Lpl Financial LLC

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
STATE OF OHIO DEPARTMENT OF INSURANCE
2.
Principal Sanction:
Revocation
Other Sanctions: 

3.
Date Initiated (MM/DD/YYYY): 
02/13/2015
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
N/A
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL
6.
Principal Product Type:
No Product
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
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.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Order
11. Resolution Date (MM/DD/YYYY):
02/13/2015
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL'S BUSINESS ENTITY INSURANCE AGENT'S LICENSE WAS REVOKED.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
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. ON FEBRUARY 27,
2015, THE OHIO DEPARTMENT OF INSURANCE ISSUED AN ORDER VACATING THE PRIOR ORDER OF REVOCATION ENTERED ON FEBRUARY 13, 2015.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)

11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
FINRA
2.
Principal Sanction:
Other
Other Sanctions: 
N/A
3.
Date Initiated (MM/DD/YYYY): 
05/06/2015
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
2013035109701
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL
6.
Principal Product Type:
Other
Other Product Types: 
N/A

7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO THE SANCTIONS AND TO THE ENTRY OF FINDINGS THAT IT FAILED TO
ENFORCE ITS SUPERVISORY PROCEDURES FOR THE SALES OF COMPLEX NON-TRADITIONAL EXCHANGE TRADED FUNDS (ETFS), CERTAIN VARIABLE
ANNUITY CONTRACTS, NON-TRADED REAL ESTATE INVESTMENT TRUSTS (REITS) AND OTHER COMPLEX PRODUCTS, AS WELL AS ITS FAILURE TO
MONITOR AND REPORT TRADES AND DELIVER TO CUSTOMERS MORE THAN 14 MILLION TRADE CONFIRMATIONS. THE FINDINGS STATED THAT WITH
REGARD TO NON-TRADITIONAL ETFS, THE FIRM DID NOT HAVE A SYSTEM TO MONITOR THE LENGTH OF TIME THAT CUSTOMERS HELD THESE SECURITIES
IN THEIR ACCOUNTS, DID NOT ENFORCE ITS LIMITS ON THE CONCENTRATION OF THOSE PRODUCTS IN CUSTOMER ACCOUNTS, AND FAILED TO ENSURE
THAT ALL OF ITS REGISTERED REPRESENTATIVES WERE ADEQUATELY TRAINED ON THE RISKS OF THE PRODUCTS. THE FINDINGS ALSO STATED THAT
THE FIRM FAILED TO SUPERVISE ITS SALES OF VARIABLE ANNUITIES, IN SOME INSTANCES PERMITTING SALES WITHOUT DISCLOSING SURRENDER
FEES, AND IN CONNECTION WITH CERTAIN MUTUAL FUND "SWITCH" TRANSACTIONS, IT USED AN AUTOMATED SURVEILLANCE SYSTEM THAT EXCLUDED
THESE TRADES FROM SUPERVISORY REVIEW. THE FIRM ALSO FAILED TO SUPERVISE NON-TRADED REITS BY, AMONG OTHER THINGS, FAILING TO
IDENTIFY ACCOUNTS ELIGIBLE FOR VOLUME SALES CHARGE DISCOUNTS. FINRA FOUND THAT THE FIRM FAILED TO IMPLEMENT ADEQUATE SYSTEMS FOR
THE REVIEW AND ACCURATE REPORTING OF TRADES AND FOR THE ACCURATE DELIVERY OF TRADE CONFIRMATIONS. THE FIRM FAILED TO REVIEW LOW
PRICED EQUITY TRADES, CONCENTRATED POSITIONS, ACTIVELY TRADED ACCOUNTS, AND POTENTIAL FRONT RUNNING BY EMPLOYEES. THE FINDINGS
ALSO STATED THAT THE FIRM FAILED TO ACCURATELY REPORT TO THE OPTIONS CLEARING CORPORATION (OCC) OPTIONS DATA USING THE LARGE
OPTIONS POSITIONS REPORT (LOPR) AND FAILED TO REPORT ITS CORRECT CAPACITY TO THE REAL-TIME TRANSACTION REPORTING SYSTEM (RTRS)
AND TO THE TRADE REPORTING AND COMPLIANCE ENGINE (TRACE). THE FINDINGS ALSO INCLUDED THAT THE FIRM FURTHER FAILED TO ESTABLISH
AND MAINTAIN SUPERVISORY PROCEDURES REASONABLY DESIGNED TO ENSURE COMPLIANCE WITH ITS REPORTING REQUIREMENTS FOR OPTIONS,
MUNICIPAL SECURITIES, AND TRACE ELIGIBLE SECURITIES. FINRA FOUND THAT THE FIRM FAILED TO DELIVER CONTEMPORANEOUS TRADE
CONFIRMATIONS AND FAILED TO ESTABLISH AND MAINTAIN A SUPERVISORY SYSTEM, REASONABLY DESIGNED TO ENSURE DELIVERY OF
CONTEMPORANEOUS TRADE CONFIRMATIONS. FINRA ALSO FOUND THAT THE FIRM'S ANTI-MONEY LAUNDERING (AML) SURVEILLANCE SYSTEM FAILED TO
GENERATE ALERTS FOR EXCESSIVE ATM WITHDRAWALS AND ATM WITHDRAWALS IN FOREIGN JURISDICTIONS. IN ADDITION, FINRA DETERMINED THAT
THE FIRM FAILED TO ENSURE IT PROVIDED COMPLETE AND ACCURATE INFORMATION TO FINRA AND TO FEDERAL AND STATE REGULATORS CONCERNING
CERTAIN VARIABLE ANNUITY TRANSACTIONS. MOREOVER, FINRA FOUND THAT THE FIRM FAILED TO REASONABLY SUPERVISE ITS ADVERTISING AND
OTHER COMMUNICATIONS, INCLUDING ITS REGISTERED REPRESENTATIVES' USE OF CONSOLIDATED REPORTS, THE CREATION OR USE OF
CONSOLIDATED REPORTS, AND FAILED TO ENSURE THAT THESE REPORTS REFLECTED COMPLETE AND ACCURATE INFORMATION. FURTHERMORE, FINRA
FOUND THAT THE FIRM FAILED TO COMPLY WITH CERTAIN REGISTRATION REQUIREMENTS SUCH AS VERIFYING PRIOR EMPLOYMENT OF CERTAIN OF ITS
REGISTERED REPRESENTATIVES AND FAILING TO TIMELY FILE FORM U4 AMENDMENTS AND FORMS U5. THE FINDINGS ALSO STATED THAT THE FIRM HAD
A FAIL TO DELIVER POSITION AT A REGISTERED CLEARING AGENCY IN AN EQUITY SECURITY RESULTING FROM A LONG SALE TRADE AND DID NOT
CLOSE-OUT THE POSITION BY PURCHASING OR BORROWING SECURITIES OF LIKE KIND AND QUANTITY WITHIN THE TIME FRAME. THE FINDINGS ALSO
INCLUDED THAT THE FIRM FAILED TO ESTABLISH AND MAINTAIN WRITTEN SUPERVISORY PROCEDURES REASONABLY DESIGNED TO ACHIEVE
COMPLIANCE WITH RULE 204 OF REGULATION SHO.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Acceptance, Waiver & Consent(AWC)
11. Resolution Date (MM/DD/YYYY):
05/06/2015
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 10,000,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKINGS
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
THE FIRM WAS CENSURED AND FINED $10,000,000. FURTHERMORE THE FIRM UNDERTAKES TO: (1) SUBMIT TO FINRA A WRITTEN PLAN OF HOW IT
WILL UNDERTAKE TO CONDUCT A COMPREHENSIVE REVIEW OF THE ADEQUACY OF ITS POLICIES, SYSTEMS AND PROCEDURES (WRITTEN AND
OTHERWISE) AND TRAINING RELATING TO THE CONDUCT ADDRESSED IN THIS AWC, INCLUDING THE LENGTH OF TIME THE REVIEW OF EACH
PARTICULAR ISSUE IS ANTICIPATED TO TAKE, AND WILL DESCRIBE ITS ADDITIONAL COMMITMENT OF RESOURCES AND PERSONNEL TO ITS LEGAL
AND COMPLIANCE FUNCTIONS, INCLUDING CONTROL AND RISK FUNCTIONS; (2) CONDUCT A COMPREHENSIVE REVIEW OF THE ADEQUACY OF
THE FIRM'S POLICIES, SYSTEMS AND PROCEDURES (WRITTEN AND OTHERWISE) AND TRAINING RELATED TO THE SALE OF NON-TRADITIONAL
ETFS; (3) ORDERED TO PAY RESTITUTION TO CUSTOMERS AFFECTED BY THE FIRM'S FAILURE TO REASONABLY SUPERVISE ITS RECOMMENDED
SALES OF NON-TRADITIONAL ETFS AS DESCRIBED IN THIS AWC AND SUBJECT TO PARAMETERS AGREED UPON BY FINRA STAFF, IN THE AMOUNT

OF $1,664,592.05 AND ADDITIONALLY, IS ORDERED TO PAY RESTITUTION TO ITS CUSTOMERS WHO PURCHASE OR PURCHASED NON-
TRADITIONAL ETFS DURING THE PERIOD FROM APRIL 10, 2015 THROUGH THE DATE THAT THE FIRM ESTABLISHES SYSTEMS AND PROCEDURES
REASONABLY DESIGNED TO ACHIEVE COMPLIANCE WITH THE SUPERVISION OF NON-TRADITIONAL ETFS; AND (4) CONDUCT A REVIEW,
COVERING THE TIME PERIOD OF THE SURVEILLANCE SYSTEM AML SCENARIOS IDENTIFIED IN THIS AWC, SPECIFICALLY, THE TWO ALERT-BASED
SCENARIOS FOCUSED ON THE EXCESSIVE USE OF ATM WITHDRAWALS AND ATM WITHDRAWALS IN FOREIGN JURISDICTIONS.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
STATE OF NEW HAMPSHIRE BUREAU OF SECURITIES REGULATION

2.
Principal Sanction:
Other
Other Sanctions: 
N/A
3.
Date Initiated (MM/DD/YYYY): 
04/06/2015
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
C-2013-000005
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL LLC
6.
Principal Product Type:
Other
Other Product Types: 
NON-TRADED REITS
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE STATE OF NEW HAMPSHIRE BUREAU OF SECURITIES REGULATION COMMENCED AN ADJUDICATIVE PROCEEDING BASED ON ALLEGATIONS OF
INADEQUATE SUPERVISION OF NON-TRADED REIT SALES.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
12/15/2015
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 750,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKINGS; OFFERS OF REMEDIATION
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
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.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
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.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.

Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
FINRA
2.
Principal Sanction:
Other
Other Sanctions: 
N/A
3.
Date Initiated (MM/DD/YYYY): 
07/06/2015
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
2015045270901
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):

6.
Principal Product Type:
Mutual Fund(s)
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
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 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.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Acceptance, Waiver & Consent(AWC)
11. Resolution Date (MM/DD/YYYY):
07/06/2015
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKING
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
THE FIRM WAS CENSURED, ORDERED TO PAY RESTITUTION IN THE AMOUNT OF $5.72 MILLION TO CUSTOMERS WHO PAID AN INITIAL SALES
CHARGE ON THEIR MUTUAL FUND PURCHASES OR PURCHASED CLASS B OR C SHARES WHEN A CLASS A SALES CHARGE WAIVER WAS AVAILABLE,
PLUS INTEREST, ORDERED TO PAY RESTITUTION TO ITS CUSTOMERS WHO PURCHASE OR PURCHASED MUTUAL FUNDS WITHOUT AN APPROPRIATE
SALES CHARGE WAIVER DURING THE PERIOD JANUARY 1, 2015 THROUGH THE DATE THAT THE FIRM ESTABLISHES AND FULLY IMPLEMENTS
TRAINING, SYSTEMS, AND PROCEDURES REASONABLY DESIGNED TO ACHIEVE COMPLIANCE WITH THE SUPERVISION OF MUTUAL FUND SALES
WAIVERS, UNDERTAKES TO SUBMIT TO FINRA A WRITTEN REPORT DESCRIBING HOW THE FIRM HAS CORRECTED ITS SYSTEMS AND PROCEDURES
(WRITTEN AND OTHERWISE) AND TRAINING TO ADDRESS THE VIOLATIONS DESCRIBED IN THIS AWC, AND WITH RESPECT TO ANY CUSTOMER
THAT PURCHASED CLASS B OR C SHARES AND STILL HOLDS SUCH SHARES IN AN ACCOUNT AT THE FIRM, IT SHALL OFFER SUCH CUSTOMER THE
OPTION OF CONVERTING SUCH CLASS B OR C SHARES TO CLASS A SHARES. IF AN ELIGIBLE FUND DOES NOT PERMIT CONVERSION OF CLASS B
OR C SHARES TO CLASS A SHARES, THE CUSTOMER SHALL BE PROVIDED THE OPTION OF REPLACING CLASS B OR C SHARES WITH AN
EQUIVALENT VALUE OF CLASS A SHARES OFFERED BY ANOTHER ELIGIBLE FUND. THE FIRM SHALL CAUSE SUCH CONVERSATION TO OCCUR AT NO
EXPENSE TO THE CUSTOMER.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:

11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
MASSACHUSETTS SECURITIES DIVISION
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
07/10/2015
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
2015-0033
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL LLC
6.
Principal Product Type:
No Product
Other Product Types: 

7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
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.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Order
11. Resolution Date (MM/DD/YYYY):
07/14/2015
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 250,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKINGS; CEASE AND DESIST
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
RESPONDENT SHALL, WITHIN 5 DAYS OF THE SIGNED ORDER, RESPONDENT LPL AGREES TO PAY A FINE IN THE AMOUNT OF $250,000 TO THE
COMMONWEALTH OF MASSACHUSETTS. RESPONDENT SHALL, WITHIN 15 DAYS OF THE SIGNED ORDER, REVIEW ITS WRITTEN SUPERVISORY
POLICIES AND PROCEDURES WITH RESPECT TO 1) 950 MASS CODE REGS 12.204(2)(I) AND 2) 950 MASS CODE REGS 12.205(9)(C)(15). ALL
WRITTEN POLICIES AND PROCEDURES MUST INCLUDE METHODS FOR ENFORCEMENT AND COMPLIANCE OVERSIGHT. RESPONDENT SHALL,
WITHIN 45 DAYS OF THE SIGNED ORDER, PROVIDE A REPORT OF ITS CONCLUSIONS AND RECOMMENDATIONS WITH RESPECT TO ITEMS 1 AND 2
ABOVE. RESPONDENT SHALL, WITHIN 60 DAYS OF THE SIGNED ORDER, PROVIDE CERTIFICATION TO THE MASSACHUSETTS SECURITIES DIVISION
THAT CHANGES AND/OR ENHANCEMENTS TO ITS POLICIES AND PROCEDURES HAVE BEEN IMPLEMENTED.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I

A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
STATE OF FLORIDA OFFICE OF FINANCIAL REGULATION
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
07/31/2015
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
51792-S
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL LLC
6.
Principal Product Type:
No Product
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
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.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.

10. How was matter resolved:
Stipulation and Consent
11. Resolution Date (MM/DD/YYYY):
08/03/2015
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 10,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL PAID AN ADMINISTRATIVE FINE IN THE AMOUNT OF $10,000.00 ON JULY 27, 2015.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item

11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
STATE OF DELAWARE INVESTOR PROTECTION UNIT
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
09/22/2015
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
13-5-1
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL LLC
6.
Principal Product Type:
Other
Other Product Types: 
LEVERAGED EXCHANGE TRADED FUNDS
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
WITHOUT ADMITTING OR DENYING THE CONCLUSIONS OF LAW, LPL ENTERED INTO A CONSENT ORDER WITH THE DELAWARE INVESTOR PROTECTION
UNIT AFTER THEIR INVESTIGATION INTO LPL'S USE OF LEVERAGED AND INVERSE LEVERAGED EXCHANGE-TRADED FUNDS (ETFS). LPL OFFERED
LEVERAGED ETFS TO CERTAIN RETAIL CLIENTS IN DELAWARE THAT WERE UNSUITABLE, AND/OR WITHOUT ADEQUATE DISCLOSURE OF THE
SPECIALIZED RISKS OF LEVERAGED ETFS, WHICH CONSTITUTES A DISHONEST OR UNETHICAL PRACTICE. 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.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
09/22/2015
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 200,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution

 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
LPL WILL MAKE ENHANCEMENTS TO ITS OVERSIGHT OF INVESTMENTS IN LEVERAGED ETFS INCLUDING: REVIEWING AND ENHANCING TRAINING
MATERIALS FOR FINANCIAL ADVISORS WHOSE CLIENTS PURCHASE LEVERAGED ETFS; ENFORCING RESTRICTIONS ON PERCENTAGES OF
LEVERAGED ETFS HELD IN CLIENT ACCOUNTS; REDUCING THE NUMBER OF LEVERAGED ETFS THAT FINANCIAL ADVISORS AND THEIR CLIENTS MAY
USE; AND NOTIFYING FINANCIAL ADVISORS WHOSE CLIENTS HOLD SUCH SECURITIES ONCE THEY HAVE BEEN HELD FOR 30 DAYS.
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
PAY AN ADMINISTRATIVE FINE IN THE AMOUNT OF $50,000.00 AND MAKE A PAYMENT IN THE AMOUNT OF $150,000.00 TO AN ESCROW ACCOUNT
TO PROVIDE RESTITUTION TO CERTAIN DELAWARE LPL CUSTOMERS.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No

NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
STATE OF NEVADA SECURITIES DIVISION
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
10/01/2015
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
I14-083
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL LLC
6.
Principal Product Type:
Other
Other Product Types: 
NON-TRADED REITS
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
WITHOUT ADMITTING OR DENYING THE FINDINGS OF FACT AND CONCLUSIONS OF LAW, LPL ENTERED INTO A CONSENT ORDER WITH THE OFFICE OF
THE SECRETARY OF STATE SECURITIES DIVISION AFTER A MULTIPLE-JURISDICTION INVESTIGATION INTO LPL'S SALES TRANSACTIONS OF NON-TRADED
REITS, A FORM OF ALTERNATIVE INVESTMENTS. DURING THE TIME PERIOD BEGINNING JANUARY 1, 2008 THROUGH DECEMBER 31, 2013, LPL OFFERED
MULTIPLE NON-TRADED REITS THROUGH ITS BRANCH OFFICES IN NEVADA THAT WERE SOLD IN EXCESS OF THE REIT'S PROSPECTUS STANDARDS,
VARIOUS STATE CONCENTRATIONS 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.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
10/01/2015
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 56,202.19
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
REMEDIATE LOSSES FOR ALL NON-TRADED REITS SOLD TO LPL CLIENTS DURING THE RELEVANT TIME PERIOD; INCLUDING: DESIGNATE A TEAM
TO ASSIST NEVADA INVESTORS; SEND AN OFFER OF REMEDIATION AND NOTICE OF AND THE OPPORTUNITY TO ACCEPT LPL'S OFFER OF
REMEDIATION, TO ALL ELIGIBLE NEVADA INVESTORS; PROVIDE TO NEVADA THE MOST RECENT CONTACT INFORMATION FOR EACH NEVADA
INVESTOR; AND PREPARE AND SUBMIT TO THE NEVADA AND NASAA REPRESENTATIVE, A REPORT DETAILING THE AMOUNTS OF FUNDS
REIMBURSED. LPL SHALL RETAIN AN INDEPENDENT THIRD PARTY FOR ANALYZING THE SALES TRANSACTIONS DATA REPRESENTING THE EXECUTED
SALES OF NON-TRADED REITS DURING THE RELEVANT TIME PERIOD. LPL SHALL CAUSE ITS INTERNAL AUDIT DEPARTMENT TO CONFIRM THAT THE
DATA PROVIDED TO THE THIRD PARTY IS THE MOST COMPLETE DATA SET AVAILABLE OF EXECUTED NON-TRADED REIT SALES TRANSACTIONS, AND
SEND TO THE NASAA REPRESENTATIVE A REPORT OF ITS REVIEW AND CONFIRMATION THAT LPL HAS MADE OFFERS CONSISTENT WITH THE

