UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM TA-1

UNIFORM FORM FOR REGISTRATION AS A TRANSFER AGENT AND FOR AMENDMENTTO REGISTRATION PURSUANT TO SECTION 17A OF THESECURITIES EXCHANGE ACT OF 1934
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GENERAL: Form TA-1 is to be used to register or amend registration as a transfer agent with the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation or the Securities and Exchange Commission pursuant to Section 17A of the Securities Exchange Act of 1934. Read all instructions before completing this form. Please print or type all responses.
Form Version:3.4.0
1(a).  Filer CIK: 0001007444
1(c). Live/Test Filing?
X Live    Test
1(e). Is this filing an amendment to a previous filing?
X Yes
1(e)(i).  File Number: 084-05637

2. Appropriate regulatory agency (check one):
X Securities and Exchange Commission
   Board of Governors of the Federal Reserve System
   Federal Deposit Insurance Corporation
   Comptroller of the Currency
   Office of Thrift Supervision

3(a).  Full Name of Registrant:
LPL Financial LLC
3(a)(i).  Previous name, if being amended:
LPL Financial Corporation
3(b).  Financial Industry Number Standard (FINS) number:008698
3(c).  Address of principal office where transfer agent activities are, or will be, performed:
3(c)(i).  Address 1
4707 Executive Drive
3(c)(ii).  Address 2

3(c)(iii).  City
San Diego
3(c)(iv).  State or Country
CA
CALIFORNIA
3(c)(v).  Postal Code
92121-3091
3(d). Address of principal office where transfer agent activities are, or will be, performed:
X Yes    No
If `yes,` provide address(es):
3(d)(i).  Address 1
75 State Street, 22nd Floor
3(d)(ii).  Address 2

3(d)(iii).  City
Boston
3(d)(iv).  State or Country
MA
MASSACHUSETTS
3(d)(v).  Postal Code
02109
3(e).  Telephone Number (Include Area Code)
800-877-7210

4. Does registrant conduct, or will it conduct, transfer agent activities at any location other than that given in Question 3(c) above?
   Yes X No
If `yes,` provide address(es):

5. Does registrant act, or will it act, as a transfer agent solely for its own securities and/or securities of an affiliate(s)?
   Yes X No

6. Has registrant, as a named transfer agent, engaged, or will it engage, a service company to perform any transfer agent functions?
   Yes X No
If `yes,` provide the name(s) and address(es) of all service companies engaged, or that will be engaged, by the registrant to perform its transfer agent functions:

7. Has registrant been engaged, or will it be engaged, as a service company by a named transfer agent to perform transfer agent functions?
   Yes X No
If `yes,` provide the name(s) and File Number(s) of the named transfer agent(s) for which the registrant has been engaged, or will be engaged, as a service company to perform transfer agent functions:

Completion of Question 8 on this form is required by all independent, non-issuer registrants whose appropriate regulatory authority is the Securities and Exchange Commission. Those registrants who are not required to complete Question 8 should select `Not Applicable.`

8. Is registrant a:
   Corporation
   Partnership
   Sole Proprietorship
X Other
   Not Applicable

Section for Initial Registration and for Amendments Reporting Additional Persons. (Sole Proprietorship or Other)


9.  Does any person or entity not named in the answer to Question 8:
9(a). directly or indirectly, through agreement or otherwise exercise or have the power to exercise control over the management or policies of applicant; or . . . .
X Yes    No    NA
9(a)(i).  Exact name of each person or entity:
LPL Financial Holdings Inc.
9(a)(ii).  Description of the Agreement or other basis:
Sole stockholder of LPL Holdings, Inc.
9(b). wholly or partially finance the business of applicant, directly or indirectly, in any manner other than by a public offering of securities made pursuant to the Securities Act of 1933 or by credit extended in the ordinary course of business by suppliers, banks and others ? . . . . . . . . . . . . . . . . . . . . . . . . . .
   Yes X No
9(b)(i).  Exact name of each person or entity:

9(b)(ii).  Description of the Agreement or other basis:


