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William Blair and Company, L.L.C.

William Blair and Company, L.L.C. (CRD #1252, Chicago, Illinois) received a censure and fine of $15,000. According to the findings, the firm failed to register an associated person with NASD as a Limited Representative–Equity Trader, where such person was engaged in proprietary trading, the execution of transactions on an agency basis, or the direct supervision of such activities. The regulators also found that the firm failed to immediately display customer limit orders in NASDAQ securities in its public quotation, when such order was at a price that would have improved the firm’s bid or offer and the national best bid or offer for each such security, and the size of the order represented more than a de minimis change in relation to the size associated with the respondent firm’s bid or offer in each such security. The firm accepted the fine and censure but did not admit or deny the accusations. (NASD Case #CLG050050)

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