ORDER. LPL SHALL PROVIDE A WRITTEN REPORT TO THE NASAA REPRESENTATIVE REGARDING: THE SUPERVISORY SYSTEM FOR THE REVIEW OF AI
TRANSACTIONS; THE SURVEILLANCE PROGRAMS RELATED TO AI TRANSACTIONS; AND THE SYSTEMS FOR MAINTAINING EXECUTION DATA.
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
PAY A CIVIL PENALTY TO THE STATE OF NEVADA IN THE AMOUNT OF $21,202.19; $19,676 FOR COSTS OF THE INVESTIGATION; AND $35,000 FOR
COSTS OF THE INVESTIGATION TO NASAA.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:

SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
COMMONWEALTH OF MASSACHUSETTS
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
09/15/2015
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
15-2854E
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL LLC
6.
Principal Product Type:
Other
Other Product Types: 
LEVERAGED AND INVERSE LEVERAGED EXCHANGE-TRADED FUNDS
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
WITHOUT ADMITTING OR DENYING THE FINDINGS OF FACT AND CONCLUSIONS OF LAW, LPL ENTERED INTO AN ASSURANCE OF DISCONTINUANCE WITH
THE COMMONWEALTH OF MASSACHUSETTS, AFTER AN INVESTIGATION INTO LPL'S USE OF LEVERAGED AND INVERSE LEVERAGED EXCHANGE-TRADED
FUNDS (ETFS). LPL OFFERED LEVERAGED ETFS TO CERTAIN RETAIL CLIENTS IN MASSACHUSETTS WITHOUT MONITORING OR SYSTEMATICALLY
REVIEWING THE LENGTH OF TIME ITS CLIENTS HELD LEVERAGED ETFS. LPL PROVIDED INSUFFICIENT TRAINING MATERIALS THAT, IN PARTS,
SUGGESTED THAT LEVERAGED ETFS WERE APPROPRIATE FOR CONSERVATIVE ACCOUNTS, AND IN SOME INSTANCES RECOMMENDED BUYING AND
HOLDING, WITHOUT REMINDING FINANCIAL ADVISORS OF THE SPECIFIC RISKS ASSOCIATED WITH HOLDING LEVERAGED ETFS. LPL FAILED TO
IDENTIFY AND EXAMINE POTENTIAL ISSUES CONCERNING THE SUITABILITY OF LEVERAGED ETF EXPOSURE FOR THOSE OF LPL'S FINANCIAL ADVISORS
WHO CAUSED CLIENTS TO HOLD LEVERAGED ETFS FOR EXTENDED PERIODS OF TIME. MOREOVER, LPL DID NOT CONSISTENTLY ADHERE TO ITS POLICY
OF IMPOSING FINES ON LPL FINANCIAL ADVISORS WHO EXCEEDED THIS CONCENTRATION LIMIT, SOMETIMES ISSUING MULTIPLE WARNINGS
UNACCOMPANIED BY ANY SANCTIONS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
09/15/2015
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 1,800,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
AS SET FORTH IN THE ORDER, LPL'S UNDERTAKINGS INCLUDE, ENHANCEMENTS TO ITS OVERSIGHT OF INVESTMENTS IN LEVERAGED ETFS;
ENHANCEMENTS TO LPL'S TRAINING PROGRAM IN ACCORDANCE WITH THE GUIDELINES; AND REDUCTION IN THE NUMBER OF ELIGIBLE
LEVERAGED ETFS. LPL SHALL ALSO CREATE AND MAINTAIN ALL RECORDS NECESSARY TO DEMONSTRATE LPL'S COMPLIANCE WITH ITS
OBLIGATIONS AND PROVIDE SUCH RECORDS UPON REQUEST.
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 

PAY A PENALTY OF $200,000.00 AND MAKE A PAYMENT OF $1,600,000.00 TO AN ESCROW ACCOUNT TO BE HELD IN TRUST FOR THE PURPOSE OF
PROVIDING RESTITUTION TO CERTAIN MASSACHUSETTS LPL CUSTOMERS.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
STATE OF OHIO DEPARTMENT OF INSURANCE
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 

3.
Date Initiated (MM/DD/YYYY): 
11/04/2015
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
NONE
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL LLC
6.
Principal Product Type:
No Product
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
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.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
11/04/2015
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 2,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
PAY A CIVIL PENALTY IN THE AMOUNT OF $1,800.00 AND ADMINISTRATIVE COSTS OF $200.00.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.

Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
MISSISSIPPI SECURITIES DIVISION
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
11/24/2015
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
LS-15-1497
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL LLC
6.
Principal Product Type:
Other
Other Product Types: 
NON-TRADED REITS
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH COORDINATED INVESTIGATIONS BY A MULTI-STATE TASK FORCE WITH THE NORTH AMERICAN SECURITIES ADMINISTRATORS
ASSOCIATION INC. ("NASAA"), THE MISSISSIPPI SECURITIES DIVISION (THE "DIVISION") ALLEGED THAT LPL FINANCIAL LLC ("LPL") FAILED TO

IMPLEMENT AN ADEQUATE SUPERVISORY SYSTEM AND ENFORCE ITS PROCEDURES TO SUPERVISE ITS MISSISSIPPI REPRESENTATIVES REGARDING THE
SALE OF NON-TRADED REITS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
11/24/2015
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 19,253.45
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKINGS; OFFERS OF REMEDIATION
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE ADMINISTRATIVE CONSENT ORDER
(THE "ORDER"), AND CONSENTED TO THE ENTRY OF THE ORDER BY THE DIVISION. LPL ALSO AGREED TO (1) OFFER TO REMEDIATE LOSSES FOR
NON-TRADED REITS SOLD TO CERTAIN MISSISSIPPI RESIDENTS IN VIOLATION OF CONCENTRATION LIMITS OR GUIDELINES, (2) CERTAIN
UNDERTAKINGS, AND (3) PAY THE DIVISION A SUM IN THE AMOUNT OF $19,253.45 WHICH WAS REMITTED ON OR ABOUT NOVEMBER 17, 2015.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A GLOBAL SETTLEMENT REGARDING THE SALES OF NON-TRADED REITS BY LPL REPRESENTATIVES DURING THE PERIOD
JANUARY 1, 2008 THROUGH DECEMBER 31, 2013 (THE "RELEVANT PERIOD") REACHED BY LPL WITH A MULTI-STATE TASK FORCE COMPOSED OF
MEMBERS OF NASAA. AS PART OF THE GLOBAL SETTLEMENT, INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS, IN WHICH LPL NEITHER
ADMITS NOR DENIES THE ALLEGATIONS. IN THIS INSTANCE, THE DIVISION ALLEGED THAT DURING THE RELEVANT PERIOD LPL 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. WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO (1) OFFER TO
REMEDIATE LOSSES FOR NON-TRADED REITS SOLD TO MISSISSIPPI RESIDENTS IN VIOLATION OF GUIDELINES DURING THE RELEVANT PERIOD, (2)
RETAIN AN INDEPENDENT CONSULTANT TO REVIEW ITS SALES OF NON-TRADED REITS DURING THE RELEVANT PERIOD, AND (3) TO PAY THE DIVISION A
CIVIL PENALTY IN THE AMOUNT OF $19,253.45, MISSISSIPPI'S ALLOCATED PORTION OF THE AMOUNT AGREED TO WITH NASAA. FINALLY, THE DIVISION
AND LPL AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE LAWS OF THE UNITED STATES, ANY STATE, THE
DISTRICT OF COLUMBIA, PUERTO RICO, OR THE U.S. VIRGIN ISLANDS, INCLUDING WITHOUT LIMITATION, ANY DISQUALIFICATION FROM RELYING UPON
THE STATE OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH WAS ALSO PART OF THE AGREEMENT WITH NASAA.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 

One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
NEW MEXICO SECURITIES DIVISION
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
11/24/2015
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
15-09-0049
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL LLC
6.
Principal Product Type:
Other
Other Product Types: 
NON-TRADED REITS
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH COORDINATED INVESTIGATIONS BY A MULTI-STATE TASK FORCE WITH THE NORTH AMERICAN SECURITIES ADMINISTRATORS
ASSOCIATION INC. ("NASAA"), THE NEW MEXICO SECURITIES DIVISION (THE "DIVISION") ALLEGED THAT LPL FINANCIAL LLC ("LPL") FAILED TO
IMPLEMENT AN ADEQUATE SUPERVISORY SYSTEM AND ENFORCE ITS PROCEDURES TO SUPERVISE ITS NEW MEXICO REPRESENTATIVES REGARDING THE
SALE OF NON-TRADED REITS.