10.  Applicant and Control Affiliate Disciplinary History:
The following definitions apply for purposes of answering this Question 10
Control affiliate - An individual or firm that directly or indirectly controls, is under common control with, or is controlled by applicant. Included are any employees identified in 8(a), 8(b), 8(c) of this form as exercising control. Excluded are any employees who perform solely clerical, administrative support of similar functions, or who, regardless of title, perform no executive duties or have no senior policy making authority.
Investment or investment related - Pertaining to securities, commodities, banking, insurance, or real estate (including, but not limited to, acting as or being associated with a broker-dealer, investment company, investment adviser, futures sponsor, bank, or savings and loan association).
Involved - Doing an act of aiding, abetting, counseling, commanding, inducing, conspiring with or failing reasonably to supervise another in doing an act.
10(a).  In the past ten years has the applicant or a control affiliate been convicted of or plead guilty or nolo contender (`no contest`) to:
10(a)(1). a felony or misdemeanor involving: investments or an investment-related business, fraud, false statements or omissions, wrongful taking of property, or bribery, forgery, counterfeiting or extortion?
   Yes X No
10(a)(2). any other felony?
   Yes X No
10(b).  Has any court in the past ten years:
10(b)(1). enjoined the applicant or a control affiliate in connection with any investment-related activity?
   Yes X No
10(b)(2). found that the applicant or a control affiliate was involved in a violation of investment-related statutes or regulations?
   Yes X No
10(c).  Has the U.S. Securities and Exchange Commission or the Commodity Futures Trading Commission ever:
10(c)(1). found the applicant or a control affiliate to have made a false statement or omission?
   Yes X No
10(c)(2). found the applicant or a control affiliate to have been involved in a violation of its regulations or statutes?
X Yes    No
10(c)(2)(i).  The individuals named in the action or claim:
Linsco/Private Ledger Corp. (N/K/A LPL Financial)
10(c)(2)(ii).  Title of Action 10(c)(2)(iii).  Date of Action
SEC Administrative Proceeding Rel. Nos. 33-8371 and 34-49232
 02/12/2004
10(c)(2)(iv).  The Court or body taking the Action and location:
The Securities and Exchange Commission
10(c)(2)(v).  Description of the action or claim:
Action involved allegations related to application of mutual breakpoints for eligible customers on purchases of front-end load mutual funds.
10(c)(2)(vi).  Disposition of action or claim:
The SEC issued and order against LPL that resulted in a censure, monetary fine, disgorgement/restitution and cease and desist/injunction.
10(c)(2)(i).  The individuals named in the action or claim:
LPL Financial
10(c)(2)(ii).  Title of Action 10(c)(2)(iii).  Date of Action
SEC Administrative Proceeding No. 34-58515
 09/11/2008
10(c)(2)(iv).  The Court or body taking the Action and location:
The Securities and Exchange Commission
10(c)(2)(v).  Description of the action or claim:
Proceeding involved allegations of violations of the safeguards rules of Regulation S-P.
10(c)(2)(vi).  Disposition of action or claim:
The SEC issued an order against LPL that resulted in a censure, monetary fine, remedial undertakings by LPL, and cease and desist/injunction.
10(c)(3). found the applicant or a control affiliate to have been a cause of an investment-related business having its authorization to do business denied, suspended, revoked or restricted?
   Yes X No
10(c)(4). entered an order denying, suspending or revoking the applicant`s or a control affiliate`s registration or otherwise disciplined it by restricting its activities?
X Yes    No
10(c)(4)(i).  The individuals named in the action or claim:
LPL Financial
10(c)(4)(ii).  Title of Action 10(c)(4)(iii).  Date of Action
SEC Administrative Proceeding Rel. Nos. 33-8371 and 34-49232
 02/12/2004
10(c)(4)(iv).  The Court or body taking the Action and location:
The Securities and Exchange Commission
10(c)(4)(v).  Description of the action or claim:
Action involved allegations related to application of mutual breakpoints for eligible customers on purchases of front-end load mutual funds.
10(c)(4)(vi).  Disposition of action or claim:
The SEC issued an order against LPL that resulted in a censure, monetary fine, disgorgement/restitution, and cease and desist/injunction.
10(d).  Has any other Federal regulatory agency or any state regulatory agency:
10(d)(1). ever found the applicant or a control affiliate to have made a false statement or omission or to have been dishonest, unfair, or unethical?
X Yes    No
10(d)(1)(i).  The individuals named in the action or claim:
LPL Financial
10(d)(1)(ii).  Title of Action 10(d)(1)(iii).  Date of Action
Consent Order
 09/04/2014
10(d)(1)(iv).  The Court or body taking the Action and location:
State of Ohio Department of Insurance
10(d)(1)(v).  Description of the action or claim:
LPL failed to report various regulatory actions to the Ohio Department of Insurance within 30 days.
10(d)(1)(vi).  Disposition of action or claim:
$800.00 fine and investigative costs of $200.00.
10(d)(2). ever found the applicant or a control affiliate to have been involved in a violation of investment-related regulations or statutes?
X Yes    No
10(d)(2)(i).  The individuals named in the action or claim:
Private Ledger Financial Services, Inc. (N/K/A LPL Financial)
10(d)(2)(ii).  Title of Action 10(d)(2)(iii).  Date of Action
Docket/Case Number: 82-66-S
 05/20/1984
10(d)(2)(iv).  The Court or body taking the Action and location:
State of Michigan
10(d)(2)(v).  Description of the action or claim:
The matter involved a client that was sold various securities by two Private Ledger Financial Services, Inc. (PLFS) agents who were not registered in Michigan at the time of sale, which is a violation of Michigan Securities Act.
10(d)(2)(vi).  Disposition of action or claim:
PLFS was censured and ordered to pay restitution of $11,163.00 to a Michigan client.
10(d)(2)(i).  The individuals named in the action or claim:
Private Ledger Financial Services, Inc. (N/K/A LPL Financial)
10(d)(2)(ii).  Title of Action 10(d)(2)(iii).  Date of Action
Docket/Case Number: 50-86-952(a).
 05/14/1986
10(d)(2)(iv).  The Court or body taking the Action and location:
State of Georgia
10(d)(2)(v).  Description of the action or claim:
The matter involved allegations that PLFS offered for sale and sold securities which were not effectively registered nor exempt from registration.
10(d)(2)(vi).  Disposition of action or claim:
PLFS reimbursed the Commissioner in the amount of $1,000.00 and agreed to cease and desist without admitting or denying any of the findings of fact or conclusions of Law.
10(d)(2)(i).  The individuals named in the action or claim:
LPL Financial
10(d)(2)(ii).  Title of Action 10(d)(2)(iii).  Date of Action
Docket/Case Number: 9501-04LC
 10/09/1996
10(d)(2)(iv).  The Court or body taking the Action and location:
State of Pennsylvania
10(d)(2)(v).  Description of the action or claim:
The matter involved conduct of a former registered representative and one of its predecessor firms, Private Ledger Financial Services (PLFS).
10(d)(2)(vi).  Disposition of action or claim:
LPL consented to an order requiring it to engage an independent consultant to review its existing compliance policies & procedures, pay costs of $19,304.94 and comply with PA securities regulations.
10(d)(2)(i).  The individuals named in the action or claim:
LPL Financial
10(d)(2)(ii).  Title of Action 10(d)(2)(iii).  Date of Action
Docket/Case Number: 97E179
 12/01/1998
10(d)(2)(iv).  The Court or body taking the Action and location:
State of Kansas
10(d)(2)(v).  Description of the action or claim:
The proceeding was based on the conduct of a former registered representative and one of its predecessor firms, PLFS.
10(d)(2)(vi).  Disposition of action or claim:
LPL agreed to review procedures and make modifications that LPL determines to be reasonable, not overly burdensome and offers restitution to certain LPL customers.
10(d)(2)(i).  The individuals named in the action or claim:
LPL Financial
10(d)(2)(ii).  Title of Action 10(d)(2)(iii).  Date of Action
Docket/Case Number: IC06-CAF-19
 06/28/2006
10(d)(2)(iv).  The Court or body taking the Action and location:
State of Texas
10(d)(2)(v).  Description of the action or claim:
Involved allegations that LPL failed to timely update its Form BD to reflect the use of other business names in connection with securities activity by certain LPL branch offices in TX.
10(d)(2)(vi).  Disposition of action or claim:
The order resulted in a reprimand and administrative fine in the amount of $10,000.00.
10(d)(2)(i).  The individuals named in the action or claim:
LPL Financial
10(d)(2)(ii).  Title of Action 10(d)(2)(iii).  Date of Action
Docket/Case Number: 2007-03-01
 11/20/2007
10(d)(2)(iv).  The Court or body taking the Action and location:
State of Pennsylvania
10(d)(2)(v).  Description of the action or claim:
Allegations that at certain times between 1998 and 2006, LPL failed to maintain or enforce procedures reasonably designed to supervise one or more of its former registered representatives.
10(d)(2)(vi).  Disposition of action or claim:
The matter resulted in a $200,000.00 administrative assessment and $30,000.00 for investigative and legal costs.
10(d)(2)(i).  The individuals named in the action or claim:
LPL Financial
10(d)(2)(ii).  Title of Action 10(d)(2)(iii).  Date of Action
Docket/Case Number: SEC-2009-46
 09/11/2009
10(d)(2)(iv).  The Court or body taking the Action and location:
State of Montana
10(d)(2)(v).  Description of the action or claim:
Allegation that LPL failed to reasonably supervise a former registered representative.
10(d)(2)(vi).  Disposition of action or claim:
LPL consented to pay restitution of $1,144,416.51 and a fine to the State of Montana of $150,000.00.
10(d)(2)(i).  The individuals named in the action or claim:
LPL Financial
10(d)(2)(ii).  Title of Action 10(d)(2)(iii).  Date of Action
Docket/Case Number: SEU-2007-73
 12/24/2007
10(d)(2)(iv).  The Court or body taking the Action and location:
State of Hawaii
10(d)(2)(v).  Description of the action or claim:
Allegation of failure to disclose to clients material information in connection with the offer, sale or purchase of securities.
10(d)(2)(vi).  Disposition of action or claim:
Consent agreement resulted in an administrative penalty of $10,000.00.
10(d)(2)(i).  The individuals named in the action or claim:
LPL Financial
10(d)(2)(ii).  Title of Action 10(d)(2)(iii).  Date of Action
Docket/Case Number: 2010-AH-012
 12/08/2009
10(d)(2)(iv).  The Court or body taking the Action and location:
State of Kentucky
10(d)(2)(v).  Description of the action or claim:
Allegation that LPL paid advisory compensation to registered representative who was not qualified and was not registered as an investment advisor representative.
10(d)(2)(vi).  Disposition of action or claim:
Matter resulted in a fine of $4,000.00.
10(d)(2)(i).  The individuals named in the action or claim:
LPL Financial
10(d)(2)(ii).  Title of Action 10(d)(2)(iii).  Date of Action
Docket/Case Number: 0800381
 07/12/2010
10(d)(2)(iv).  The Court or body taking the Action and location:
State of Illinois
10(d)(2)(v).  Description of the action or claim:
Allegation that LPL failed to detect the role of one of its former representatives in the sale of participations in oil and gas projects.
10(d)(2)(vi).  Disposition of action or claim:
Matter resulted in a $300,000.00 fine and restitution of $167,796.00.
10(d)(2)(i).  The individuals named in the action or claim:
LPL Financial
10(d)(2)(ii).  Title of Action 10(d)(2)(iii).  Date of Action
Docket/Case Number: AP-10-16
 08/11/2010
10(d)(2)(iv).  The Court or body taking the Action and location:
State of Missouri
10(d)(2)(v).  Description of the action or claim:
Matter involved sale of variable annuity contract in which one of its representatives allegedly misunderstood the contract's rider.
10(d)(2)(vi).  Disposition of action or claim:
Matter resulted in a censure and $37,540.00 in total for fine, restitution and interest.
10(d)(2)(i).  The individuals named in the action or claim:
LPL Financial
10(d)(2)(ii).  Title of Action 10(d)(2)(iii).  Date of Action
Docket/Case Number:1000096
 10/24/2011
10(d)(2)(iv).  The Court or body taking the Action and location:
State of Illinois
10(d)(2)(v).  Description of the action or claim:
Allegation that LPL failed to supervise a former registered representative.
10(d)(2)(vi).  Disposition of action or claim:
Matter resulted in restitution of $1,885,000.00 to customers.
10(d)(2)(i).  The individuals named in the action or claim:
LPL Financial
10(d)(2)(ii).  Title of Action 10(d)(2)(iii).  Date of Action
Docket/Case Number: 2009-10-06
 12/06/2011
10(d)(2)(iv).  The Court or body taking the Action and location:
State of Pennsylvania
10(d)(2)(v).  Description of the action or claim:
Allegation that LPL failed to supervise two former registered representatives.
10(d)(2)(vi).  Disposition of action or claim:
Matter resulted in a fine of $59,092.52 and investigative costs.
10(d)(2)(i).  The individuals named in the action or claim:
LPL Financial
10(d)(2)(ii).  Title of Action 10(d)(2)(iii).  Date of Action
Docket/Case Number: S-07-0001-2
 11/08/2011
10(d)(2)(iv).  The Court or body taking the Action and location:
State of Oregon
10(d)(2)(v).  Description of the action or claim:
Allegation that LPL failed to supervise a former OSJ manager's transactions.
10(d)(2)(vi).  Disposition of action or claim:
Matter resulted in a fine of $100,000.00.
10(d)(2)(i).  The individuals named in the action or claim:
LPL Financial
10(d)(2)(ii).  Title of Action 10(d)(2)(iii).  Date of Action
Docket/Case Number: AP-13-21
 12/17/2013
10(d)(2)(iv).  The Court or body taking the Action and location:
State of Missouri
10(d)(2)(v).  Description of the action or claim:
Allegation that LPL failed to supervise a former registered representative.
10(d)(2)(vi).  Disposition of action or claim:
