Category Archives: Banca IMI

Banca IMI Securities Pays $35M to Resolve SEC Issue

August 2017

The US Securities and Exchange Commission (SEC) announced that brokerage firm Banca IMI Securities Corp. (BISC) agreed to pay over $35 million to settle charges that it violated federal securities laws when it requested issuance of and received American Depositary Receipts (ADRs) without possessing the underlying foreign shares.

ADRs are US Securities that represent shares of a foreign company, and for all issued ADRs there must be a corresponding number of foreign shares held in custody at a depositary bank.

BISC is a wholly owned U.S. subsidiary of Italian bank Intesa Sanpaolo SpA.

Link to SEC order.

Banca IMI Securities is headquartered in New York and has locations in Milan, London and Rome.

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