Canaccord Genuity Group Inc. reached an $80 million settlement with US authorities over compliance gaps at its trading operations.
The Canadian investment bank said in a statement Friday that its US broker-dealer subsidiary entered agreements with the Securities and Exchange Commission, Financial Industry Regulatory Authority and Financial Crimes Enforcement Network.
Canaccord disclosed in June 2023 that it was facing a regulatory probe tied to its wholesale market-making activities and warned it could face a “significant penalty.” The matter delayed regulatory approvals for a proposed management-led take-private deal, which ultimately collapsed.
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