Fine of $175,000.00 and pay the cost of the investigation in the amount of $10,000.00.
10(d)(2)(i).  The individuals named in the action or claim:
LPL Financial
10(d)(2)(ii).  Title of Action 10(d)(2)(iii).  Date of Action
Docket/Case Number: SEC-2012-144
 11/04/2012
10(d)(2)(iv).  The Court or body taking the Action and location:
State of Montana
10(d)(2)(v).  Description of the action or claim:
Allegation that LPL failed to supervise a former registered representative.
10(d)(2)(vi).  Disposition of action or claim:
Matter resulted in a fine of $10,000.00 and restitution of $20,500.00 to customers.
10(d)(2)(i).  The individuals named in the action or claim:
LPL Financial
10(d)(2)(ii).  Title of Action 10(d)(2)(iii).  Date of Action
Docket/Case Number: 2012-0036
 12/12/2012
10(d)(2)(iv).  The Court or body taking the Action and location:
State of Massachusetts
10(d)(2)(v).  Description of the action or claim:
Allegations of failure to supervise and train registered representatives in connection with the sale of non-traded REITS.
10(d)(2)(vi).  Disposition of action or claim:
Matter resulted in a fine of $500,000.00 and restitution to certain customers.
10(d)(2)(i).  The individuals named in the action or claim:
LPL Financial
10(d)(2)(ii).  Title of Action 10(d)(2)(iii).  Date of Action
Docket/Case Number: IC08-CAF-22
 12/30/2008
10(d)(2)(iv).  The Court or body taking the Action and location:
State of Texas
10(d)(2)(v).  Description of the action or claim:
The state alleged that LPL failed to enforce its written procedures by failing to report a felony charge on a registered representative's Form U4.
10(d)(2)(vi).  Disposition of action or claim:
Fine of $5,000.00.
10(d)(2)(i).  The individuals named in the action or claim:
LPL Financial
10(d)(2)(ii).  Title of Action 10(d)(2)(iii).  Date of Action
File No. 1200385
 06/30/2014
10(d)(2)(iv).  The Court or body taking the Action and location:
State of Illinois Securities Department
10(d)(2)(v).  Description of the action or claim:
LPL submitted to a consent order with the Illinois Securities Department in connection with certain variable annuity exchange transactions, in particular, relating to its failure to adequately enforce supervisory procedures and maintain certain books and records required under Illinois law.
10(d)(2)(vi).  Disposition of action or claim:
LPL agreed to a censure, fine of $2,000,000.00 and restitution to impacted customers of approximately $800,000.00.
10(d)(2)(i).  The individuals named in the action or claim:
LPL Financial
10(d)(2)(ii).  Title of Action 10(d)(2)(iii).  Date of Action
File no. 1200385
 10/31/2014
10(d)(2)(iv).  The Court or body taking the Action and location:
State of Illinois Securities Department
10(d)(2)(v).  Description of the action or claim:
LPL Financial failed to detect improper and fraudulent conduct on the part of David Lisnek toward his LPL clients. LPL Financial allowed Mr. Lisnek to remain a registered representative while several facts, viewed together as a pattern of conduct, would have constituted multiple cautionary indicators of the potential for improper conduct.
10(d)(2)(vi).  Disposition of action or claim:
Fine of $500,000.00 and restitution in the amount of $315,218.00.
10(d)(2)(i).  The individuals named in the action or claim:
LPL Financial
10(d)(2)(ii).  Title of Action 10(d)(2)(iii).  Date of Action
Consent Order
 07/14/2015
10(d)(2)(iv).  The Court or body taking the Action and location:
Massachusetts Securities Division
10(d)(2)(v).  Description of the action or claim:
LPL consented to the findings that it did not establish, maintain, or enforce adequate procedures to review senior-specific titles for compliance with the Commonwealth's Senior Designations Regulations adopted June 1, 2007. As a result, LPL allowed its broker-dealer agents and investment adviser representatives to use prohibited senior-specific designations.
10(d)(2)(vi).  Disposition of action or claim:
Censure, undertakings, cease and desist, and a fine in the amount of $250,000.00.
10(d)(2)(i).  The individuals named in the action or claim:
LPL Financial
10(d)(2)(ii).  Title of Action 10(d)(2)(iii).  Date of Action
Stipulation and Consent
 07/31/2015
10(d)(2)(iv).  The Court or body taking the Action and location:
State of Florida Office of Financial Regulation
10(d)(2)(v).  Description of the action or claim:
LPL consented to the sanctions and the entry of the findings that from September 2009 to September 2013, LPL allowed one of its registered representatives to engage in investment advisory business from an office in the State of Florida without being lawfully registered in Florida.
10(d)(2)(vi).  Disposition of action or claim:
Cease and desist and a fine in the amount of $10,000.00.
10(d)(2)(i).  The individuals named in the action or claim:
LPL Financial
10(d)(2)(ii).  Title of Action 10(d)(2)(iii).  Date of Action
Consent Order
 09/22/2015
10(d)(2)(iv).  The Court or body taking the Action and location:
State of Delaware Investor Protection Unit
10(d)(2)(v).  Description of the action or claim:
LPL consented to the sanctions and the entry of findings that LPL failed to ensure that its financial advisors understood and explained the unique risks, failed to enforce its warning and fine system with regard to its leveraged ETFs concentration limits, and failed to adequately monitor and ensure the monitoring of client holding periods, all of which constitute a failure to supervise.
10(d)(2)(vi).  Disposition of action or claim:
Fine in the amount of $50,000.00, restitution in the amount of $150,000.00, and undertakings.
10(d)(2)(i).  The individuals named in the action or claim:
LPL Financial
10(d)(2)(ii).  Title of Action 10(d)(2)(iii).  Date of Action
Consent Order
 10/01/2015
10(d)(2)(iv).  The Court or body taking the Action and location:
State of Nevada Securities Division
10(d)(2)(v).  Description of the action or claim:
LPL consented to the sanctions and the entry of findings that from January 1, 2008 through December 31, 2013, LPL offered multiple non-traded REITs that were sold in excess of the REIT's prospectus standards, various state concentration limits, or its own alternative investment guidelines. LPL failed to implement an adequate supervisory system that was reasonably designed to achieve compliance with NAC 90.321. LPL also failed to enforce its written procedures to supervise the activities of its registered representatives in violation of NAC 90.321.
10(d)(2)(vi).  Disposition of action or claim:
Fine of $21,202.19 and reimbursement of $19,676.00 for investigation costs to Nevada, reimbursement of $35,000.00 for investigation costs to NASAA, censure, restitution, cease and desist, and undertakings.
10(d)(2)(i).  The individuals named in the action or claim:
LPL Financial
10(d)(2)(ii).  Title of Action 10(d)(2)(iii).  Date of Action
Assurance of Discontinuance
 09/15/2015
10(d)(2)(iv).  The Court or body taking the Action and location:
Commonwealth of Massachusetts
10(d)(2)(v).  Description of the action or claim:
LPL consented to the sanctions and the entry of findings that LPL offered leveraged ETFs without monitoring and systematically reviewing the length of time its clients held leveraged ETFs. LPL provided insufficient training materials to financial advisors and failed to identify and examine potential issues concerning the suitability of leveraged ETF exposure. Moreover, LPL did not consistently adhere to its policy of imposing fines on LPL financial advisors who exceeded this concentration limit.
10(d)(2)(vi).  Disposition of action or claim:
Fine in the amount of $200,000.00, restitution in the amount of $1,600,000.00, and undertakings.
10(d)(2)(i).  The individuals named in the action or claim:
LPL Financial
10(d)(2)(ii).  Title of Action 10(d)(2)(iii).  Date of Action
Consent Order
 11/04/2015
10(d)(2)(iv).  The Court or body taking the Action and location:
State of Ohio Department of Insurance
10(d)(2)(v).  Description of the action or claim:
LPL consented to the allegations that it violated Ohio statute 3905.22 by failing to timely report a regulatory action taken by the state of New Hampshire dated April 6, 2015.
10(d)(2)(vi).  Disposition of action or claim:
Civil penalty in the amount of $1,800.00 and administrative costs of $200.00.
10(d)(2)(i).  The individuals named in the action or claim:
LPL Financial LLC
10(d)(2)(ii).  Title of Action 10(d)(2)(iii).  Date of Action
Administrative Consent Order
 11/24/2015
10(d)(2)(iv).  The Court or body taking the Action and location:
Mississippi Securities Division
10(d)(2)(v).  Description of the action or claim:
LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Mississippi residents.
10(d)(2)(vi).  Disposition of action or claim:
Civil penalty in the amount of $19,253.45, cease and desist, offers of remediation, and undertakings.
10(d)(2)(i).  The individuals named in the action or claim:
LPL Financial LLC
10(d)(2)(ii).  Title of Action 10(d)(2)(iii).  Date of Action
Consent Order
 11/23/2015
10(d)(2)(iv).  The Court or body taking the Action and location:
Commonwealth of Puerto Rico
10(d)(2)(v).  Description of the action or claim:
LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Puerto Rico residents.
10(d)(2)(vi).  Disposition of action or claim:
Civil penalty in the amount of $10,125.11, cease and desist, offers of remediation, and undertakings.
10(d)(2)(i).  The individuals named in the action or claim:
Pennsylvania Department of Banking and Securities
10(d)(2)(ii).  Title of Action 10(d)(2)(iii).  Date of Action
Consent Order
 11/30/2015
10(d)(2)(iv).  The Court or body taking the Action and location:
Pennsylvania Department of Banking and Securities
10(d)(2)(v).  Description of the action or claim:
LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Pennsylvania residents.
10(d)(2)(vi).  Disposition of action or claim:
Civil penalty in the amount of $26,110.92, cease and desist, offers of remediation, and undertakings.
10(d)(2)(i).  The individuals named in the action or claim:
LPL Financial LLC
10(d)(2)(ii).  Title of Action 10(d)(2)(iii).  Date of Action
Consent Order
 11/24/2015
10(d)(2)(iv).  The Court or body taking the Action and location:
New Mexico Securities Division
10(d)(2)(v).  Description of the action or claim:
LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to New Mexico residents.
10(d)(2)(vi).  Disposition of action or claim:
Civil penalty in the amount of $11,528.48, cease and desist, offers of remediation, and undertakings.
10(d)(2)(i).  The individuals named in the action or claim:
LPL Financial
10(d)(2)(ii).  Title of Action 10(d)(2)(iii).  Date of Action
Consent Order
 11/30/2015
10(d)(2)(iv).  The Court or body taking the Action and location:
South Dakota Division of Securities
10(d)(2)(v).  Description of the action or claim:
LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to South Dakota residents. The Firm received a copy of the final Consent Order on November 30, 2015.
10(d)(2)(vi).  Disposition of action or claim:
Civil penalty in the amount of $12,500.70, cease and desist, offers of remediation, and undertakings.
10(d)(2)(i).  The individuals named in the action or claim:
LPL Financial LLC
10(d)(2)(ii).  Title of Action 10(d)(2)(iii).  Date of Action
Consent Order
 11/24/2015
10(d)(2)(iv).  The Court or body taking the Action and location:
Indiana Securities Division
10(d)(2)(v).  Description of the action or claim:
LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Indiana residents.
10(d)(2)(vi).  Disposition of action or claim:
Civil penalty in the amount of $19,041.63 and reimbursement of $35,000 for investigation costs to NASAA, cease and desist, offers of remediation, and undertakings.
10(d)(2)(i).  The individuals named in the action or claim:
LPL Financial LLC
10(d)(2)(ii).  Title of Action 10(d)(2)(iii).  Date of Action
Stipulation and Consent Order
 12/03/2015
10(d)(2)(iv).  The Court or body taking the Action and location:
Utah Division of Securities
10(d)(2)(v).  Description of the action or claim:
LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Utah residents.
10(d)(2)(vi).  Disposition of action or claim:
Civil penalty in the amount of $18,293.16, cease and desist, offers of remediation, and undertakings.
10(d)(2)(i).  The individuals named in the action or claim:
LPL Financial LLC
10(d)(2)(ii).  Title of Action 10(d)(2)(iii).  Date of Action
Consent Order
 12/03/2015
10(d)(2)(iv).  The Court or body taking the Action and location:
Missouri Securities Division
10(d)(2)(v).  Description of the action or claim:
LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Missouri residents.
10(d)(2)(vi).  Disposition of action or claim:
Civil penalty in the amount of $38,522.75, cease and desist, offers of remediation, and undertakings.
10(d)(2)(i).  The individuals named in the action or claim:
LPL Financial LLC
10(d)(2)(ii).  Title of Action 10(d)(2)(iii).  Date of Action
Consent Order
 12/01/2015
10(d)(2)(iv).  The Court or body taking the Action and location:
Texas State Securities Board
10(d)(2)(v).  Description of the action or claim:
LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Texas residents.
10(d)(2)(vi).  Disposition of action or claim:
Civil penalty in the amount of $110,855.07, cease and desist, offers of remediation, and undertakings.
10(d)(2)(i).  The individuals named in the action or claim:
LPL Financial LLC
10(d)(2)(ii).  Title of Action 10(d)(2)(iii).  Date of Action
Consent To Order
 12/03/2015
10(d)(2)(iv).  The Court or body taking the Action and location:
Alaska Division of Banking and Securities
10(d)(2)(v).  Description of the action or claim:
LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Alaska residents.
10(d)(2)(vi).  Disposition of action or claim:
Civil penalty in the amount of $10,570.45, cease and desist, offers of remediation, and undertakings.
10(d)(2)(i).  The individuals named in the action or claim:
LPL Financial LLC
10(d)(2)(ii).  Title of Action 10(d)(2)(iii).  Date of Action
Stipulation for Consent Order
 12/30/2015
10(d)(2)(iv).  The Court or body taking the Action and location:
Colorado Division of Securities
10(d)(2)(v).  Description of the action or claim:
LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Colorado residents.