8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
11/24/2015
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 11,528.48
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKINGS; OFFERS OF REMEDIATION
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE CONSENT ORDER (THE "ORDER"),
AND CONSENTED TO THE ENTRY OF THE ORDER BY THE DIVISION. LPL ALSO AGREED TO (1) OFFER TO REMEDIATE LOSSES FOR NON-TRADED
REITS SOLD TO CERTAIN NEW MEXICO RESIDENTS IN VIOLATION OF CONCENTRATION LIMITS OR GUIDELINES, (2) CERTAIN UNDERTAKINGS, AND
(3) PAY THE DIVISION A SUM IN THE AMOUNT OF $11,528.48 WHICH WAS REMITTED ON OR ABOUT NOVEMBER 17, 2015.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A GLOBAL SETTLEMENT REGARDING THE SALES OF NON-TRADED REITS BY LPL REPRESENTATIVES DURING THE PERIOD
JANUARY 1, 2008 THROUGH DECEMBER 31, 2013 (THE "RELEVANT PERIOD") REACHED BY LPL WITH A MULTISTATE TASK FORCE COMPOSED OF
MEMBERS OF NASAA. AS PART OF THE GLOBAL SETTLEMENT, INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS, IN WHICH LPL NEITHER
ADMITS NOR DENIES THE ALLEGATIONS. IN THIS INSTANCE, THE DIVISION ALLEGED THAT DURING THE RELEVANT PERIOD LPL 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. WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO (1) OFFER TO
REMEDIATE LOSSES FOR NON-TRADED REITS SOLD TO NEW MEXICO RESIDENTS IN VIOLATION OF GUIDELINES DURING THE RELEVANT PERIOD, (2)
RETAIN AN INDEPENDENT CONSULTANT TO REVIEW ITS SALES OF NON-TRADED REITS DURING THE RELEVANT PERIOD, AND (3) TO PAY THE DIVISION A
CIVIL PENALTY IN THE AMOUNT OF $11,528.48, NEW MEXICO'S ALLOCATED PORTION OF THE AMOUNT AGREED TO WITH NASAA. FINALLY, THE
DIVISION AND LPL AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE LAWS OF THE UNITED STATES, ANY
STATE, THE DISTRICT OF COLUMBIA, PUERTO RICO, OR THE U.S. VIRGIN ISLANDS, INCLUDING WITHOUT LIMITATION, ANY DISQUALIFICATION FROM
RELYING UPON THE STATE OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH WAS ALSO PART OF THE AGREEMENT WITH
NASAA.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.

PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
THE OFFICE OF THE COMMISSIONER OF FINANCIAL INSTITUTIONS OF THE COMMONWEALTH OF PUERTO RICO
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
11/23/2015
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
N/A
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL LLC
6.
Principal Product Type:
Other
Other Product Types: 
NON-TRADED REITS
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH COORDINATED INVESTIGATIONS BY A MULTI-STATE TASK FORCE WITH THE NORTH AMERICAN SECURITIES ADMINISTRATORS
ASSOCIATION INC. ("NASAA"), THE OFFICE OF THE COMMISSIONER OF FINANCIAL INSTITUTIONS OF THE COMMONWEALTH OF PUERTO RICO (THE
"OCFI") ALLEGED THAT LPL FINANCIAL LLC ("LPL") FAILED TO IMPLEMENT AN ADEQUATE SUPERVISORY SYSTEM AND ENFORCE ITS PROCEDURES TO
SUPERVISE ITS PUERTO RICO REPRESENTATIVES REGARDING THE SALE OF NON-TRADED REITS.
8.
Current Status?      
 Pending
 On Appeal
 Final

9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
11/23/2015
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 10,125.11
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKINGS; OFFERS OF REMEDIATION
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE CONSENT ORDER (THE "ORDER"),
AND CONSENTED TO THE ENTRY OF THE ORDER BY THE OCFI. LPL ALSO AGREED TO (1) OFFER TO REMEDIATE LOSSES FOR NON-TRADED REITS
SOLD TO CERTAIN PUERTO RICO RESIDENTS IN VIOLATION OF CONCENTRATION LIMITS OR GUIDELINES, (2) CERTAIN UNDERTAKINGS, AND (3)
PAY THE OCFI A SUM IN THE AMOUNT OF $10,125.11 WHICH WAS REMITTED ON OR ABOUT NOVEMBER 17, 2015.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A GLOBAL SETTLEMENT REGARDING THE SALES OF NON-TRADED REITS BY LPL REPRESENTATIVES DURING THE PERIOD
JANUARY 1, 2008 THROUGH DECEMBER 31, 2013 (THE "RELEVANT PERIOD") REACHED BY LPL WITH A MULTISTATE TASK FORCE COMPOSED OF
MEMBERS OF NASAA. AS PART OF THE GLOBAL SETTLEMENT, INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS, IN WHICH LPL NEITHER
ADMITS NOR DENIES THE ALLEGATIONS. IN THIS INSTANCE, THE OCFI ALLEGED THAT DURING THE RELEVANT PERIOD LPL 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. WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO (1) OFFER TO
REMEDIATE LOSSES FOR NON-TRADED REITS SOLD TO PUERTO RICO RESIDENTS IN VIOLATION OF GUIDELINES DURING THE RELEVANT PERIOD, (2)
RETAIN AN INDEPENDENT CONSULTANT TO REVIEW ITS SALES OF NON-TRADED REITS DURING THE RELEVANT PERIOD, AND (3) TO PAY THE OCFI A
CIVIL PENALTY IN THE AMOUNT OF $10,125.11, PUERTO RICO'S ALLOCATED PORTION OF THE AMOUNT AGREED TO WITH NASAA. FINALLY, THE OCFI
AND LPL AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE LAWS OF THE UNITED STATES, ANY STATE, THE
DISTRICT OF COLUMBIA, PUERTO RICO, OR THE U.S. VIRGIN ISLANDS, INCLUDING WITHOUT LIMITATION, ANY DISQUALIFICATION FROM RELYING UPON
THE STATE OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH WAS ALSO PART OF THE AGREEMENT WITH NASAA.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):

You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
PENNSYLVANIA DEPARTMENT OF BANKING AND SECURITIES
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
11/30/2015
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
150046
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL LLC
6.
Principal Product Type:
Other
Other Product Types: 
NON-TRADED REITS
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH COORDINATED INVESTIGATIONS BY A MULTI-STATE TASK FORCE WITH THE NORTH AMERICAN SECURITIES ADMINISTRATORS
ASSOCIATION INC. ("NASAA"), THE PENNSYLVANIA DEPARTMENT OF BANKING AND SECURITIES (THE "DEPARTMENT") ALLEGED THAT LPL FINANCIAL LLC
("LPL") FAILED TO IMPLEMENT AN ADEQUATE SUPERVISORY SYSTEM AND ENFORCE ITS PROCEDURES TO SUPERVISE ITS PENNSYLVANIA
REPRESENTATIVES REGARDING THE SALE OF NON-TRADED REITS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:

If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
11/30/2015
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 26,110.92
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKINGS; OFFERS OF REMEDIATION
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE CONSENT AGREEMENT AND ORDER
(THE "ORDER"), AND CONSENTED TO THE ENTRY OF THE ORDER BY THE DEPARTMENT. LPL ALSO AGREED TO (1) OFFER TO REMEDIATE LOSSES
FOR NON-TRADED REITS SOLD TO CERTAIN PENNSYLVANIA RESIDENTS IN VIOLATION OF CONCENTRATION LIMITS OR GUIDELINES, (2) CERTAIN
UNDERTAKINGS, AND (3) PAY THE DEPARTMENT A SUM IN THE AMOUNT OF $26,110.92 WHICH WAS REMITTED ON OR ABOUT NOVEMBER 17,
2015.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A GLOBAL SETTLEMENT REGARDING THE SALES OF NON-TRADED REITS BY LPL REPRESENTATIVES DURING THE PERIOD
JANUARY 1, 2008 THROUGH DECEMBER 31, 2013 (THE "RELEVANT PERIOD") REACHED BY LPL WITH A MULTISTATE TASK FORCE COMPOSED OF
MEMBERS OF NASAA. AS PART OF THE GLOBAL SETTLEMENT, INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS, IN WHICH LPL NEITHER
ADMITS NOR DENIES THE ALLEGATIONS. IN THIS INSTANCE, THE DEPARTMENT ALLEGED THAT DURING THE RELEVANT PERIOD LPL 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. WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO (1)
OFFER TO REMEDIATE LOSSES FOR NON-TRADED REITS SOLD TO PENNSYLVANIA RESIDENTS IN VIOLATION OF GUIDELINES DURING THE RELEVANT
PERIOD, (2) RETAIN AN INDEPENDENT CONSULTANT TO REVIEW ITS SALES OF NON-TRADED REITS DURING THE RELEVANT PERIOD, AND (3) TO PAY THE
DEPARTMENT A CIVIL PENALTY IN THE AMOUNT OF $26,110.92, PENNSYLVANIA'S ALLOCATED PORTION OF THE AMOUNT AGREED TO WITH NASAA.
FINALLY, THE DEPARTMENT AND LPL AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE LAWS OF THE
UNITED STATES, ANY STATE, THE DISTRICT OF COLUMBIA, PUERTO RICO, OR THE U.S. VIRGIN ISLANDS, INCLUDING WITHOUT LIMITATION, ANY
DISQUALIFICATION FROM RELYING UPON THE STATE OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH WAS ALSO PART
OF THE AGREEMENT WITH NASAA.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)

