In the Matter of Wells Fargo Clearing Services, LLC

Wells Fargo Clearing Services, LLC allegedly failed to comply with the close-out requirements of MSRB Rule G-12(h) by failing to cancel or close out inter-dealer transactions after failing to receive municipal securities totaling approximately $6500000 for over 20 calendar days after settlement date. Wells Fargo Clearing Services, LLC allegedly failed to deliver municipal securities totaling approximately $3800000 within 20 calendar days after settlement date. Wells Fargo Clearing Services, LLC allegedly failed to take prompt steps to obtain possession or control of customer securities in failed inter-dealer municipal securities transactions. Wells Fargo Clearing Services, LLC allegedly failed to establish and maintain a supervisory system, including written supervisory procedures (WSPs), reasonably designed to achieve compliance with MSRB Rule G-12(h) and Rule 15c3-3(d)(2) of the Securities Exchange Act of 1934 (Exchange Act).

Summary generated from official Financial Industry Regulatory Authority press release