10(d)(2)(vi).  Disposition of action or claim:
Civil penalty in the amount of $40,183.94, cease and desist, offers of remediation, and undertakings.
10(d)(2)(i).  The individuals named in the action or claim:
LPL Financial LLC
10(d)(2)(ii).  Title of Action 10(d)(2)(iii).  Date of Action
Stipulation and Consent Agreement
 12/30/2015
10(d)(2)(iv).  The Court or body taking the Action and location:
Florida Office of Financial Regulation
10(d)(2)(v).  Description of the action or claim:
LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Florida residents.
10(d)(2)(vi).  Disposition of action or claim:
Administrative fine in the amount of $50,555.39, cease and desist, offers of remediation, and undertakings.
10(d)(2)(i).  The individuals named in the action or claim:
LPL Financial LLC
10(d)(2)(ii).  Title of Action 10(d)(2)(iii).  Date of Action
Consent Order
 01/08/2016
10(d)(2)(iv).  The Court or body taking the Action and location:
Georgia Securities Division
10(d)(2)(v).  Description of the action or claim:
LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Georgia residents.
10(d)(2)(vi).  Disposition of action or claim:
Civil penalty in the amount of $28,021.63, cease and desist, offers of remediation, and undertakings.
10(d)(2)(i).  The individuals named in the action or claim:
LPL Financial LLC
10(d)(2)(ii).  Title of Action 10(d)(2)(iii).  Date of Action
Consent Order
 12/21/2015
10(d)(2)(iv).  The Court or body taking the Action and location:
Idaho Department of Finance
10(d)(2)(v).  Description of the action or claim:
LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Idaho residents.
10(d)(2)(vi).  Disposition of action or claim:
Civil penalty in the amount of $17,738.18, cease and desist, offers of remediation, and undertakings.
10(d)(2)(i).  The individuals named in the action or claim:
LPL Financial LLC
10(d)(2)(ii).  Title of Action 10(d)(2)(iii).  Date of Action
Consent Order
 01/05/2016
10(d)(2)(iv).  The Court or body taking the Action and location:
Iowa Insurance Division
10(d)(2)(v).  Description of the action or claim:
LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Iowa residents.
10(d)(2)(vi).  Disposition of action or claim:
Civil penalty in the amount of $16,638.57, cease and desist, offers of remediation, and undertakings.
10(d)(2)(i).  The individuals named in the action or claim:
LPL Financial LLC
10(d)(2)(ii).  Title of Action 10(d)(2)(iii).  Date of Action
Consent Order
 12/21/2015
10(d)(2)(iv).  The Court or body taking the Action and location:
Michigan Department of Licensing and Regulatory Affairs
10(d)(2)(v).  Description of the action or claim:
LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Michigan residents. The Consent Order was issued and entered by Michigan on December 21, 2015.
10(d)(2)(vi).  Disposition of action or claim:
Civil penalty in the amount of $38,133.80, cease and desist, offers of remediation, and undertakings.
10(d)(2)(i).  The individuals named in the action or claim:
LPL Financial LLC
10(d)(2)(ii).  Title of Action 10(d)(2)(iii).  Date of Action
Consent Order
 12/23/2015
10(d)(2)(iv).  The Court or body taking the Action and location:
Minnesota Department of Commerce
10(d)(2)(v).  Description of the action or claim:
LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Minnesota residents. The Firm received a copy of the final Consent Order on December 23, 2015.
10(d)(2)(vi).  Disposition of action or claim:
Civil penalty in the amount of $41,209.74, cease and desist, offers of remediation, and undertakings.
10(d)(2)(i).  The individuals named in the action or claim:
LPL Financial LLC
10(d)(2)(ii).  Title of Action 10(d)(2)(iii).  Date of Action
Consent Order
 12/29/2015
10(d)(2)(iv).  The Court or body taking the Action and location:
Nebraska Department of Banking & Finance
10(d)(2)(v).  Description of the action or claim:
LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Nebraska residents.
10(d)(2)(vi).  Disposition of action or claim:
Civil penalty in the amount of $16,736.07, cease and desist, offers of remediation, and undertakings.
10(d)(2)(i).  The individuals named in the action or claim:
LPL Financial LLC
10(d)(2)(ii).  Title of Action 10(d)(2)(iii).  Date of Action
Consent Order
 12/15/2015
10(d)(2)(iv).  The Court or body taking the Action and location:
New Hampshire Bureau of Securities Regulation
10(d)(2)(v).  Description of the action or claim:
Without admitting or denying the facts or allegations, LPL consented to the findings that LPL failed to implement an adequate supervisory system and enforce its written procedures regarding the sale of non-traded REITs to New Hampshire residents.
10(d)(2)(vi).  Disposition of action or claim:
Pay an administrative fine of $250,000.00, the Bureau's costs of $250,000.00, and a contribution to the investor education fund of $250,000.00, offer remediation, undertakings, and cease and desist from any further violations.
10(d)(2)(i).  The individuals named in the action or claim:
LPL Financial LLC
10(d)(2)(ii).  Title of Action 10(d)(2)(iii).  Date of Action
Administrative Consent Order
 01/29/2016
10(d)(2)(iv).  The Court or body taking the Action and location:
California Department of Business Oversight
10(d)(2)(v).  Description of the action or claim:
LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to California residents.
10(d)(2)(vi).  Disposition of action or claim:
Civil penalty in the amount of $140,220.11, cease and desist, offers of remediation, and undertakings.
10(d)(2)(i).  The individuals named in the action or claim:
LPL Financial LLC
10(d)(2)(ii).  Title of Action 10(d)(2)(iii).  Date of Action
Consent Order
 01/15/2016
10(d)(2)(iv).  The Court or body taking the Action and location:
Washington Department of Financial Institutions Securities Division
10(d)(2)(v).  Description of the action or claim:
LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Washington residents.
10(d)(2)(vi).  Disposition of action or claim:
Civil penalty in the amount of $65,766.07, cease and desist, offers of remediation, and undertakings.
10(d)(2)(i).  The individuals named in the action or claim:
LPL Financial LLC
10(d)(2)(ii).  Title of Action 10(d)(2)(iii).  Date of Action
Consent Order
 02/09/2016
10(d)(2)(iv).  The Court or body taking the Action and location:
Alabama Securities Commission
10(d)(2)(v).  Description of the action or claim:
LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Alabama residents.
10(d)(2)(vi).  Disposition of action or claim:
Civil penalty in the amount of $18,267.52, of which $8,267.52 represents partial reimbursement for the Commission's cost for investigating this matter, cease and desist, offers of remediation, and undertakings.
10(d)(2)(i).  The individuals named in the action or claim:
LPL Financial LLC
10(d)(2)(ii).  Title of Action 10(d)(2)(iii).  Date of Action
Consent Order
 02/09/2016
10(d)(2)(iv).  The Court or body taking the Action and location:
North Dakota Securities Department
10(d)(2)(v).  Description of the action or claim:
LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to North Dakota residents.
10(d)(2)(vi).  Disposition of action or claim:
Civil penalty in the amount of $11,012.50, cease and desist, offers of remediation, and undertakings.
10(d)(2)(i).  The individuals named in the action or claim:
LPL Financial LLC
10(d)(2)(ii).  Title of Action 10(d)(2)(iii).  Date of Action
Consent Order
 02/18/2016
10(d)(2)(iv).  The Court or body taking the Action and location:
Texas State Securities Board
10(d)(2)(v).  Description of the action or claim:
In May 2015, the Staff of the Texas Securities Board initiated an investigation into LPL's Financial Statement Reviews for agents registered with the Texas Securities Commission. In certain instances, during the relevant periods of January 2011 through September 2011 and June 2014 through December 2014, the Financial Statement Reviews were not conducted in accordance with LPL's written supervisory procedures.
10(d)(2)(vi).  Disposition of action or claim:
LPL consented to the entry of the order, an administrative fine in the amount of $95,000.00, and undertakings.
10(d)(2)(i).  The individuals named in the action or claim:
LPL Financial LLC
10(d)(2)(ii).  Title of Action 10(d)(2)(iii).  Date of Action
Consent Order
 02/19/2016
10(d)(2)(iv).  The Court or body taking the Action and location:
Washington Insurance Commissioner
10(d)(2)(v).  Description of the action or claim:
LPL consented to the entry of a consent order with the Insurance Commissioner of the state of Washington, after its investigation into the conduct of a non-resident insurance producer after receiving a complaint from an insured alleging that he misrepresented the benefits and suitability of an annuity. More than one of the insurance producers' violations were known or should have been known by one or more individuals acting on behalf of LPL, and LPL neither reported the violations nor took corrective action.
10(d)(2)(vi).  Disposition of action or claim:
LPL paid a fine in the amount of $2,000.00.
10(d)(2)(i).  The individuals named in the action or claim:
LPL Financial LLC
10(d)(2)(ii).  Title of Action 10(d)(2)(iii).  Date of Action
Consent Order
 02/26/2016
10(d)(2)(iv).  The Court or body taking the Action and location:
Office of the Kansas Securities Commissioner
10(d)(2)(v).  Description of the action or claim:
LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Kansas residents.
10(d)(2)(vi).  Disposition of action or claim:
Civil penalty in the amount of $16,182.86, cease and desist, offers of remediation, and undertakings.
10(d)(2)(i).  The individuals named in the action or claim:
LPL Financial LLC
10(d)(2)(ii).  Title of Action 10(d)(2)(iii).  Date of Action
Administrative Consent Order
 02/29/2016
10(d)(2)(iv).  The Court or body taking the Action and location:
Kentucky Department of Financial Institutions
10(d)(2)(v).  Description of the action or claim:
LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Kentucky residents.
10(d)(2)(vi).  Disposition of action or claim:
Civil penalty in the amount of $22,841.84, cease and desist, offers of remediation, and undertakings.
10(d)(2)(i).  The individuals named in the action or claim:
LPL Financial LLC
10(d)(2)(ii).  Title of Action 10(d)(2)(iii).  Date of Action
Consent Order
 03/02/2016
10(d)(2)(iv).  The Court or body taking the Action and location:
Wisconsin Division of Securities
10(d)(2)(v).  Description of the action or claim:
LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Wisconsin residents.
10(d)(2)(vi).  Disposition of action or claim:
Civil penalty in the amount of $25,928.70, cease and desist, offers of remediation, and undertakings.
10(d)(2)(i).  The individuals named in the action or claim:
LPL Financial LLC
10(d)(2)(ii).  Title of Action 10(d)(2)(iii).  Date of Action
Consent Order
 03/04/2016
10(d)(2)(iv).  The Court or body taking the Action and location:
Tennessee Securities Division
10(d)(2)(v).  Description of the action or claim:
LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Tennessee residents.
10(d)(2)(vi).  Disposition of action or claim:
Civil penalty in the amount of $33,714.11, cease and desist, offers of remediation, and undertakings.
10(d)(2)(i).  The individuals named in the action or claim:
LPL Financial LLC
10(d)(2)(ii).  Title of Action 10(d)(2)(iii).  Date of Action
Consent Order
 03/11/2016
10(d)(2)(iv).  The Court or body taking the Action and location:
U.S. Virgin Islands Division of Banking and Insurance
10(d)(2)(v).  Description of the action or claim:
LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to U.S. Virgin Islands residents.
10(d)(2)(vi).  Disposition of action or claim:
Civil penalty in the amount of $10,013.22, cease and desist, offers of remediation, and undertakings.
10(d)(2)(i).  The individuals named in the action or claim:
LPL Financial LLC
10(d)(2)(ii).  Title of Action 10(d)(2)(iii).  Date of Action
Consent Order
 03/14/2016
10(d)(2)(iv).  The Court or body taking the Action and location:
Ohio Division of Securities
10(d)(2)(v).  Description of the action or claim:
LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Ohio residents.
10(d)(2)(vi).  Disposition of action or claim:
Civil penalty in the amount of $35,522.13, cease and desist, offers of remediation, and undertakings.
10(d)(2)(i).  The individuals named in the action or claim:
LPL Financial LLC
10(d)(2)(ii).  Title of Action 10(d)(2)(iii).  Date of Action
Consent Order
 03/30/2016
10(d)(2)(iv).  The Court or body taking the Action and location:
South Carolina Securities Commission
10(d)(2)(v).  Description of the action or claim:
LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to South Carolina residents.
10(d)(2)(vi).  Disposition of action or claim:
Civil penalty in the amount of $80,000.00, cease and desist, offers of remediation, and undertakings.
10(d)(2)(i).  The individuals named in the action or claim:
LPL Financial LLC
10(d)(2)(ii).  Title of Action 10(d)(2)(iii).  Date of Action
Consent Order
 04/26/2016
10(d)(2)(iv).  The Court or body taking the Action and location:
Arkansas Securities Division
10(d)(2)(v).  Description of the action or claim:
LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Arkansas residents.
10(d)(2)(vi).  Disposition of action or claim:
Civil penalty in the amount of $19,347.74, cease and desist, offers of remediation, and undertakings.
10(d)(2)(i).  The individuals named in the action or claim:
LPL Financial LLC
10(d)(2)(ii).  Title of Action 10(d)(2)(iii).  Date of Action
Consent Order
 04/29/2016
10(d)(2)(iv).  The Court or body taking the Action and location:
Oregon Division of Financial Regulation
10(d)(2)(v).  Description of the action or claim:
LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Oregon residents.
10(d)(2)(vi).  Disposition of action or claim:
Civil penalty in the amount of $24,642.20, cease and desist, offers of remediation, and undertakings.
10(d)(2)(i).  The individuals named in the action or claim:
LPL Financial LLC
10(d)(2)(ii).  Title of Action 10(d)(2)(iii).  Date of Action
Consent Order
 05/03/2016
10(d)(2)(iv).  The Court or body taking the Action and location:
