Investment banker's petition for review of the SEC's affirmance of the New York Stock Exchange's (NYSE) finding that petitioner violated NYSE Rule 476(a)(6) by disclosing a client's confidential information to a third party, the petition is denied where: 1) a violation of the rule did not require bad faith; 2) mere unethical conduct was sufficient for violation of the rule outside the breach of contract context; and 3) summary judgment was appropriate on the issue of petitioner's guilt.
Argued: September 16, 2009
Decided: November 4, 2009
Opinion by Judge Straub
Dominick V. Freda, David M. Becker, Securities and Exchange Commission, Washington, DC