The Financial Industry Regulatory Authority (FINRA) has imposed a fine on Cowen and Company.

For one partial tender offer (PTO) in 2022, Cowen violated the Securities Exchange Act of 1934 Rule 14e-4(b)(1) and FINRA Rule 2010 by over-tendering 100,000 shares in a partial tender offer of Company 1.

In addition, from October 2022 through May 2024, Cowen violated FINRA Rules 3110 and 2010 by failing to have a supervisory system, including written supervisory procedures, reasonably designed to achieve compliance with Exchange Act Rule 14e-4.

For these violations, Cowen was censured, fined $80,000, of which $40,000 will be paid to FINRA. The remainder of the fine must be allocated to NYSE Arca, Inc.

Cowen became a member of FINRA in 1978. In December 2024, TD Securities (USA) LLC merged with Cowen to become the successor entity. In December 2024, Cowen filed a Uniform Request for Broker Dealer Withdrawal (Form BDW) terminating its registration, which became effective in February 2025. At the time of its merger with TD Securities, Cowen had 274 registered representatives and 12 branch offices. TD Securities has approximately 1,600 registered representatives and 22 branch offices.