You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
SOUTH DAKOTA DIVISION OF SECURITIES
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
11/30/2015
 Exact
 Explanation
If not exact, provide explanation:
DATE THE FIRM RECEIVED A COPY OF THE CONSENT ORDER
4.
Docket/Case Number:
2816
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL LLC
6.
Principal Product Type:
Other
Other Product Types: 
NON-TRADED REITS
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH COORDINATED INVESTIGATIONS BY A MULTI-STATE TASK FORCE WITH THE NORTH AMERICAN SECURITIES ADMINISTRATORS
ASSOCIATION INC. ("NASAA"), THE SOUTH DAKOTA DIVISION OF SECURITIES (THE "DIVISION") ALLEGED THAT LPL FINANCIAL LLC ("LPL") FAILED TO
IMPLEMENT AN ADEQUATE SUPERVISORY SYSTEM AND ENFORCE ITS PROCEDURES TO SUPERVISE ITS SOUTH DAKOTA REPRESENTATIVES REGARDING
THE SALE OF NON-TRADED REITS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:

If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
11/30/2015
 Exact
 Explanation
If not exact, provide explanation:
DATE THE FIRM RECEIVED A COPY OF THE CONSENT ORDER
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 12,500.70
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKINGS; OFFERS OF REMEDIATION
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE CONSENT ORDER (THE "ORDER"),
AND CONSENTED TO THE ENTRY OF THE ORDER BY THE DIVISION. LPL ALSO AGREED TO (1) OFFER TO REMEDIATE LOSSES FOR NON-TRADED
REITS SOLD TO CERTAIN SOUTH DAKOTA RESIDENTS IN VIOLATION OF CONCENTRATION LIMITS OR GUIDELINES, (2) CERTAIN UNDERTAKINGS,
AND (3) PAY THE DIVISION A SUM IN THE AMOUNT OF $12,500.70 WHICH WAS REMITTED ON OR ABOUT NOVEMBER 20, 2015.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A GLOBAL SETTLEMENT REGARDING THE SALES OF NON-TRADED REITS BY LPL REPRESENTATIVES DURING THE PERIOD
JANUARY 1, 2008 THROUGH DECEMBER 31, 2013 (THE "RELEVANT PERIOD") REACHED BY LPL WITH A MULTISTATE TASK FORCE COMPOSED OF
MEMBERS OF NASAA. AS PART OF THE GLOBAL SETTLEMENT, INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS, IN WHICH LPL NEITHER
ADMITS NOR DENIES THE ALLEGATIONS. IN THIS INSTANCE, THE DIVISION ALLEGED THAT DURING THE RELEVANT PERIOD LPL 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. WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO (1) OFFER TO
REMEDIATE LOSSES FOR NON-TRADED REITS SOLD TO SOUTH DAKOTA RESIDENTS IN VIOLATION OF GUIDELINES DURING THE RELEVANT PERIOD, (2)
RETAIN AN INDEPENDENT CONSULTANT TO REVIEW ITS SALES OF NON-TRADED REITS DURING THE RELEVANT PERIOD, AND (3) TO PAY THE DIVISION A
CIVIL PENALTY IN THE AMOUNT OF $12,500.70, SOUTH DAKOTA'S ALLOCATED PORTION OF THE AMOUNT AGREED TO WITH NASAA. FINALLY, THE
DIVISION AND LPL AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE LAWS OF THE UNITED STATES, ANY
STATE, THE DISTRICT OF COLUMBIA, PUERTO RICO, OR THE U.S. VIRGIN ISLANDS, INCLUDING WITHOUT LIMITATION, ANY DISQUALIFICATION FROM
RELYING UPON THE STATE OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH WAS ALSO PART OF THE AGREEMENT WITH
NASAA.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)

You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
INDIANA SECURITIES DIVISION
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
11/24/2015
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
15-0022 CA
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL LLC
6.
Principal Product Type:
Other
Other Product Types: 
NON-TRADED REITS
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH COORDINATED INVESTIGATIONS BY A MULTI-STATE TASK FORCE WITH THE NORTH AMERICAN SECURITIES ADMINISTRATORS
ASSOCIATION INC. ("NASAA"), THE INDIANA SECURITIES DIVISION (THE "DIVISION") ALLEGED THAT LPL FINANCIAL LLC ("LPL") FAILED TO IMPLEMENT
AN ADEQUATE SUPERVISORY SYSTEM AND ENFORCE ITS PROCEDURES TO SUPERVISE ITS INDIANA REPRESENTATIVES REGARDING THE SALE OF NON-
TRADED REITS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.

10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
11/24/2015
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 19,041.63
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKINGS; OFFERS OF REMEDIATION
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE CONSENT ORDER (THE "ORDER"),
AND CONSENTED TO THE ENTRY OF THE ORDER BY THE DIVISION. LPL ALSO AGREED TO (1) OFFER TO REMEDIATE LOSSES FOR NON-TRADED
REITS SOLD TO CERTAIN INDIANA RESIDENTS IN VIOLATION OF CONCENTRATION LIMITS OR GUIDELINES, (2) CERTAIN UNDERTAKINGS, AND (3)
PAY THE DIVISION A SUM IN THE AMOUNT OF $19,041.63 WHICH WAS REMITTED ON OR ABOUT NOVEMBER 17, 2015.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A GLOBAL SETTLEMENT REGARDING THE SALES OF NON-TRADED REITS BY LPL REPRESENTATIVES DURING THE PERIOD
JANUARY 1, 2008 THROUGH DECEMBER 31, 2013 (THE "RELEVANT PERIOD") REACHED BY LPL WITH A MULTISTATE TASK FORCE COMPOSED OF
MEMBERS OF NASAA. AS PART OF THE GLOBAL SETTLEMENT, INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS, IN WHICH LPL NEITHER
ADMITS NOR DENIES THE ALLEGATIONS. IN THIS INSTANCE, THE DIVISION ALLEGED THAT DURING THE RELEVANT PERIOD LPL 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. WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO (1) OFFER TO
REMEDIATE LOSSES FOR NON-TRADED REITS SOLD TO INDIANA RESIDENTS IN VIOLATION OF GUIDELINES DURING THE RELEVANT PERIOD, (2) RETAIN
AN INDEPENDENT CONSULTANT TO REVIEW ITS SALES OF NON-TRADED REITS DURING THE RELEVANT PERIOD, AND (3) TO PAY THE DIVISION A CIVIL
PENALTY IN THE AMOUNT OF $19,041.63, INDIANA'S ALLOCATED PORTION OF THE AMOUNT AGREED TO WITH NASAA. FINALLY, THE DIVISION AND LPL
AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE LAWS OF THE UNITED STATES, ANY STATE, THE DISTRICT
OF COLUMBIA, PUERTO RICO, OR THE U.S. VIRGIN ISLANDS, INCLUDING WITHOUT LIMITATION, ANY DISQUALIFICATION FROM RELYING UPON THE
STATE OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH WAS ALSO PART OF THE AGREEMENT WITH NASAA.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates

If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
UTAH DIVISION OF SECURITIES
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
12/03/2015
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
SD-15-0064
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL LLC
6.
Principal Product Type:
Other
Other Product Types: 
NON-TRADED REITS
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH COORDINATED INVESTIGATIONS BY A MULTI-STATE TASK FORCE WITH THE NORTH AMERICAN SECURITIES ADMINISTRATORS
ASSOCIATION INC. ("NASAA"), THE UTAH DIVISION OF SECURITIES (THE "DIVISION") ALLEGED THAT LPL FINANCIAL LLC ("LPL") FAILED TO IMPLEMENT
AN ADEQUATE SUPERVISORY SYSTEM AND ENFORCE ITS PROCEDURES TO SUPERVISE ITS UTAH REPRESENTATIVES REGARDING THE SALE OF NON-
TRADED REITS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Stipulation and Consent

11. Resolution Date (MM/DD/YYYY):
12/03/2015
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 18,293.16
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKINGS; OFFERS OF REMEDIATION
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE STIPULATION AND CONSENT
ORDER (THE "ORDER"), AND CONSENTED TO THE ENTRY OF THE ORDER BY THE DIVISION. LPL ALSO AGREED TO (1) OFFER TO REMEDIATE LOSSES
FOR NON-TRADED REITS SOLD TO CERTAIN UTAH RESIDENTS IN VIOLATION OF CONCENTRATION LIMITS OR GUIDELINES, (2) CERTAIN
UNDERTAKINGS, AND (3) PAY THE DIVISION A SUM IN THE AMOUNT OF $18,293.16 WHICH IS DUE ON OR BEFORE DECEMBER 14, 2015.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A GLOBAL SETTLEMENT REGARDING THE SALES OF NON-TRADED REITS BY LPL REPRESENTATIVES DURING THE PERIOD
JANUARY 1, 2008 THROUGH DECEMBER 31, 2013 (THE "RELEVANT PERIOD") REACHED BY LPL WITH A MULTISTATE TASK FORCE COMPOSED OF
MEMBERS OF NASAA. AS PART OF THE GLOBAL SETTLEMENT, INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS, IN WHICH LPL NEITHER
ADMITS NOR DENIES THE ALLEGATIONS. IN THIS INSTANCE, THE DIVISION ALLEGED THAT DURING THE RELEVANT PERIOD LPL 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. WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO (1) OFFER TO REMEDIATE
LOSSES FOR NON-TRADED REITS SOLD TO UTAH RESIDENTS IN VIOLATION OF GUIDELINES DURING THE RELEVANT PERIOD, (2) RETAIN AN
INDEPENDENT CONSULTANT TO REVIEW ITS SALES OF NON-TRADED REITS DURING THE RELEVANT PERIOD, AND (3) TO PAY THE DIVISION A CIVIL
PENALTY IN THE AMOUNT OF $18,293.16, UTAH'S ALLOCATED PORTION OF THE AMOUNT AGREED TO WITH NASAA. FINALLY, THE DIVISION AND LPL
AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE LAWS OF THE UNITED STATES, ANY STATE, THE DISTRICT
OF COLUMBIA, PUERTO RICO, OR THE U.S. VIRGIN ISLANDS, INCLUDING WITHOUT LIMITATION, ANY DISQUALIFICATION FROM RELYING UPON THE
STATE OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH WAS ALSO PART OF THE AGREEMENT WITH NASAA.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.

ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
MISSOURI SECURITIES DIVISION
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
12/03/2015
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
AP-15-42
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL LLC
6.
Principal Product Type:
Other
Other Product Types: 
NON-TRADED REITS
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH COORDINATED INVESTIGATIONS BY A MULTI-STATE TASK FORCE WITH THE NORTH AMERICAN SECURITIES ADMINISTRATORS
ASSOCIATION INC. ("NASAA"), THE MISSOURI SECURITIES DIVISION (THE "DIVISION") ALLEGED THAT LPL FINANCIAL LLC ("LPL") FAILED TO
IMPLEMENT AN ADEQUATE SUPERVISORY SYSTEM AND ENFORCE ITS PROCEDURES TO SUPERVISE ITS MISSOURI REPRESENTATIVES REGARDING THE
SALE OF NON-TRADED REITS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
12/03/2015
 Exact
 Explanation

If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 38,522.75
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKINGS; OFFERS OF REMEDIATION
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE CONSENT ORDER (THE "ORDER"),
AND CONSENTED TO THE ENTRY OF THE ORDER BY THE DIVISION. LPL ALSO AGREED TO (1) OFFER TO REMEDIATE LOSSES FOR NON-TRADED
REITS SOLD TO CERTAIN MISSOURI RESIDENTS IN VIOLATION OF CONCENTRATION LIMITS OR GUIDELINES, (2) CERTAIN UNDERTAKINGS, AND (3)
PAY THE DIVISION A SUM IN THE AMOUNT OF $38,522.75 WHICH WAS REMITTED ON OR ABOUT DECEMBER 1, 2015.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A GLOBAL SETTLEMENT REGARDING THE SALES OF NON-TRADED REITS BY LPL REPRESENTATIVES DURING THE PERIOD
JANUARY 1, 2008 THROUGH DECEMBER 31, 2013 (THE "RELEVANT PERIOD") REACHED BY LPL WITH A MULTISTATE TASK FORCE COMPOSED OF
MEMBERS OF NASAA. AS PART OF THE GLOBAL SETTLEMENT, INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS, IN WHICH LPL NEITHER
ADMITS NOR DENIES THE ALLEGATIONS. IN THIS INSTANCE, THE DIVISION ALLEGED THAT DURING THE RELEVANT PERIOD LPL 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. WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO (1) OFFER TO
REMEDIATE LOSSES FOR NON-TRADED REITS SOLD TO MISSOURI RESIDENTS IN VIOLATION OF GUIDELINES DURING THE RELEVANT PERIOD, (2) RETAIN
AN INDEPENDENT CONSULTANT TO REVIEW ITS SALES OF NON-TRADED REITS DURING THE RELEVANT PERIOD, AND (3) TO PAY THE DIVISION A CIVIL
PENALTY IN THE AMOUNT OF $38,522.75, MISSOURI'S ALLOCATED PORTION OF THE AMOUNT AGREED TO WITH NASAA. FINALLY, THE DIVISION AND LPL
AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE LAWS OF THE UNITED STATES, ANY STATE, THE DISTRICT
OF COLUMBIA, PUERTO RICO, OR THE U.S. VIRGIN ISLANDS, INCLUDING WITHOUT LIMITATION, ANY DISQUALIFICATION FROM RELYING UPON THE
STATE OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH WAS ALSO PART OF THE AGREEMENT WITH NASAA.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed

This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
TEXAS STATE SECURITIES BOARD
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
12/01/2015
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
IC15-CDO-04
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL LLC
6.
Principal Product Type:
Other
Other Product Types: 
NON-TRADED REITS
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH COORDINATED INVESTIGATIONS BY A MULTI-STATE TASK FORCE WITH THE NORTH AMERICAN SECURITIES ADMINISTRATORS
ASSOCIATION INC. ("NASAA"), THE TEXAS STATE SECURITIES BOARD (THE "BOARD") ALLEGED THAT LPL FINANCIAL LLC ("LPL") FAILED TO IMPLEMENT
AN ADEQUATE SUPERVISORY SYSTEM AND ENFORCE ITS PROCEDURES TO SUPERVISE ITS TEXAS REPRESENTATIVES REGARDING THE SALE OF NON-
TRADED REITS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
12/01/2015
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:

A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 110,855.07
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKINGS; OFFERS OF REMEDIATION
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE CONSENT ORDER (THE "ORDER"),
AND CONSENTED TO THE ENTRY OF THE ORDER BY THE BOARD. LPL ALSO AGREED TO (1) OFFER TO REMEDIATE LOSSES FOR NON-TRADED REITS
SOLD TO CERTAIN TEXAS RESIDENTS IN VIOLATION OF CONCENTRATION LIMITS OR GUIDELINES, (2) CERTAIN UNDERTAKINGS, AND (3) PAY THE
BOARD A SUM IN THE AMOUNT OF $110,855.07 WHICH WAS REMITTED ON OR ABOUT NOVEMBER 17, 2015.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A GLOBAL SETTLEMENT REGARDING THE SALES OF NON-TRADED REITS BY LPL REPRESENTATIVES DURING THE PERIOD
JANUARY 1, 2008 THROUGH DECEMBER 31, 2013 (THE "RELEVANT PERIOD") REACHED BY LPL WITH A MULTISTATE TASK FORCE COMPOSED OF
MEMBERS OF NASAA. AS PART OF THE GLOBAL SETTLEMENT, INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS, IN WHICH LPL NEITHER
ADMITS NOR DENIES THE ALLEGATIONS. IN THIS INSTANCE, THE BOARD ALLEGED THAT DURING THE RELEVANT PERIOD LPL 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. WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO (1) OFFER TO REMEDIATE
LOSSES FOR NON-TRADED REITS SOLD TO TEXAS RESIDENTS IN VIOLATION OF GUIDELINES DURING THE RELEVANT PERIOD, (2) RETAIN AN
INDEPENDENT CONSULTANT TO REVIEW ITS SALES OF NON-TRADED REITS DURING THE RELEVANT PERIOD, AND (3) TO PAY THE BOARD A CIVIL
PENALTY IN THE AMOUNT OF $110,855.07 TEXAS' ALLOCATED PORTION OF THE AMOUNT AGREED TO WITH NASAA. FINALLY, THE BOARD AND LPL
AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE LAWS OF THE UNITED STATES, ANY STATE, THE DISTRICT
OF COLUMBIA, PUERTO RICO, OR THE U.S. VIRGIN ISLANDS, INCLUDING WITHOUT LIMITATION, ANY DISQUALIFICATION FROM RELYING UPON THE
STATE OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH WAS ALSO PART OF THE AGREEMENT WITH NASAA.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is

registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
ALASKA DIVISION OF BANKING AND SECURITIES
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
12/03/2015
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
15-1804-S
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL LLC
6.
Principal Product Type:
Other
Other Product Types: 
NON-TRADED REITS
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH COORDINATED INVESTIGATIONS BY A MULTI-STATE TASK FORCE WITH THE NORTH AMERICAN SECURITIES ADMINISTRATORS
ASSOCIATION INC. ("NASAA"), THE ALASKA DIVISION OF BANKING AND OF SECURITIES (THE "DIVISION") ALLEGED THAT LPL FINANCIAL LLC ("LPL")
FAILED TO IMPLEMENT AN ADEQUATE SUPERVISORY SYSTEM AND ENFORCE ITS PROCEDURES TO SUPERVISE ITS ALASKA REPRESENTATIVES
REGARDING THE SALE OF NON-TRADED REITS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
12/03/2015
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 10,570.45

 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKINGS; OFFERS OF REMEDIATION
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE CONSENT TO ORDER (THE
"ORDER"), AND CONSENTED TO THE ENTRY OF THE ORDER BY THE DIVISION. LPL ALSO AGREED TO (1) OFFER TO REMEDIATE LOSSES FOR NON-
TRADED REITS SOLD TO CERTAIN ALASKA RESIDENTS IN VIOLATION OF CONCENTRATION LIMITS OR GUIDELINES, (2) CERTAIN UNDERTAKINGS,
AND (3) PAY THE DIVISION A SUM IN THE AMOUNT OF $10,570.45 WHICH WAS REMITTED ON OR ABOUT DECEMBER 1, 2015.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A GLOBAL SETTLEMENT REGARDING THE SALES OF NON-TRADED REITS BY LPL REPRESENTATIVES DURING THE PERIOD
JANUARY 1, 2008 THROUGH DECEMBER 31, 2013 (THE "RELEVANT PERIOD") REACHED BY LPL WITH A MULTISTATE TASK FORCE COMPOSED OF
MEMBERS OF NASAA. AS PART OF THE GLOBAL SETTLEMENT, INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS, IN WHICH LPL NEITHER
ADMITS NOR DENIES THE ALLEGATIONS. IN THIS INSTANCE, THE DIVISION ALLEGED THAT DURING THE RELEVANT PERIOD LPL 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. WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO (1) OFFER TO
REMEDIATE LOSSES FOR NON-TRADED REITS SOLD TO ALASKA RESIDENTS IN VIOLATION OF GUIDELINES DURING THE RELEVANT PERIOD, (2) RETAIN
AN INDEPENDENT CONSULTANT TO REVIEW ITS SALES OF NON-TRADED REITS DURING THE RELEVANT PERIOD, AND (3) TO PAY THE DIVISION A CIVIL
PENALTY IN THE AMOUNT OF $10,570.45, ALASKA'S ALLOCATED PORTION OF THE AMOUNT AGREED TO WITH NASAA. FINALLY, THE DIVISION AND LPL
AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE LAWS OF THE UNITED STATES, ANY STATE, THE DISTRICT
OF COLUMBIA, PUERTO RICO, OR THE U.S. VIRGIN ISLANDS, INCLUDING WITHOUT LIMITATION, ANY DISQUALIFICATION FROM RELYING UPON THE
STATE OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH WAS ALSO PART OF THE AGREEMENT WITH NASAA.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.

