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2025085662401 Melacknesh Belay Igwe CRD 6853838 AWC ks.pdf

Between February 2024 and January 2025, Igwe charged $3,948 for 86 meals and car rides to her Merrill Lynch credit card. Igwe characterized these charges as business expenses when, in fact, they were personal expenses that violated Merrill Lynch’s expense policy. Therefore, Igwe violated FINRA Rule 2010 by improperly using firm funds. For that misconduct, she is suspended for eight months and fined $5,000.

Regulatory Notice 26-12

Summary

In November 2025, Securities and Exchange Commission (SEC) staff issued a no-action letter permitting registered representative-owned personal services entities to receive transaction-based compensation without broker-dealer registration, subject to conditions. This Notice provides guidance regarding the manner in which FINRA rules apply in relation to the no-action letter. This Notice does not apply new requirements beyond the no-action letter requirements.

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