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1
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SEC ADMINISTRATIVE PROCEEDING
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EXTRACTED KEY WORDS
PIERCE FENNER INDEPENDENT CONSULTANT COMMISSION EXCHANGE ACT PRACTICES SECURITIES INSTITUTING PROCEEDINGS RECOMMENDATIONS MARKET MAKING POLICIES STOCK RESPONDENT NASDAQ VIOLATION REASON FINDINGS MARKET MAKING TRANSACTION PURSUANT FIRMS ENTRY THEREUNDER REVIEW RELATING IMPROPER MATERIALS WRITING REPORT PURPOSE |
UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
SECURITIES EXCHANGE ACT OF 1934
Release No. 34-40915 / January 11, 1999
ADMINISTRATIVE PROCEEDING
File No. 3-9803
___________________________________
:
In the Matter of : ORDER MAKING
FINDINGS : AND IMPOSING
CERTAIN MARKET MAKING : SANCTIONS AS TO
ACTIVITIES ON NASDAQ : MERRILL LYNCH, PIERCE,
: FENNER & SMITH
INCORPORATED
:
___________________________________:
I.
In the accompanying Order Instituting Proceedings
Pursuant to Sections 15(b) and 21C of the Securities
Exchange Act of 1934 and Findings of the Commission ("Order
Instituting Proceedings"), the Securities and Exchange
Commission ("Commission") instituted these public
administrative proceedings against Merrill Lynch, Pierce,
Fenner & Smith Incorporated, and other firms and
individuals. Contemporaneously, Merrill Lynch, Pierce,
Fenner & Smith Incorporated ("Respondent") has submitted an
Offer of Settlement ("Offer") in anticipation of the
institution of these proceedings, which the Commission has
determined to accept. In its Offer, Respondent, solely for
the purposes of these proceedings and any other proceedings
brought by or on behalf of the Commission or to which the
Commission is a party, prior to a hearing pursuant to the
Commission’s Rules of Practice, and without admitting or
denying the findings herein, except for the findings of
Section II.A., which are admitted, has consented to the
entry of the Order Instituting Proceedings and this Order
Making Findings and Imposing Sanctions as to Merrill Lynch,
Pierce, Fenner & Smith Incorporated (which are hereinafter
referred to as the "Orders").
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