa Sanpaolo SpA, has agreed to pay more than $35 million to settle charges that it violated federal securities laws when it requested the issuance of and received American Depositary Receipts (ADRs) without…
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