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The Connecticut Department of Banking has recently issued a $3,500 fine to a broker for not being registered in the state.
Banking Commissioner Jorge Pereze on Oct. 30 entered into a stipulation and agreement with New York City-based Renaissance Institutional Management LLC, a firm affiliated with Renaissance Technologies LLC, an SEC-registered investment adviser that manages certain private investment funds sold to financially sophisticated investors.
The agreement indicated that in early 2018, the firm self-reported to the department that it had acted as an intermediary in bringing together prospective investors and certain private investment funds managed by its advisory affiliate, and at the time of such activity, the firm was not registered as a broker-dealer in Connecticut.
The firm has since filed an application for broker-dealer registration in Connecticut and has become registered as a broker-dealer in the state.
The stipulation and agreement acknowledged that the firm also voluntarily extended a rescission offer totaling approximately $100 million to those Connecticut entities and individuals who purchased fund shares during the preceding two year period. The average amount invested by each of the financially sophisticated Connecticut purchasers was approximately $1 million.
Pursuant to the Stipulation and Agreement, the firm agreed to refrain from regulatory violations and to implement revised supervisory and compliance procedures designed to improve its monitoring of state broker-dealer licensing requirements.