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NYSE Enforcement investigates and prosecutes trading and other Exchange rule violations, and applicable federal laws or regulations, that occur on or through the systems and facilities of the NYSE. Enforcement cases stem from a variety of sources, including investor complaints made directly to the NYSE, examinations of member organizations, referrals from the U.S. Securities and Exchange Commission, as well as referrals from NYSE Market Surveillance, NYSE Arca Equities and NYSE Arca Options.
Enforcement cases include:
- books and records deficiencies
- supervisory violations
- misconduct on the trading floor
- insider trading
- market manipulation, and
- other abusive trading practices.
Sanctions range from a censure or fine to a suspension, expulsion or bar. Disciplinary actions take effect after a decision by the Office of the Hearing Board, which is an independent division of NYSE Regulation that adjudicates all disciplinary actions. Appeals of Hearing Board decisions may be made to the NYSE Regulation Board of Directors and, thereafter, the SEC, U.S. Courts of Appeal and U.S. Supreme Court. Cases outside of the NYSE’s jurisdiction are referred to the SEC or other regulatory agencies.
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