MSRB

Constantinos Maniatis exercised discretion in seven customer accounts despite the firm no longer allowing discretionary trading, the regulator said.

Hilltop was fined a total of $475,000, with $100,000 pertaining to violations of municipal securities rules.

This is the latest case to involve improperly allocating bonds meant for retail customers and instead selling them to other market participants.

Technology advancements aside, navigating the new regulatory requirements still takes work.