If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
MINNESOTA DEPARTMENT OF COMMERCE
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
12/16/2015
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
39265
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL LLC
6.
Principal Product Type:
Other
Other Product Types: 
NON-TRADED REITS
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH COORDINATED INVESTIGATIONS BY A MULTI-STATE TASK FORCE WITH THE NORTH AMERICAN SECURITIES ADMINISTRATORS
ASSOCIATION INC. (NASAA), THE MINNESOTA DEPARTMENT OF COMMERCE (DEPARTMENT) ALLEGED THAT LPL FINANCIAL LLC (LPL) FAILED TO
IMPLEMENT AN ADEQUATE SUPERVISORY SYSTEM AND ENFORCE ITS PROCEDURES TO SUPERVISE ITS MINNESOTA REPRESENTATIVES REGARDING THE
SALE OF NON-TRADED REITS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
12/16/2015
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 41,209.74
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension

B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE CONSENT ORDER (ORDER), AND
CONSENTED TO THE ENTRY OF THE ORDER BY THE DEPARTMENT. LPL ALSO AGREED TO (1) OFFER TO REMEDIATE LOSSES FOR NON-TRADED REITS
SOLD TO CERTAIN MINNESOTA RESIDENTS IN VIOLATION OF CONCENTRATION LIMITS OR GUIDELINES, (2) CERTAIN UNDERTAKINGS, AND (3) PAY
THE DEPARTMENT A SUM IN THE AMOUNT OF $41,209.74 WHICH WAS REMITTED ON OR ABOUT DECEMBER 15, 2015.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A GLOBAL SETTLEMENT REGARDING THE SALES OF NON-TRADED REITS BY LPL REPRESENTATIVES DURING THE PERIOD
JANUARY 1, 2008 THROUGH DECEMBER 31, 2013 (RELEVANT PERIOD) REACHED BY LPL WITH A MULTI-STATE TASK FORCE COMPOSED OF MEMBERS OF
NASAA. AS PART OF THE GLOBAL SETTLEMENT, INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS, IN WHICH LPL NEITHER ADMITS NOR DENIES
THE ALLEGATIONS. IN THIS INSTANCE, THE DEPARTMENT ALLEGED THAT DURING THE RELEVANT PERIOD LPL 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. WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO (1) OFFER TO REMEDIATE
LOSSES FOR NON-TRADED REITS SOLD TO MINNESOTA RESIDENTS IN VIOLATION OF GUIDELINES DURING THE RELEVANT PERIOD, (2) RETAIN AN
INDEPENDENT CONSULTANT TO REVIEW ITS SALES OF NON-TRADED REITS DURING THE RELEVANT PERIOD, AND (3) TO PAY THE DEPARTMENT A CIVIL
PENALTY IN THE AMOUNT OF $41,209.74, MINNESOTA'S ALLOCATED PORTION OF THE AMOUNT AGREED TO WITH NASAA. FINALLY, THE DEPARTMENT
AND LPL AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE LAWS OF THE UNITED STATES, ANY STATE, THE
DISTRICT OF COLUMBIA, PUERTO RICO, OR THE U.S. VIRGIN ISLANDS, INCLUDING WITHOUT LIMITATION, ANY DISQUALIFICATION FROM RELYING UPON
THE STATE OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH WAS ALSO PART OF THE AGREEMENT WITH NASAA.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.

This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
COLORADO DIVISION OF SECURITIES
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
12/30/2015
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
2016-L-09
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL LLC
6.
Principal Product Type:
Other
Other Product Types: 
NON-TRADED REITS
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH COORDINATED INVESTIGATIONS BY A MULTISTATE TASK FORCE WITH THE NORTH AMERICAN SECURITIES ADMINISTRATORS
ASSOCIATION INC. (NASAA), THE COLORADO DIVISION OF SECURITIES (DIVISION) ALLEGED THAT LPL FINANCIAL LLC (LPL) FAILED TO IMPLEMENT AN
ADEQUATE SUPERVISORY SYSTEM AND ENFORCE ITS PROCEDURES TO SUPERVISE ITS COLORADO REPRESENTATIVES REGARDING THE SALE OF NON-
TRADED REITS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
12/30/2015
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 40,183.94
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKINGS; OFFERS OF REMEDIATION
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,

Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE STIPULATION FOR CONSENT ORDER
(ORDER), AND CONSENTED TO THE ENTRY OF THE ORDER BY THE DIVISION. LPL ALSO AGREED TO (1) OFFER TO REMEDIATE LOSSES FOR NON-
TRADED REITS SOLD TO CERTAIN COLORADO RESIDENTS IN VIOLATION OF CONCENTRATION LIMITS OR GUIDELINES, (2) CERTAIN
UNDERTAKINGS, AND (3) PAY THE DIVISION A SUM IN THE AMOUNT OF $40,183.94 WHICH WAS REMITTED ON OR ABOUT DECEMBER 17, 2015.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A GLOBAL SETTLEMENT REGARDING THE SALES OF NON-TRADED REITS BY LPL REPRESENTATIVES DURING THE PERIOD
JANUARY 1, 2008 THROUGH DECEMBER 31, 2013 (RELEVANT PERIOD) REACHED BY LPL WITH A MULTI-STATE TASK FORCE COMPOSED OF MEMBERS OF
NASAA. AS PART OF THE GLOBAL SETTLEMENT, INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS, IN WHICH LPL NEITHER ADMITS NOR DENIES
THE ALLEGATIONS. IN THIS INSTANCE, THE DIVISION ALLEGED THAT DURING THE RELEVANT PERIOD LPL 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. WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO (1) OFFER TO REMEDIATE
LOSSES FOR NON-TRADED REITS SOLD TO COLORADO RESIDENTS IN VIOLATION OF GUIDELINES DURING THE RELEVANT PERIOD, (2) RETAIN AN
INDEPENDENT CONSULTANT TO REVIEW ITS SALES OF NON-TRADED REITS DURING THE RELEVANT PERIOD, AND (3) TO PAY THE DIVISION A CIVIL
PENALTY IN THE AMOUNT OF $40,183.94, COLORADO'S ALLOCATED PORTION OF THE AMOUNT AGREED TO WITH NASAA. FINALLY, THE DIVISION AND
LPL AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE LAWS OF THE UNITED STATES, ANY STATE, THE
DISTRICT OF COLUMBIA, PUERTO RICO, OR THE U.S. VIRGIN ISLANDS, INCLUDING WITHOUT LIMITATION, ANY DISQUALIFICATION FROM RELYING UPON
THE STATE OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH WAS ALSO PART OF THE AGREEMENT WITH NASAA.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 

B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
FLORIDA OFFICE OF FINANCIAL REGULATION
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
12/30/2015
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
62466-S
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL LLC
6.
Principal Product Type:
Other
Other Product Types: 
NON-TRADED REITS
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH COORDINATED INVESTIGATIONS BY A MULTI-STATE TASK FORCE WITH THE NORTH AMERICAN SECURITIES ADMINISTRATORS
ASSOCIATION INC. (NASAA), THE STATE OF FLORIDA OFFICE OF FINANCIAL REGULATION (OFFICE) ALLEGED THAT LPL FINANCIAL LLC (LPL) FAILED TO
IMPLEMENT AN ADEQUATE SUPERVISORY SYSTEM AND ENFORCE ITS PROCEDURES TO SUPERVISE ITS FLORIDA REPRESENTATIVES REGARDING THE
SALE OF NON-TRADED REITS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Stipulation and Consent
11. Resolution Date (MM/DD/YYYY):
12/30/2015
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 50,555.39
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKINGS; OFFERS OF REMEDIATION
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of

penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE STIPULATION AND CONSENT
AGREEMENT (AGREEMENT), AND CONSENTED TO THE ENTRY OF THE AGREEMENT BY THE OFFICE. LPL ALSO AGREED TO (1) OFFER TO REMEDIATE
LOSSES FOR NON-TRADED REITS SOLD TO CERTAIN FLORIDA RESIDENTS IN VIOLATION OF CONCENTRATION LIMITS OR GUIDELINES, (2) CERTAIN
UNDERTAKINGS, AND (3) PAY THE OFFICE A SUM IN THE AMOUNT OF $50,555.39 WHICH WAS REMITTED ON OR ABOUT DECEMBER 11, 2015.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A GLOBAL SETTLEMENT REGARDING THE SALES OF NON-TRADED REITS BY LPL REPRESENTATIVES DURING THE PERIOD
JANUARY 1, 2008 THROUGH DECEMBER 31, 2013 (RELEVANT PERIOD) REACHED BY LPL WITH A MULTISTATE TASK FORCE COMPOSED OF MEMBERS OF
NASAA. AS PART OF THE GLOBAL SETTLEMENT, INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS, IN WHICH LPL NEITHER ADMITS NOR DENIES
THE ALLEGATIONS. IN THIS INSTANCE, THE OFFICE ALLEGED THAT DURING THE RELEVANT PERIOD LPL 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. WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO (1) OFFER TO REMEDIATE LOSSES
FOR NON-TRADED REITS SOLD TO FLORIDA RESIDENTS IN VIOLATION OF GUIDELINES DURING THE RELEVANT PERIOD, (2) RETAIN AN INDEPENDENT
CONSULTANT TO REVIEW ITS SALES OF NON-TRADED REITS DURING THE RELEVANT PERIOD, AND (3) TO PAY THE OFFICE A CIVIL PENALTY IN THE
AMOUNT OF $50,555.39, FLORIDA'S ALLOCATED PORTION OF THE AMOUNT AGREED TO WITH NASAA. FINALLY, THE OFFICE AND LPL AGREED THAT THE
AGREEMENT WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE LAWS OF THE UNITED STATES, ANY STATE, THE DISTRICT OF
COLUMBIA, PUERTO RICO, OR THE U.S. VIRGIN ISLANDS, INCLUDING WITHOUT LIMITATION, ANY DISQUALIFICATION FROM RELYING UPON THE STATE
OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH WAS ALSO PART OF THE AGREEMENT WITH NASAA.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.