Oklahoma Department of Securities
10(d)(2)(v).  Description of the action or claim:
LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Oklahoma residents.
10(d)(2)(vi).  Disposition of action or claim:
Civil penalty in the amount of $21,245.14, cease and desist, offers of remediation, and undertakings.
10(d)(3). ever found the applicant or a control affiliate to have been a cause of an investment-related business having its authorization to do business denied, suspended, revoked, or restricted?
   Yes X No
10(d)(4). in the past ten years entered an order against the applicant or a control affiliate in connection with investment-related activity?
X Yes    No
10(d)(4)(i).  The individuals named in the action or claim:
LPL Financial
10(d)(4)(ii).  Title of Action 10(d)(4)(iii).  Date of Action
Docket/Case Number: IC06-CAF-19
 06/28/2006
10(d)(4)(iv).  The Court or body taking the Action and location:
State of Texas
10(d)(4)(v).  Description of the action or claim:
Involved allegations with LPL failed to timely update its Form BD to reflect the use of other business names in connection with securities activity by certain LPL branch offices in TX.
10(d)(4)(vi).  Disposition of action or claim:
The order resulted in a reprimand and a fine in the amount of $10,000.00.
10(d)(4)(i).  The individuals named in the action or claim:
LPL Financial
10(d)(4)(ii).  Title of Action 10(d)(4)(iii).  Date of Action
Docket/Case Number: SEC-2009-46
 10/26/2009
10(d)(4)(iv).  The Court or body taking the Action and location:
State of Montana
10(d)(4)(v).  Description of the action or claim:
Allegation that LPL failed to reasonably supervise a former registered representative.
10(d)(4)(vi).  Disposition of action or claim:
Consent order resulted in LPL agreeing to pay restitution of $1,144,416.51 and a fine to the State of MT of $150,000.00.
10(d)(4)(i).  The individuals named in the action or claim:
LPL Financial
10(d)(4)(ii).  Title of Action 10(d)(4)(iii).  Date of Action
Docket/Case No. 2010-AH-012
 12/08/2009
10(d)(4)(iv).  The Court or body taking the Action and location:
State of Kentucky
10(d)(4)(v).  Description of the action or claim:
Allegation that LPL paid advisory compensation to a registered representative who was not qualified and was not registered as an investment advisor representative.
10(d)(4)(vi).  Disposition of action or claim:
$4,000.00 fine.
10(d)(4)(i).  The individuals named in the action or claim:
LPL Financial
10(d)(4)(ii).  Title of Action 10(d)(4)(iii).  Date of Action
Docket/Case Number: 0800381
 07/12/2010
10(d)(4)(iv).  The Court or body taking the Action and location:
State of Illinois
10(d)(4)(v).  Description of the action or claim:
Allegation that LPL failed to detect role of one of its former representatives in the sale of participations in oil and gas projects.
10(d)(4)(vi).  Disposition of action or claim:
Matter resulted in a $300,000.00 fine and restitution of $167,796.00.
10(d)(4)(i).  The individuals named in the action or claim:
LPL Financial
10(d)(4)(ii).  Title of Action 10(d)(4)(iii).  Date of Action
Docket/Case Number: 1000096
 10/24/2011
10(d)(4)(iv).  The Court or body taking the Action and location:
State of Illinois
10(d)(4)(v).  Description of the action or claim:
Allegation that LPL failed to supervise a former registered representative.
10(d)(4)(vi).  Disposition of action or claim:
Matter resulted in $1,885,000.00 restitution to customers.
10(d)(4)(i).  The individuals named in the action or claim:
LPL Financial
10(d)(4)(ii).  Title of Action 10(d)(4)(iii).  Date of Action
Docket/Case Number: 2009-10-06
 12/06/2011
10(d)(4)(iv).  The Court or body taking the Action and location:
State of Pennsylvania
10(d)(4)(v).  Description of the action or claim:
Allegation that LPL failed to supervise two former registered representatives.
10(d)(4)(vi).  Disposition of action or claim:
Matter resulted in $59,092.52 fine for investigative costs.
10(d)(4)(i).  The individuals named in the action or claim:
LPL Financial
10(d)(4)(ii).  Title of Action 10(d)(4)(iii).  Date of Action
Docket/Case Number: S-07-0001-2
 11/08/2011
10(d)(4)(iv).  The Court or body taking the Action and location:
State of Oregon
10(d)(4)(v).  Description of the action or claim:
Allegation that LPL failed to supervise a former OSJ manager's transactions.
10(d)(4)(vi).  Disposition of action or claim:
Matter resulted in $100,000.00 fine.
10(d)(4)(i).  The individuals named in the action or claim:
LPL Financial
10(d)(4)(ii).  Title of Action 10(d)(4)(iii).  Date of Action
Docket/Case Number: AP-10-16
 08/11/2010
10(d)(4)(iv).  The Court or body taking the Action and location:
State of Missouri
10(d)(4)(v).  Description of the action or claim:
Matter involved sale of variable annuity contract in which a registered representative allegedly misunderstood the contract's rider.
10(d)(4)(vi).  Disposition of action or claim:
Matter resulted in a censure and $37,540.00 in total for fine, restitution and interest.
10(d)(4)(i).  The individuals named in the action or claim:
LPL Financial
10(d)(4)(ii).  Title of Action 10(d)(4)(iii).  Date of Action
Docket/Case No. 2007-03-01
 11/20/2007
10(d)(4)(iv).  The Court or body taking the Action and location:
State of Pennsylvania
10(d)(4)(v).  Description of the action or claim:
Allegations that at certain times between 1998 and 2006, LPL failed to maintain or enforce procedures reasonably designed to supervise one or more of its former registered representatives.
10(d)(4)(vi).  Disposition of action or claim:
The matter resulted in a $200,000.00 administrative assessment and $30,000.00 for investigative and legal costs.
10(d)(4)(i).  The individuals named in the action or claim:
LPL Financial
10(d)(4)(ii).  Title of Action 10(d)(4)(iii).  Date of Action
Docket/Case Number: IC08-CAF-22
 12/30/2008
10(d)(4)(iv).  The Court or body taking the Action and location:
State of Texas
10(d)(4)(v).  Description of the action or claim:
The state alleged that LPL failed to enforce its written procedures relating to the notification of a felony charge and Form U4 updates.
10(d)(4)(vi).  Disposition of action or claim:
Fine of $5,000.00.
10(d)(4)(i).  The individuals named in the action or claim:
LPL Financial
10(d)(4)(ii).  Title of Action 10(d)(4)(iii).  Date of Action
Docket/Case Number: AP-13-21
 12/17/2013
10(d)(4)(iv).  The Court or body taking the Action and location:
State of Missouri
10(d)(4)(v).  Description of the action or claim:
Allegation that LPL failed to supervise a former registered representative.
10(d)(4)(vi).  Disposition of action or claim:
Fine of $175,000.00 and payment of the cost of the investigation in the amount of $10,000.00.
10(d)(4)(i).  The individuals named in the action or claim:
LPL Financial
10(d)(4)(ii).  Title of Action 10(d)(4)(iii).  Date of Action
Docket/Case Number: SEC-2012-144
 11/04/2012
10(d)(4)(iv).  The Court or body taking the Action and location:
State of Montana
10(d)(4)(v).  Description of the action or claim:
Allegation that LPL failed to supervise a former registered representative.
10(d)(4)(vi).  Disposition of action or claim:
Fine of $10,000.00 and $20,500.00 in restitution to customers.
10(d)(4)(i).  The individuals named in the action or claim:
LPL Financial
10(d)(4)(ii).  Title of Action 10(d)(4)(iii).  Date of Action
Docket/Case Number: 2012-0036
 12/12/2012
10(d)(4)(iv).  The Court or body taking the Action and location:
State of Massachusetts
10(d)(4)(v).  Description of the action or claim:
Allegations of failure to supervise and train registered representatives in connection with the sale of non-traded REITS.
10(d)(4)(vi).  Disposition of action or claim:
Fine of $500,000.00 and restitution to certain customers.
10(d)(4)(i).  The individuals named in the action or claim:
LPL Financial
10(d)(4)(ii).  Title of Action 10(d)(4)(iii).  Date of Action
File No. 1200385
 06/30/2014
10(d)(4)(iv).  The Court or body taking the Action and location:
State of Illinois Securities Department
10(d)(4)(v).  Description of the action or claim:
LPL submitted to a consent order with the Illinois Securities Department in connection with certain variable annuity exchange transactions, in particular, relating to its failure to adequately enforce supervisory procedures and maintain certain books and records required under Illinois law.
10(d)(4)(vi).  Disposition of action or claim:
LPL agreed to a censure, fine of $2,000,000.00 and restitution to impacted customers of approximately $800,000.00
10(d)(4)(i).  The individuals named in the action or claim:
LPL Financial
10(d)(4)(ii).  Title of Action 10(d)(4)(iii).  Date of Action
Consent Order
 09/04/2014
10(d)(4)(iv).  The Court or body taking the Action and location:
State of Ohio Department of Insurance
10(d)(4)(v).  Description of the action or claim:
LPL failed to report various regulatory actions to the Ohio Department of Insurance within 30 days.
10(d)(4)(vi).  Disposition of action or claim:
$800.00 fine and investigative costs of $200.00.
10(d)(4)(i).  The individuals named in the action or claim:
LPL Financial
10(d)(4)(ii).  Title of Action 10(d)(4)(iii).  Date of Action
File No. 1200385
 10/31/2014
10(d)(4)(iv).  The Court or body taking the Action and location:
State of Illinois Securities Department.
10(d)(4)(v).  Description of the action or claim:
LPL Financial failed to detect improper and fraudulent conduct on the part of David Lisnek toward his LPL clients. LPL Financial allowed Mr. Lisnek to remain a registered representative while several facts, viewed together as a pattern of conduct, would have constituted multiple cautionary indicators of the potential for improper conduct.
10(d)(4)(vi).  Disposition of action or claim:
Fine of $500,000.00 and restitution in the amount of $315,218.00.
10(d)(4)(i).  The individuals named in the action or claim:
LPL Financial
10(d)(4)(ii).  Title of Action 10(d)(4)(iii).  Date of Action
Consent Order
 07/14/2015
10(d)(4)(iv).  The Court or body taking the Action and location:
Massachusetts Securities Division
10(d)(4)(v).  Description of the action or claim:
LPL consented to the findings that it did not establish, maintain, or enforce adequate procedures to review senior-specific titles for compliance with the Commonwealth's Senior Designations Regulations adopted June 1, 2007. As a result, LPL allowed its broker-dealer agents and investment adviser representatives to use prohibited senior-specific designations.
10(d)(4)(vi).  Disposition of action or claim:
Censure, undertakings, cease and desist, and a fine in the amount of $250,000.00.
10(d)(4)(i).  The individuals named in the action or claim:
LPL Financial
10(d)(4)(ii).  Title of Action 10(d)(4)(iii).  Date of Action
Stipulation and Consent
 07/31/2015
10(d)(4)(iv).  The Court or body taking the Action and location:
State of Florida Office of Financial Regulation
10(d)(4)(v).  Description of the action or claim:
LPL consented to the sanctions and the entry of the findings that from September 2009 to September 2013, LPL allowed one of its registered representatives to engage in investment advisory business from an office in the State of Florida without being lawfully registered in Florida.
10(d)(4)(vi).  Disposition of action or claim:
Cease and desist and a fine in the amount of $10,000.00.
10(d)(4)(i).  The individuals named in the action or claim:
LPL Financial
10(d)(4)(ii).  Title of Action 10(d)(4)(iii).  Date of Action
Consent Order
 09/22/2015
10(d)(4)(iv).  The Court or body taking the Action and location:
State of Delaware Investor Protection Unit
10(d)(4)(v).  Description of the action or claim:
LPL consented to the sanctions and the entry of findings that LPL failed to ensure that its financial advisors understood and explained the unique risks, failed to enforce its warning and fine system with regard to its leveraged ETFs concentration limits, and failed to adequately monitor and ensure the monitoring of client holding periods, all of which constitute a failure to supervise.
10(d)(4)(vi).  Disposition of action or claim:
Fine in the amount of $50,000, restitution in the amount of $150,000.00, and undertakings.
10(d)(4)(i).  The individuals named in the action or claim:
LPL Financial
10(d)(4)(ii).  Title of Action 10(d)(4)(iii).  Date of Action
Consent Order
 10/01/2015
10(d)(4)(iv).  The Court or body taking the Action and location:
State of Nevada Securities Division
10(d)(4)(v).  Description of the action or claim:
LPL consented to the sanctions and the entry of findings that from January 1, 2008 through December 31, 2013, LPL offered multiple non-traded REITs that were sold in excess of the REIT's prospectus standards, various state concentration limits, or its own alternative investment guidelines. LPL failed to implement an adequate supervisory system that was reasonably designed to achieve compliance with NAC 90.321. LPL also failed to enforce its written procedures to supervise the activities of its registered representatives in violation of NAC 90.321.
10(d)(4)(vi).  Disposition of action or claim:
Fine of $21,202.19 and reimbursement of $19,676.00 for investigation costs to Nevada, reimbursement of $35,000.00 for investigation costs to NASAA, censure, restitution, cease and desist, and undertakings.
10(d)(4)(i).  The individuals named in the action or claim:
LPL Financial
10(d)(4)(ii).  Title of Action 10(d)(4)(iii).  Date of Action
Assurance of Discontinuance
 09/15/2015
10(d)(4)(iv).  The Court or body taking the Action and location:
Commonwealth of Massachusetts
10(d)(4)(v).  Description of the action or claim:
LPL consented to the sanctions and the entry of findings that LPL offered leveraged ETFs without monitoring and systematically reviewing the length of time its clients held leveraged ETFs. LPL provided insufficient training materials to financial advisors and failed to identify and examine potential issues concerning the suitability of leveraged ETF exposure. Moreover, LPL did not consistently adhere to its policy of imposing fines on LPL financial advisors who exceeded this concentration limit.
10(d)(4)(vi).  Disposition of action or claim:
Fine in the amount of $200,000.00, restitution in the amount of $1,600,000.00, and undertakings.
