Best Investors
Sign in
Best Investors
Sign in
Form ADV Part 1A Item 11E(3) · Answer type: yn · Item 11 - Disclosure Information
Item 11E(3) asks whether any self-regulatory organization or commodities exchange has found the firm or an advisory affiliate to have been the cause of an investment-related business having its authorization to do business denied, suspended, revoked, or restricted.
Self-regulatory organizations include FINRA, NYSE, NASDAQ, MSRB, and other industry bodies with authority over securities professionals. Commodities exchanges include CME Group, ICE, and other organized markets with regulatory power over participants.
The cause requires more than coincidental association. The firm or affiliate must have engaged in conduct, violations, or failures that contributed materially to the SRO or exchange action against another business. This often involves supervision failures, compliance breakdowns, or direct violations that triggered industry sanctions.
Yes
The firm reports that SROs or commodities exchanges have found the firm or advisory affiliates caused investment-related businesses to lose authorization.
No
The firm reports No under 11E(3). This answer applies only to this question.
11E(3) - Found you or any advisory affiliate to have been the cause of an investment-related business having its authorization to do business denied, suspended, revoked, or restricted?
This appears in Item 11E covering self-regulatory organization findings, parallel to similar causation questions about government regulators.
What 11E(3) does not reveal is the specific conduct that caused authorization loss, the nature of affected business, which SROs made findings, when findings occurred, or what remedial actions followed. The underlying conduct could range from technical violations to serious industry breaches.
Yes
Review detailed disclosures to understand what conduct caused authorization actions, which businesses were affected, the relationship to current firm operations, which industry regulators made findings, and when findings occurred.
No
The firm reports No under 11E(3). Review the other Item 11 rows separately because each question has its own scope.