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Home > Financial Services > Stock Brokers > Federated Securities Corp.
Federated Securities Corp.
Federated Securities Corp is a member of NASD, the National Association of Securities Dealers. NASD is a self-regulatory organization of the securities industry responsible for the operation and regulation of the NASDQ stock market and over the counter markets. It also administrates exams for the investments professionals, such as the series of 7 exams.
This is a proceeding against three registered subsidiaries of Federated Investors, One of the largest mutual fund managers in the United States, involving undisclosed market timing arrangements and late trading. Federated Investment Management Company FIMC, a registered investment adviser to mutual funds in the Federated mutual fund complex the Federated Funds.
Federated Securities Corp. a registered broker dealer and distributor for the Federated Funds, violated the Advisers Act and Investment Company Act by approving, but not disclosing, three market timing arrangements or the associated conflict of interest between FIMC and the funds involved in the arrangements, either to other Federated Fund shareholders or to the funds’ Boards of Trustees.
At the time they entered into the market timing arrangements, FIMC and FSC Recognized that certain types of market timing could be generally detrimental to certain of the Federated Funds and could among other things, compromise the investment strategies of portfolio managers and increase costs for long term shareholders. From March 2002 through August 2003, notwithstanding prospectus disclosure and internal procedures designed to prevent market timing, FIMC and FSC provided approved timing capacity in certain mutual funds to three entities, one of which was Canary Capital Partners LLC and never disclosed these arrangements to other.
During the relevant time, FIMC provided investment advisory services to Federated Funds that invest primarily in securities traded in the United States. Federated Securities Corp. is a Pennsylvania corporation headquartered in Pittsburgh, and is a broker dealer registered with the Commission since 1970. It serves as the principal underwriter and distributor for the Federated Funds. FSC distributes the Federated Funds Primarily through intermediaries such as broker dealers, banks, investment advisers, and other institutions. The Company has a strong tradition of leadership, service and contributions. The company’s mission is bringing comfort to customers, supporting business and commerce, and building strong communities.
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