10(d)(4)(i).  The individuals named in the action or claim:
LPL Financial
10(d)(4)(ii).  Title of Action 10(d)(4)(iii).  Date of Action
Consent Order
 11/04/2015
10(d)(4)(iv).  The Court or body taking the Action and location:
State of Ohio Department of Insurance
10(d)(4)(v).  Description of the action or claim:
LPL consented to the allegations that it violated Ohio statute 3905.22 by failing to timely report a regulatory action taken by the state of New Hampshire dated April 6, 2015.
10(d)(4)(vi).  Disposition of action or claim:
Civil fine in the amount of $1,800.00 and administrative costs of $200.00.
10(d)(4)(i).  The individuals named in the action or claim:
LPL Financial LLC
10(d)(4)(ii).  Title of Action 10(d)(4)(iii).  Date of Action
Administrative Consent Order
 11/24/2015
10(d)(4)(iv).  The Court or body taking the Action and location:
Mississippi Securities Division
10(d)(4)(v).  Description of the action or claim:
LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Mississippi residents.
10(d)(4)(vi).  Disposition of action or claim:
Civil penalty in the amount of $19,253.45, cease and desist, offers of remediation, and undertakings.
10(d)(4)(i).  The individuals named in the action or claim:
LPL Financial LLC
10(d)(4)(ii).  Title of Action 10(d)(4)(iii).  Date of Action
Consent Order
 11/23/2015
10(d)(4)(iv).  The Court or body taking the Action and location:
Commonwealth of Puerto Rico
10(d)(4)(v).  Description of the action or claim:
LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Puerto Rico residents.
10(d)(4)(vi).  Disposition of action or claim:
Civil penalty in the amount of $10,125.11, cease and desist, offers of remediation, and undertakings.
10(d)(4)(i).  The individuals named in the action or claim:
LPL Financial LLC
10(d)(4)(ii).  Title of Action 10(d)(4)(iii).  Date of Action
Consent Order
 11/30/2015
10(d)(4)(iv).  The Court or body taking the Action and location:
Pennsylvania Department of Banking and Securities
10(d)(4)(v).  Description of the action or claim:
LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Pennsylvania residents.
10(d)(4)(vi).  Disposition of action or claim:
Civil penalty in the amount of $26,110.92, cease and desist, offers of remediation, and undertakings.
10(d)(4)(i).  The individuals named in the action or claim:
LPL Financial LLC
10(d)(4)(ii).  Title of Action 10(d)(4)(iii).  Date of Action
Consent Order
 11/24/2015
10(d)(4)(iv).  The Court or body taking the Action and location:
New Mexico Securities Division
10(d)(4)(v).  Description of the action or claim:
LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to New Mexico residents.
10(d)(4)(vi).  Disposition of action or claim:
Civil penalty in the amount of $11,528.48, cease and desist, offers of remediation, and undertakings.
10(d)(4)(i).  The individuals named in the action or claim:
LPL Financial LLC
10(d)(4)(ii).  Title of Action 10(d)(4)(iii).  Date of Action
Consent Order
 11/30/2015
10(d)(4)(iv).  The Court or body taking the Action and location:
South Dakota Division of Securities
10(d)(4)(v).  Description of the action or claim:
LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to South Dakota residents. The Firm received a copy of the final Consent Order on November 30, 2015.
10(d)(4)(vi).  Disposition of action or claim:
Civil penalty in the amount of $12,500.70, cease and desist, offers of remediation, and undertakings.
10(d)(4)(i).  The individuals named in the action or claim:
LPL Financial LLC
10(d)(4)(ii).  Title of Action 10(d)(4)(iii).  Date of Action
Consent Order
 11/24/2015
10(d)(4)(iv).  The Court or body taking the Action and location:
Indiana Securities Division
10(d)(4)(v).  Description of the action or claim:
LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Indiana residents.
10(d)(4)(vi).  Disposition of action or claim:
Civil penalty in the amount of $19,041.63 and reimbursement of $35,000 for investigation costs to NASAA, cease and desist, offers of remediation, and undertakings.
10(d)(4)(i).  The individuals named in the action or claim:
LPL Financial LLC
10(d)(4)(ii).  Title of Action 10(d)(4)(iii).  Date of Action
Stipulation and Consent Order
 12/03/2015
10(d)(4)(iv).  The Court or body taking the Action and location:
Utah Division of Securities
10(d)(4)(v).  Description of the action or claim:
LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Utah residents.
10(d)(4)(vi).  Disposition of action or claim:
Civil penalty in the amount of $18,293.16, cease and desist, offers of remediation, and undertakings.
10(d)(4)(i).  The individuals named in the action or claim:
LPL Financial LLC
10(d)(4)(ii).  Title of Action 10(d)(4)(iii).  Date of Action
Consent Order
 12/03/2015
10(d)(4)(iv).  The Court or body taking the Action and location:
Missouri Securities Division
10(d)(4)(v).  Description of the action or claim:
LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Missouri residents.
10(d)(4)(vi).  Disposition of action or claim:
Civil penalty in the amount of $38,522.75, cease and desist, offers of remediation, and undertakings.
10(d)(4)(i).  The individuals named in the action or claim:
LPL Financial LLC
10(d)(4)(ii).  Title of Action 10(d)(4)(iii).  Date of Action
Consent Order
 12/01/2015
10(d)(4)(iv).  The Court or body taking the Action and location:
Texas State Securities Board
10(d)(4)(v).  Description of the action or claim:
LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Texas residents.
10(d)(4)(vi).  Disposition of action or claim:
Civil penalty in the amount of $110,855.07, cease and desist, offers of remediation, and undertakings.
10(d)(4)(i).  The individuals named in the action or claim:
LPL Financial LLC
10(d)(4)(ii).  Title of Action 10(d)(4)(iii).  Date of Action
Consent To Order
 12/03/2015
10(d)(4)(iv).  The Court or body taking the Action and location:
Alaska Division of Banking and Securities
10(d)(4)(v).  Description of the action or claim:
LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Alaska residents.
10(d)(4)(vi).  Disposition of action or claim:
Civil penalty in the amount of $10,570.45, cease and desist, offers of remediation, and undertakings.
10(d)(4)(i).  The individuals named in the action or claim:
LPL Financial LLC
10(d)(4)(ii).  Title of Action 10(d)(4)(iii).  Date of Action
Stipulation for Consent Order
 12/30/2015
10(d)(4)(iv).  The Court or body taking the Action and location:
Colorado Division of Securities
10(d)(4)(v).  Description of the action or claim:
LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Colorado residents.
10(d)(4)(vi).  Disposition of action or claim:
Civil penalty in the amount of $40,183.94, cease and desist, offers of remediation, and undertakings.
10(d)(4)(i).  The individuals named in the action or claim:
LPL Financial LLC
10(d)(4)(ii).  Title of Action 10(d)(4)(iii).  Date of Action
Stipulation and Consent Agreement
 12/30/2015
10(d)(4)(iv).  The Court or body taking the Action and location:
Florida Office of Financial Regulation
10(d)(4)(v).  Description of the action or claim:
LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Florida residents.
10(d)(4)(vi).  Disposition of action or claim:
Administrative fine in the amount of $50,555.39, cease and desist, offers of remediation, and undertakings.
10(d)(4)(i).  The individuals named in the action or claim:
LPL Financial LLC
10(d)(4)(ii).  Title of Action 10(d)(4)(iii).  Date of Action
Consent Order
 01/08/2016
10(d)(4)(iv).  The Court or body taking the Action and location:
Georgia Securities Division
10(d)(4)(v).  Description of the action or claim:
LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Georgia residents.
10(d)(4)(vi).  Disposition of action or claim:
Civil penalty in the amount of $28,021.63, cease and desist, offers of remediation, and undertakings.
10(d)(4)(i).  The individuals named in the action or claim:
LPL Financial LLC
10(d)(4)(ii).  Title of Action 10(d)(4)(iii).  Date of Action
Consent Order
 12/21/2015
10(d)(4)(iv).  The Court or body taking the Action and location:
Idaho Department of Finance
10(d)(4)(v).  Description of the action or claim:
LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Idaho residents.
10(d)(4)(vi).  Disposition of action or claim:
Civil penalty in the amount of $17,738.18, cease and desist, offers of remediation, and undertakings.
10(d)(4)(i).  The individuals named in the action or claim:
LPL Financial LLC
10(d)(4)(ii).  Title of Action 10(d)(4)(iii).  Date of Action
Consent Order
 01/05/2016
10(d)(4)(iv).  The Court or body taking the Action and location:
Iowa Insurance Division
10(d)(4)(v).  Description of the action or claim:
LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Iowa residents.
10(d)(4)(vi).  Disposition of action or claim:
Civil penalty in the amount of $16,638.57, cease and desist, offers of remediation, and undertakings.
10(d)(4)(i).  The individuals named in the action or claim:
LPL Financial LLC
10(d)(4)(ii).  Title of Action 10(d)(4)(iii).  Date of Action
Consent Order
 12/21/2015
10(d)(4)(iv).  The Court or body taking the Action and location:
Michigan Department of Licensing and Regulatory Affairs
10(d)(4)(v).  Description of the action or claim:
LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Michigan residents. The Consent Order was issued and entered by Michigan on December 21, 2015.
10(d)(4)(vi).  Disposition of action or claim:
Civil penalty in the amount of $38,133.80, cease and desist, offers of remediation, and undertakings.
10(d)(4)(i).  The individuals named in the action or claim:
LPL Financial LLC
10(d)(4)(ii).  Title of Action 10(d)(4)(iii).  Date of Action
Consent Order
 12/23/2015
10(d)(4)(iv).  The Court or body taking the Action and location:
Minnesota Department of Commerce
10(d)(4)(v).  Description of the action or claim:
LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Minnesota residents. The Firm received a copy of the final Consent Order on December 23, 2015.
10(d)(4)(vi).  Disposition of action or claim:
Civil penalty in the amount of $41,209.74, cease and desist, offers of remediation, and undertakings.
10(d)(4)(i).  The individuals named in the action or claim:
LPL Financial LLC
10(d)(4)(ii).  Title of Action 10(d)(4)(iii).  Date of Action
Consent Order
 12/29/2015
10(d)(4)(iv).  The Court or body taking the Action and location:
Nebraska Department of Banking & Finance
10(d)(4)(v).  Description of the action or claim:
LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Nebraska residents.
10(d)(4)(vi).  Disposition of action or claim:
Civil penalty in the amount of $16,736.07, cease and desist, offers of remediation, and undertakings.
10(d)(4)(i).  The individuals named in the action or claim:
LPL Financial LLC
10(d)(4)(ii).  Title of Action 10(d)(4)(iii).  Date of Action
Consent Order
 12/15/2015
10(d)(4)(iv).  The Court or body taking the Action and location:
New Hampshire Bureau of Securities Regulation
10(d)(4)(v).  Description of the action or claim:
Without admitting or denying the facts or allegations, LPL consented to the findings that LPL failed to implement an adequate supervisory system and enforce its written procedures regarding the sale of non-traded REITs to New Hampshire residents.
10(d)(4)(vi).  Disposition of action or claim:
Pay an administrative fine of $250,000.00, the Bureau's costs of $250,000.00, and a contribution to the investor education fund of $250,000.00, offer remediation, undertakings, and cease and desist from any further violations.
10(d)(4)(i).  The individuals named in the action or claim:
LPL Financial
10(d)(4)(ii).  Title of Action 10(d)(4)(iii).  Date of Action
Administrative Consent Order
 01/29/2016
10(d)(4)(iv).  The Court or body taking the Action and location:
California Department of Business Oversight
10(d)(4)(v).  Description of the action or claim:
LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to California residents.
10(d)(4)(vi).  Disposition of action or claim:
Civil penalty in the amount of $140,220.11, cease and desist, offers of remediation, and undertakings.
10(d)(4)(i).  The individuals named in the action or claim:
LPL Financial LLC
10(d)(4)(ii).  Title of Action 10(d)(4)(iii).  Date of Action
Consent Order
 01/15/2016
10(d)(4)(iv).  The Court or body taking the Action and location:
Washington Department of Financial Institutions Securities Division
10(d)(4)(v).  Description of the action or claim:
LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Washington residents.
10(d)(4)(vi).  Disposition of action or claim:
Civil penalty in the amount of $65,766.07, cease and desist, offers of remediation, and undertakings.
10(d)(4)(i).  The individuals named in the action or claim:
LPL Financial LLC
10(d)(4)(ii).  Title of Action 10(d)(4)(iii).  Date of Action
Consent Order
 02/09/2016
10(d)(4)(iv).  The Court or body taking the Action and location:
Alabama Securities Commission
10(d)(4)(v).  Description of the action or claim:
LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Alabama residents.
10(d)(4)(vi).  Disposition of action or claim:
Civil penalty in the amount of $18,267.52, of which $8,267.52 represents partial reimbursement for the Commission's cost for investigating this matter, cease and desist, offers of remediation, and undertakings.
10(d)(4)(i).  The individuals named in the action or claim:
LPL Financial LLC
10(d)(4)(ii).  Title of Action 10(d)(4)(iii).  Date of Action
Consent Order
 02/09/2016
10(d)(4)(iv).  The Court or body taking the Action and location:
North Dakota Securities Department
10(d)(4)(v).  Description of the action or claim:
LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to North Dakota residents.
10(d)(4)(vi).  Disposition of action or claim:
Civil penalty in the amount of $11,012.50, cease and desist, offers of remediation, and undertakings.
10(d)(4)(i).  The individuals named in the action or claim:
LPL Financial LLC
10(d)(4)(ii).  Title of Action 10(d)(4)(iii).  Date of Action
Consent Order
 02/18/2016
10(d)(4)(iv).  The Court or body taking the Action and location:
Texas State Securities Board
10(d)(4)(v).  Description of the action or claim:
