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Enforcement cases stem from a variety of sources, including investor complaints, examinations of member organizations, referrals from the U.S. Securities and Exchange Commission, as well as internal referrals from our markets and divisions.
Enforcement cases include:
- insider trading
- market manipulation
- short sale and Reg SHO violations
- supervisory violations
- books and records deficiencies, 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—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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