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December 05, 2013

Settlement against RBC Capital Markets nets Vermont $38,390

Susan L. Donegan, commissioner of the Vermont Department of Financial Regulation, announced today that Vermont will receive $38,930 from RBC Capital Markets resulting from a multi-state investigation conducted by the North American Securities Administrators Association (NASAA). The investigation revealed that some RBC employees, who were not registered to sell securities, had been accepting orders.

RBC has agreed to require all client service associates obtain the necessary licenses and comply with state registration requirements. It has also enhanced its computerized order entry system to automatically validate that the person entering the order is properly registered to sell securities in the state where the client lives.

Donegan said she is pleased with the steps RBC has taken to correct erroneous practices.

“RBC has acknowledged the need to modify its procedures,” she said, “and I appreciate the efforts to implement corrective actions.”

All 50 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands will receive a portion of the approximately $2.8 million settlement.

RBC Capital Markets is part of the Royal Bank of Canada, the fifth largest bank in North America. It employs more than 6,700 people in 15 countries and provides financial services to corporations, institutional investors and governments around the world.

Media Contact: Dale Schaft, Information Management Officer, 802-828-4872

Source: Department of Financial Regulation
Last Updated at: December 05, 2013 16:27:30
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