In May 2015, the Staff of the Texas Securities Board initiated an investigation into LPL's Financial Statement Reviews for agents registered with the Texas Securities Commission. In certain instances, during the relevant periods of January 2011 through September 2011 and June 2014 through December 2014, the Financial Statement Reviews were not conducted in accordance with LPL's written supervisory procedures.
10(d)(4)(vi).  Disposition of action or claim:
LPL consented to the entry of the order, an administrative fine in the amount of $95,000.00, and undertakings.
10(d)(4)(i).  The individuals named in the action or claim:
LPL Financial LLC
10(d)(4)(ii).  Title of Action 10(d)(4)(iii).  Date of Action
Consent Order
 02/19/2016
10(d)(4)(iv).  The Court or body taking the Action and location:
Washington Insurance Commissioner
10(d)(4)(v).  Description of the action or claim:
LPL consented to the entry of a consent order with the Insurance Commissioner of the state of Washington, after its investigation into the conduct of a non-resident insurance producer after receiving a complaint from an insured alleging that he misrepresented the benefits and suitability of an annuity. More than one of the insurance producers' violations were known or should have been known by one or more individuals acting on behalf of LPL, and LPL neither reported the violations nor took corrective action.
10(d)(4)(vi).  Disposition of action or claim:
LPL paid a fine in the amount of $2,000.00.
10(d)(4)(i).  The individuals named in the action or claim:
LPL Financial LLC
10(d)(4)(ii).  Title of Action 10(d)(4)(iii).  Date of Action
Consent Order
 02/26/2016
10(d)(4)(iv).  The Court or body taking the Action and location:
Office of the Kansas Securities Commissioner
10(d)(4)(v).  Description of the action or claim:
LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Kansas residents.
10(d)(4)(vi).  Disposition of action or claim:
Civil penalty in the amount of $16,182.86, cease and desist, offers of remediation, and undertakings.
10(d)(4)(i).  The individuals named in the action or claim:
LPL Financial LLC
10(d)(4)(ii).  Title of Action 10(d)(4)(iii).  Date of Action
Administrative Consent Order
 02/29/2016
10(d)(4)(iv).  The Court or body taking the Action and location:
Kentucky Department of Financial Institutions
10(d)(4)(v).  Description of the action or claim:
LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Kentucky residents.
10(d)(4)(vi).  Disposition of action or claim:
Civil penalty in the amount of $22,841.84, cease and desist, offers of remediation, and undertakings.
10(d)(4)(i).  The individuals named in the action or claim:
LPL Financial LLC
10(d)(4)(ii).  Title of Action 10(d)(4)(iii).  Date of Action
Consent Order
 03/02/2016
10(d)(4)(iv).  The Court or body taking the Action and location:
Wisconsin Division of Securities
10(d)(4)(v).  Description of the action or claim:
LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Wisconsin residents.
10(d)(4)(vi).  Disposition of action or claim:
Civil penalty in the amount of $25,928.70, cease and desist, offers of remediation, and undertakings.
10(d)(4)(i).  The individuals named in the action or claim:
LPL Financial LLC
10(d)(4)(ii).  Title of Action 10(d)(4)(iii).  Date of Action
Consent Order
 03/04/2016
10(d)(4)(iv).  The Court or body taking the Action and location:
Tennessee Securities Division
10(d)(4)(v).  Description of the action or claim:
LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Tennessee residents.
10(d)(4)(vi).  Disposition of action or claim:
Civil penalty in the amount of $33,714.11, cease and desist, offers of remediation, and undertakings.
10(d)(4)(i).  The individuals named in the action or claim:
LPL Financial LLC
10(d)(4)(ii).  Title of Action 10(d)(4)(iii).  Date of Action
Consent Order
 03/11/2016
10(d)(4)(iv).  The Court or body taking the Action and location:
U.S. Virgin Islands Division of Banking and Insurance
10(d)(4)(v).  Description of the action or claim:
LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to U.S. Virgin Islands residents.
10(d)(4)(vi).  Disposition of action or claim:
Civil penalty in the amount of $10,013.22, cease and desist, offers of remediation, and undertakings.
10(d)(4)(i).  The individuals named in the action or claim:
LPL Financial LLC
10(d)(4)(ii).  Title of Action 10(d)(4)(iii).  Date of Action
Consent Order
 03/14/2016
10(d)(4)(iv).  The Court or body taking the Action and location:
Ohio Division of Securities
10(d)(4)(v).  Description of the action or claim:
LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Ohio residents.
10(d)(4)(vi).  Disposition of action or claim:
Civil penalty in the amount of $35,522.13, cease and desist, offers of remediation, and undertakings.
10(d)(4)(i).  The individuals named in the action or claim:
LPL Financial LLC
10(d)(4)(ii).  Title of Action 10(d)(4)(iii).  Date of Action
Consent Order
 03/30/2016
10(d)(4)(iv).  The Court or body taking the Action and location:
South Carolina Securities Commission
10(d)(4)(v).  Description of the action or claim:
LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to South Carolina residents.
10(d)(4)(vi).  Disposition of action or claim:
Civil penalty in the amount of $80,000.00, cease and desist, offers of remediation, and undertakings.
10(d)(4)(i).  The individuals named in the action or claim:
LPL Financial LLC
10(d)(4)(ii).  Title of Action 10(d)(4)(iii).  Date of Action
Consent Order
 04/26/2016
10(d)(4)(iv).  The Court or body taking the Action and location:
Arkansas Securities Division
10(d)(4)(v).  Description of the action or claim:
LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Arkansas residents.
10(d)(4)(vi).  Disposition of action or claim:
Civil penalty in the amount of $19,347.74, cease and desist, offers of remediation, and undertakings.
10(d)(4)(i).  The individuals named in the action or claim:
LPL Financial LLC
10(d)(4)(ii).  Title of Action 10(d)(4)(iii).  Date of Action
Consent Order
 04/29/2016
10(d)(4)(iv).  The Court or body taking the Action and location:
Oregon Division of Financial Regulation
10(d)(4)(v).  Description of the action or claim:
LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Oregon residents.
10(d)(4)(vi).  Disposition of action or claim:
Civil penalty in the amount of $24,642.20, cease and desist, offers of remediation, and undertakings.
10(d)(4)(i).  The individuals named in the action or claim:
LPL Financial LLC
10(d)(4)(ii).  Title of Action 10(d)(4)(iii).  Date of Action
Consent Order
 05/03/2016
10(d)(4)(iv).  The Court or body taking the Action and location:
Oklahoma Department of Securities
10(d)(4)(v).  Description of the action or claim:
LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Oklahoma residents.
10(d)(4)(vi).  Disposition of action or claim:
Civil penalty in the amount of $21,245.14, cease and desist, offers of remediation, and undertakings.
10(d)(5). ever denied, suspended, or revoked the applicant`s or a control affiliate`s registration or license, or prevented it from associating with an investment-related business, or otherwise disciplined it by restricting its activities?
X Yes    No
10(d)(5)(i).  The individuals named in the action or claim:
LPL Financial
10(d)(5)(ii).  Title of Action 10(d)(5)(iii).  Date of Action
Order of Revocation
 02/13/2015
10(d)(5)(iv).  The Court or body taking the Action and location:
State of Ohio Department of Insurance
10(d)(5)(v).  Description of the action or claim:
On or about September 4, 2014, LPL entered into a Consent Agreement with the Ohio Department of Insurance regarding the reporting of various administrative actions on its license. Pursuant to the agreement, LPL was required to pay a civil penalty and administrative costs. LPL failed to comply with the order in paying the civil penalty and administrative costs. On February 27, 2015, the Ohio Department of Insurance issued an order vacating the prior Order of Revocation entered on February 13, 2015.
10(d)(5)(vi).  Disposition of action or claim:
LPL did not receive the invoice for the $1,000 civil penalty and administrative costs. When the Firm became aware of the Order of Revocation, the monetary penalty was paid promptly and the Firm's license was reinstated on February 27, 2015.
10(d)(6). ever revoked or suspended the applicant`s or a control affiliate`s license as an attorney or accountant?
   Yes X No
10(e).  Has any self-regulatory organization or commodities exchange ever:
10(e)(1). found the applicant or a control affiliate to have made a false statement or omission?
X Yes    No
10(e)(1)(i).  The individuals named in the action or claim:
LPL Financial
10(e)(1)(ii).  Title of Action 10(e)(1)(iii).  Date of Action
Acceptance, Waiver and Consent
 05/21/2013
10(e)(1)(iv).  The Court or body taking the Action and location:
FINRA
10(e)(1)(v).  Description of the action or claim:
The matter involved inadequate e-mail supervision and allegations of misstatements regarding the chronology of events concerning the LPL's discovery of the issue.
10(e)(1)(vi).  Disposition of action or claim:
Fine of $7,500,000.00.
10(e)(2). found the applicant or a control affiliate to have been involved in a violation of its rules?
X Yes    No
10(e)(2)(i).  The individuals named in the action or claim:
PLFS (N/K/A LPL Financial)
10(e)(2)(ii).  Title of Action 10(e)(2)(iii).  Date of Action
Acceptance, Waiver and Consent
 06/04/1980
10(e)(2)(iv).  The Court or body taking the Action and location:
NASD District 2 Business Conduct Committee
10(e)(2)(v).  Description of the action or claim:
Allegations involved failure to supervise a branch office for use of stationary and business cards, failure to use appropriate signage and a listing in a phone directory.
10(e)(2)(vi).  Disposition of action or claim:
Fine of $500.00.
10(e)(2)(i).  The individuals named in the action or claim:
LPL Financial
10(e)(2)(ii).  Title of Action 10(e)(2)(iii).  Date of Action
Acceptance, Waiver and Consent
 02/13/2003
10(e)(2)(iv).  The Court or body taking the Action and location:
NASD
10(e)(2)(v).  Description of the action or claim:
The matter arose out of a representatives' unauthorized participation in and postings on electronic bulletin boards.
10(e)(2)(vi).  Disposition of action or claim:
The AWC resulted in a fine of $5,000.00 and an undertaking to revise LPL's written supervisory procedures concerning communications with the public via electronic media.
10(e)(2)(i).  The individuals named in the action or claim:
LPL Financial
10(e)(2)(ii).  Title of Action 10(e)(2)(iii).  Date of Action
Acceptance, Waiver and Consent
 03/27/2003
10(e)(2)(iv).  The Court or body taking the Action and location:
NASD
10(e)(2)(v).  Description of the action or claim:
The matter arose from an error in reporting 23 transactions in FIPS securities within five minutes after execution.
10(e)(2)(vi).  Disposition of action or claim:
The AWC resulted in a fine of $5,000.00.
10(e)(2)(i).  The individuals named in the action or claim:
LPL Financial
10(e)(2)(ii).  Title of Action 10(e)(2)(iii).  Date of Action
Acceptance, Waiver and Consent
 02/12/2004
10(e)(2)(iv).  The Court or body taking the Action and location:
NASD
10(e)(2)(v).  Description of the action or claim:
Action involved allegations related to application of mutual breakpoints for eligible customers on purchases of front-end load mutual funds.
10(e)(2)(vi).  Disposition of action or claim:
LPL was censured and fined $2,232,805.00 and made various other undertakings to the NASD.
10(e)(2)(i).  The individuals named in the action or claim:
LPL Financial
10(e)(2)(ii).  Title of Action 10(e)(2)(iii).  Date of Action
Acceptance, Waiver and Consent
 10/11/2004
10(e)(2)(iv).  The Court or body taking the Action and location:
NASD
10(e)(2)(v).  Description of the action or claim:
The matter involved allegations related to two municipal bond liquidations.
10(e)(2)(vi).  Disposition of action or claim:
AWC resulted in censure and fine of $5,000.00, restitution of $4,662.00, and undertaking to review written supervisory procedures related to determining FMV of municipal securities.
10(e)(2)(i).  The individuals named in the action or claim:
LPL Financial
10(e)(2)(ii).  Title of Action 10(e)(2)(iii).  Date of Action
Acceptance, Waiver and Consent
 11/30/2004
10(e)(2)(iv).  The Court or body taking the Action and location:
NASD
10(e)(2)(v).  Description of the action or claim:
The matter arose out of LPL's alleged late filing of amendments to Forms U4 and Forms U5 from January 2002 through March 2004.
10(e)(2)(vi).  Disposition of action or claim:
The AWC resulted in a censure, fine in the amount of $450,000.00 and various undertakings by LPL.
10(e)(2)(i).  The individuals named in the action or claim:
LPL Financial
10(e)(2)(ii).  Title of Action 10(e)(2)(iii).  Date of Action
Acceptance, Waiver and Consent
 06/08/2005
10(e)(2)(iv).  The Court or body taking the Action and location:
NASD
10(e)(2)(v).  Description of the action or claim:
The matter arose out of LPL's acceptance of directed brokerage payments from mutual fund companies.
10(e)(2)(vi).  Disposition of action or claim:
The AWC resulted in a fine of $3,602,398.00.
10(e)(2)(i).  The individuals named in the action or claim:
LPL Financial
10(e)(2)(ii).  Title of Action 10(e)(2)(iii).  Date of Action
Acceptance, Waiver and Consent
 11/14/2005
10(e)(2)(iv).  The Court or body taking the Action and location:
NASD
10(e)(2)(v).  Description of the action or claim:
Allegations that LPL failed to establish, maintain and enforce reasonable system of procedures to supervise activities of registered persons in connection with wire transfers.
10(e)(2)(vi).  Disposition of action or claim:
AWC resulted in a censure and fine of $75,000.00.
10(e)(2)(i).  The individuals named in the action or claim:
LPL Financial
10(e)(2)(ii).  Title of Action 10(e)(2)(iii).  Date of Action
Acceptance, Waiver and Consent
 12/19/2005
10(e)(2)(iv).  The Court or body taking the Action and location:
NASD
10(e)(2)(v).  Description of the action or claim:
Matter arose out of allegations related to recommendations to customers for the purchase of mutual fund Class B and C shares.
10(e)(2)(vi).  Disposition of action or claim:
The AWC resulted in a fine of $2,400,000.00.
10(e)(2)(i).  The individuals named in the action or claim:
LPL Financial
10(e)(2)(ii).  Title of Action 10(e)(2)(iii).  Date of Action
Acceptance, Waiver and Consent
 01/06/2006
10(e)(2)(iv).  The Court or body taking the Action and location:
NASD
10(e)(2)(v).  Description of the action or claim:
The matter arose out of allegations related to violations of NASD rules regarding the termination of research coverage of subject companies.
10(e)(2)(vi).  Disposition of action or claim:
The matter resulted in a fine of $5,000.00.
10(e)(2)(i).  The individuals named in the action or claim:
LPL Financial
10(e)(2)(ii).  Title of Action 10(e)(2)(iii).  Date of Action
Acceptance, Waiver and Consent
 12/21/2006
10(e)(2)(iv).  The Court or body taking the Action and location:
NASD
10(e)(2)(v).  Description of the action or claim:
Allegations were that during a period, LPL failed to establish, maintain and enforce adequate supervisory systems related to variable annuity exchanges.
10(e)(2)(vi).  Disposition of action or claim:
The AWC resulted in various undertakings by LPL.
10(e)(2)(i).  The individuals named in the action or claim:
LPL Financial
10(e)(2)(ii).  Title of Action 10(e)(2)(iii).  Date of Action
Acceptance, Waiver and Consent
 04/17/2007
10(e)(2)(iv).  The Court or body taking the Action and location:
NASD
10(e)(2)(v).  Description of the action or claim:
Allegations that LPL failed to timely amend a representative's Form U4 with material information.
10(e)(2)(vi).  Disposition of action or claim:
The AWC resulted in a fine of $5,000.00.
10(e)(2)(i).  The individuals named in the action or claim:
LPL Financial
10(e)(2)(ii).  Title of Action 10(e)(2)(iii).  Date of Action
Acceptance, Waiver and Consent
 09/04/2009
10(e)(2)(iv).  The Court or body taking the Action and location:
FINRA
10(e)(2)(v).  Description of the action or claim:
Allegations involved failure to comply with MSRB Rule G-14.
10(e)(2)(vi).  Disposition of action or claim:
AWC resulted in a fine to LPL of $5,000.00.
10(e)(2)(i).  The individuals named in the action or claim:
LPL Financial
10(e)(2)(ii).  Title of Action 10(e)(2)(iii).  Date of Action
Acceptance, Waiver and Consent
 01/20/2011
10(e)(2)(iv).  The Court or body taking the Action and location:
FINRA
10(e)(2)(v).  Description of the action or claim:
Allegations involved review of e-mails.
10(e)(2)(vi).  Disposition of action or claim:
Resulted in a censure and fine of $100,000.00.
10(e)(2)(i).  The individuals named in the action or claim:
LPL Financial
10(e)(2)(ii).  Title of Action 10(e)(2)(iii).  Date of Action
Acceptance, Waiver and Consent
 01/20/2011
10(e)(2)(iv).  The Court or body taking the Action and location:
FINRA
10(e)(2)(v).  Description of the action or claim:
Allegations involved review of procedures on transmittal of cash and securities from customer accounts to third-party accounts.
10(e)(2)(vi).  Disposition of action or claim:
Resulted in a censure and fine of $100,000.00.
10(e)(2)(i).  The individuals named in the action or claim:
LPL Financial
10(e)(2)(ii).  Title of Action 10(e)(2)(iii).  Date of Action
Acceptance, Waiver and Consent
 01/06/2011
10(e)(2)(iv).  The Court or body taking the Action and location:
FINRA
10(e)(2)(v).  Description of the action or claim:
Allegations that LPL did not use reasonable diligence to ascertain best inter-dealer market and failed to buy or sell in such market so that the resulting price to customers was as favorable as possible.
10(e)(2)(vi).  Disposition of action or claim:
Resulted in a censure and fine of $20,000.00.
10(e)(2)(i).  The individuals named in the action or claim:
LPL Financial
10(e)(2)(ii).  Title of Action 10(e)(2)(iii).  Date of Action
Acceptance, Waiver and Consent
 12/22/2010
10(e)(2)(iv).  The Court or body taking the Action and location:
FINRA
10(e)(2)(v).  Description of the action or claim:
Allegations involved procedures on supervision of variable annuity exchanges.
10(e)(2)(vi).  Disposition of action or claim:
Resulted in a censure and fine of $175,000.00.
10(e)(2)(i).  The individuals named in the action or claim:
LPL Financial
10(e)(2)(ii).  Title of Action 10(e)(2)(iii).  Date of Action
Acceptance, Waiver and Consent
 06/03/2008
10(e)(2)(iv).  The Court or body taking the Action and location:
FINRA
10(e)(2)(v).  Description of the action or claim:
Allegations involved failure to supervise a former registered representative in connection with his/her use of investment strategies, marketing materials and the appropriateness of investments.
10(e)(2)(vi).  Disposition of action or claim:
Resulted in a censure and fine of $125,000.00
10(e)(2)(i).  The individuals named in the action or claim:
LPL Financial
10(e)(2)(ii).  Title of Action 10(e)(2)(iii).  Date of Action
Acceptance, Waiver and Consent
 06/08/2011
10(e)(2)(iv).  The Court or body taking the Action and location:
FINRA
10(e)(2)(v).  Description of the action or claim:
Allegations involved procedures on supervision of advertising and public appearances.
10(e)(2)(vi).  Disposition of action or claim:
AWC resulted in a fine of $25,000.00.
10(e)(2)(i).  The individuals named in the action or claim:
LPL Financial
10(e)(2)(ii).  Title of Action 10(e)(2)(iii).  Date of Action
Acceptance, Waiver and Consent
 06/26/2012
10(e)(2)(iv).  The Court or body taking the Action and location:
FINRA
10(e)(2)(v).  Description of the action or claim:
Allegations of trade reporting violations.
10(e)(2)(vi).  Disposition of action or claim:
Matter resulted in censure and $17,000.00 fine.
10(e)(2)(i).  The individuals named in the action or claim:
LPL Financial
10(e)(2)(ii).  Title of Action 10(e)(2)(iii).  Date of Action
Acceptance, Waiver and Consent
 07/26/2011
10(e)(2)(iv).  The Court or body taking the Action and location:
FINRA
10(e)(2)(v).  Description of the action or claim:
Allegations of trade reporting violations.
10(e)(2)(vi).  Disposition of action or claim:
Matter resulted in censure and $22,500.00 fine.
10(e)(2)(i).  The individuals named in the action or claim:
LPL Financial
10(e)(2)(ii).  Title of Action 10(e)(2)(iii).  Date of Action
Acceptance, Waiver and Consent
 05/21/2013
10(e)(2)(iv).  The Court or body taking the Action and location:
FINRA
10(e)(2)(v).  Description of the action or claim:
The matter involved inadequate e-mail supervision and allegations of misstatements regarding the chronology of events concerning the LPL's discovery of the issue.
10(e)(2)(vi).  Disposition of action or claim:
Fine of $7,500,000.00.
10(e)(2)(i).  The individuals named in the action or claim:
LPL Financial
10(e)(2)(ii).  Title of Action 10(e)(2)(iii).  Date of Action
Acceptance, Waiver and Consent
 05/16/2013
10(e)(2)(iv).  The Court or body taking the Action and location:
FINRA
10(e)(2)(v).  Description of the action or claim:
The action arose from allegations of charging commissions that were not fair and reasonable on certain corporate and municipal bonds.
10(e)(2)(vi).  Disposition of action or claim:
Fine of $60,000.00.
10(e)(2)(i).  The individuals named in the action or claim:
LPL Financial
10(e)(2)(ii).  Title of Action 10(e)(2)(iii).  Date of Action
Acceptance, Waiver and Consent
 12/31/2012
10(e)(2)(iv).  The Court or body taking the Action and location:
FINRA
10(e)(2)(v).  Description of the action or claim:
Allegations of inadequate supervision of mutual fund prospectus delivery to customers.
10(e)(2)(vi).  Disposition of action or claim:
Fine of $400,000.00.
10(e)(2)(i).  The individuals named in the action or claim:
LPL Financial
10(e)(2)(ii).  Title of Action 10(e)(2)(iii).  Date of Action
Acceptance, Waiver and Consent
 05/06/2015
10(e)(2)(iv).  The Court or body taking the Action and location:
FINRA
10(e)(2)(v).  Description of the action or claim:
Beginning in 2007, LPL pursued a strategy of significantly increasing the size of the Firm but LPL did not accompany this rapid growth with a concomitant dedication of sufficient resources to permit the Firm to meet its supervisory obligations. As a result, the Firm failed to have adequate systems and procedures in place to supervise certain aspects of its business. Examples of the alleged failures stemming from these allegations are set forth in the AWC, number 2013035109701.
10(e)(2)(vi).  Disposition of action or claim:
$10,000,000 fine, undertakings, and restitution to certain customers.
10(e)(2)(i).  The individuals named in the action or claim:
LPL Financial
10(e)(2)(ii).  Title of Action 10(e)(2)(iii).  Date of Action
Acceptance, Waiver and Consent
 07/06/2015
10(e)(2)(iv).  The Court or body taking the Action and location:
FINRA
10(e)(2)(v).  Description of the action or claim:
Without admitting or denying the findings, the Firm consented to the sanctions and to the entry of findings that it disadvantaged certain retirement plan and charitable organization customers who were eligible to purchase Class A shares in certain mutual funds without a front-end sales charge. The findings stated that these customers were instead sold Class A shares with a front-end sales charge or a Class B or C shares with back-end sales charges and higher ongoing fees and expenses. These sales disadvantaged customers by causing them to pay higher fees than they were actually required to pay. The findings also stated that the Firm has failed to establish and maintain a supervisory system and procedures reasonably designed to ensure that customers who purchased mutual fund shares received the benefit of applicable sales charge waivers. The Firm also failed to adopt any controls to detect instances in which the Firm did not provide sales charge waivers to customers in connection with their mutual fund purchases.
10(e)(2)(vi).  Disposition of action or claim:
Censure, undertakings, and $5.72 million in restitution to customers.
10(e)(3). found the applicant or a control affiliate to have been the cause of an investment-related business losing its authorization to do business?
   Yes X No
10(e)(4). disciplined the applicant or a control affiliate by expelling or suspending it from membership, by barring or suspending its association with other members, or by otherwise restricting its activities?
   Yes X No
10(f). Has any foreign government, court, regulatory agency, or exchange ever entered an order against the applicant or a control affiliate related to investments or fraud?
   Yes X No
10(g). Is the applicant or a control affiliate now the subject of any proceeding that could result in a yes answer to questions 10(a) - 10(f)?
   Yes X No
10(h). Has a bonding company denied, paid out on, or revoked a bond for the applicant or a control affiliate?
X Yes    No
10(h)(1)(i).  The individuals named in the action or claim:
N/A
10(h)(1)(ii).  Title of Action 10(h)(1)(iii).  Date of Action
N/A
 12/01/1989
10(h)(1)(iv).  The Court or body taking the Action and location:
N/A
10(h)(1)(v).  Description of the action or claim:
A claim for recovery of corporate funds embezzled by a former employee (not securities licensed) in the Private Ledger Financial Services Accounting Department.
10(h)(1)(vi).  Disposition of action or claim:
Claim was paid in late 1989 by the National Union Fire Insurance Company.
10(h)(1)(i).  The individuals named in the action or claim:
N/A
10(h)(1)(ii).  Title of Action 10(h)(1)(iii).  Date of Action
N/A
 12/01/2006
10(h)(1)(iv).  The Court or body taking the Action and location:
N/A
10(h)(1)(v).  Description of the action or claim:
Claim for misappropriation of funds by a former registered representative.
10(h)(1)(vi).  Disposition of action or claim:
Claim was paid during 2004 through 2006 by Zurich American.
10(h)(1)(i).  The individuals named in the action or claim:
N/A
10(h)(1)(ii).  Title of Action 10(h)(1)(iii).  Date of Action
N/A
 07/27/2007
10(h)(1)(iv).  The Court or body taking the Action and location:
N/A
10(h)(1)(v).  Description of the action or claim:
Claim for misappropriation of funds by a former registered representative.
10(h)(1)(vi).  Disposition of action or claim:
Claim of $50,000.00 was paid on July 27, 2007 by Zurich American.
10(h)(1)(i).  The individuals named in the action or claim:
N/A
10(h)(1)(ii).  Title of Action 10(h)(1)(iii).  Date of Action
N/A
 11/02/2011
10(h)(1)(iv).  The Court or body taking the Action and location:
N/A
10(h)(1)(v).  Description of the action or claim:
Indemnification payments received from fidelity bond carrier. Claims arising from payments made by individuals to a former registered representative.
10(h)(1)(vi).  Disposition of action or claim:
Payments totaling $1,279,433.79. Dates of payments: August 31, 2009 - $1,080,233.79; July 20, 2010 - $14,000.00 and; November 2, 2011 - $185,200.00.
10(h)(1)(i).  The individuals named in the action or claim:
N/A
10(h)(1)(ii).  Title of Action 10(h)(1)(iii).  Date of Action
N/A
 10/18/2011
10(h)(1)(iv).  The Court or body taking the Action and location:
N/A
10(h)(1)(v).  Description of the action or claim:
Issue related to non-payment of funds loaned to a former registered representative.
10(h)(1)(vi).  Disposition of action or claim:
$2,000,000.00 claim paid.
10(h)(1)(i).  The individuals named in the action or claim:
N/A
10(h)(1)(ii).  Title of Action 10(h)(1)(iii).  Date of Action
N/A
 11/05/2013
10(h)(1)(iv).  The Court or body taking the Action and location:
N/A
10(h)(1)(v).  Description of the action or claim:
Claim for misappropriation of funds by a former registered representative.
10(h)(1)(vi).  Disposition of action or claim:
$1,300,000.00 claim paid.
10(i). Does the applicant or a control affiliate have any unsatisfied judgments or liens against it?
   Yes X No

ATTENTION: INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACT CONSTITUTE FEDERAL CRIMINAL VIOLATIONS. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a)
SIGNATURE: The Registrant submitting this Form, and as required, the SEC supplement and Schedules A-D, And the executing official hereby represent that all the information contained herein is true, correct and complete.
11(a).  Signature of Official responsible for Form:
Steve Morrison
 11(b).  Telephone Number:
617-423-3644
11(c).  Title of Signing Officer:
Senior Vice President, Associate Counsel
 11(d).  Date Signed (Month/Day/Year)
05/24/2016