 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
GEORGIA SECURITIES DIVISION
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
01/08/2016
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
ENSC-160589
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL LLC
6.
Principal Product Type:
Other
Other Product Types: 
NON-TRADED REITS
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH COORDINATED INVESTIGATIONS BY A MULTI-STATE TASK FORCE WITH THE NORTH AMERICAN SECURITIES ADMINISTRATORS
ASSOCIATION INC. (NASAA), THE GEORGIA SECURITIES DIVISION (DIVISION) ALLEGED THAT LPL FINANCIAL LLC (LPL) FAILED TO IMPLEMENT AN
ADEQUATE SUPERVISORY SYSTEM AND ENFORCE ITS PROCEDURES TO SUPERVISE ITS GEORGIA REPRESENTATIVES REGARDING THE SALE OF NON-
TRADED REITS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
01/08/2016
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 28,021.63
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKINGS; OFFERS OF REMEDIATION
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE CONSENT ORDER (ORDER), AND
CONSENTED TO THE ENTRY OF THE ORDER BY THE DIVISION. LPL ALSO AGREED TO (1) OFFER TO REMEDIATE LOSSES FOR NON-TRADED REITS

SOLD TO CERTAIN GEORGIA RESIDENTS IN VIOLATION OF CONCENTRATION LIMITS OR GUIDELINES, (2) CERTAIN UNDERTAKINGS, AND (3) PAY
THE DIVISION A SUM IN THE AMOUNT OF $28,021.63 WHICH WAS REMITTED ON OR ABOUT DECEMBER 17, 2015.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A GLOBAL SETTLEMENT REGARDING THE SALES OF NON-TRADED REITS BY LPL REPRESENTATIVES DURING THE PERIOD
JANUARY 1, 2008 THROUGH DECEMBER 31, 2013 (RELEVANT PERIOD) REACHED BY LPL WITH A MULTI-STATE TASK FORCE COMPOSED OF MEMBERS OF
NASAA. AS PART OF THE GLOBAL SETTLEMENT, INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS, IN WHICH LPL NEITHER ADMITS NOR DENIES
THE ALLEGATIONS. IN THIS INSTANCE, THE DIVISION ALLEGED THAT DURING THE RELEVANT PERIOD LPL 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. WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO (1) OFFER TO REMEDIATE LOSSES
FOR NON-TRADED REITS SOLD TO GEORGIA RESIDENTS IN VIOLATION OF GUIDELINES DURING THE RELEVANT PERIOD, (2) RETAIN AN INDEPENDENT
CONSULTANT TO REVIEW ITS SALES OF NON-TRADED REITS DURING THE RELEVANT PERIOD, AND (3) TO PAY THE DIVISION A CIVIL PENALTY IN THE
AMOUNT OF $28,021.63, GEORGIA'S ALLOCATED PORTION OF THE AMOUNT AGREED TO WITH NASAA. FINALLY, THE DIVISION AND LPL AGREED THAT
THE ORDER WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE LAWS OF THE UNITED STATES, ANY STATE, THE DISTRICT OF COLUMBIA,
PUERTO RICO, OR THE U.S. VIRGIN ISLANDS, INCLUDING WITHOUT LIMITATION, ANY DISQUALIFICATION FROM RELYING UPON THE STATE OR FEDERAL
REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH WAS ALSO PART OF THE AGREEMENT WITH NASAA.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No

NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
IDAHO DEPARTMENT OF FINANCE
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
12/21/2015
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
2015-7-10
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL LLC
6.
Principal Product Type:
Other
Other Product Types: 
NON-TRADED REITS
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH COORDINATED INVESTIGATIONS BY A MULTI-STATE TASK FORCE WITH THE NORTH AMERICAN SECURITIES ADMINISTRATORS
ASSOCIATION INC. (NASAA), THE IDAHO DEPARTMENT OF FINANCE (DEPARTMENT) ALLEGED THAT LPL FINANCIAL LLC (LPL) FAILED TO IMPLEMENT AN
ADEQUATE SUPERVISORY SYSTEM AND ENFORCE ITS PROCEDURES TO SUPERVISE ITS IDAHO REPRESENTATIVES REGARDING THE SALE OF NON-TRADED
REITS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
12/21/2015
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 17,738.18
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKINGS; OFFERS OF REMEDIATION
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE CONSENT ORDER (ORDER), AND
CONSENTED TO THE ENTRY OF THE ORDER BY THE DEPARTMENT. LPL ALSO AGREED TO (1) OFFER TO REMEDIATE LOSSES FOR NON-TRADED REITS
SOLD TO CERTAIN IDAHO RESIDENTS IN VIOLATION OF CONCENTRATION LIMITS OR GUIDELINES, (2) CERTAIN UNDERTAKINGS, AND (3) PAY THE
DEPARTMENT A SUM IN THE AMOUNT OF $17,738.18 WHICH WAS REMITTED ON OR ABOUT DECEMBER 11, 2015.

13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A GLOBAL SETTLEMENT REGARDING THE SALES OF NON-TRADED REITS BY LPL REPRESENTATIVES DURING THE PERIOD
JANUARY 1, 2008 THROUGH DECEMBER 31, 2013 (RELEVANT PERIOD) REACHED BY LPL WITH A MULTISTATE TASK FORCE COMPOSED OF MEMBERS OF
NASAA. AS PART OF THE GLOBAL SETTLEMENT, INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS, IN WHICH LPL NEITHER ADMITS NOR DENIES
THE ALLEGATIONS. IN THIS INSTANCE, THE DEPARTMENT ALLEGED THAT DURING THE RELEVANT PERIOD LPL 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. WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO (1) OFFER TO REMEDIATE LOSSES
FOR NON-TRADED REITS SOLD TO IDAHO RESIDENTS IN VIOLATION OF GUIDELINES DURING THE RELEVANT PERIOD, (2) RETAIN AN INDEPENDENT
CONSULTANT TO REVIEW ITS SALES OF NON-TRADED REITS DURING THE RELEVANT PERIOD, AND (3) TO PAY THE DEPARTMENT A CIVIL PENALTY IN THE
AMOUNT OF $17,738.18, IDAHO'S ALLOCATED PORTION OF THE AMOUNT AGREED TO WITH NASAA. FINALLY, THE DEPARTMENT AND LPL AGREED THAT
THE ORDER WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE LAWS OF THE UNITED STATES, ANY STATE, THE DISTRICT OF COLUMBIA,
PUERTO RICO, OR THE U.S. VIRGIN ISLANDS, INCLUDING WITHOUT LIMITATION, ANY DISQUALIFICATION FROM RELYING UPON THE STATE OR FEDERAL
REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH WAS ALSO PART OF THE AGREEMENT WITH NASAA.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II

1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
IOWA INSURANCE DIVISION
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
01/05/2016
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
88827
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL LLC
6.
Principal Product Type:
Other
Other Product Types: 
NON-TRADED REITS
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH COORDINATED INVESTIGATIONS BY A MULTI-STATE TASK FORCE WITH THE NORTH AMERICAN SECURITIES ADMINISTRATORS
ASSOCIATION INC. (NASAA), THE IOWA INSURANCE DIVISION (DIVISION) ALLEGED THAT LPL FINANCIAL LLC (LPL) FAILED TO IMPLEMENT AN
ADEQUATE SUPERVISORY SYSTEM AND ENFORCE ITS PROCEDURES TO SUPERVISE ITS IOWA REPRESENTATIVES REGARDING THE SALE OF NON-TRADED
REITS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
01/05/2016
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 16,638.57
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKINGS; OFFERS OF REMEDIATION
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE CONSENT ORDER (ORDER), AND
CONSENTED TO THE ENTRY OF THE ORDER BY THE DIVISION. LPL ALSO AGREED TO (1) OFFER TO REMEDIATE LOSSES FOR NON-TRADED REITS
SOLD TO CERTAIN IOWA RESIDENTS IN VIOLATION OF CONCENTRATION LIMITS OR GUIDELINES, (2) CERTAIN UNDERTAKINGS, AND (3) PAY THE
DIVISION A SUM IN THE AMOUNT OF $16,638.57 WHICH WAS REMITTED ON OR ABOUT DECEMBER 21, 2015.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A GLOBAL SETTLEMENT REGARDING THE SALES OF NON-TRADED REITS BY LPL REPRESENTATIVES DURING THE PERIOD

JANUARY 1, 2008 THROUGH DECEMBER 31, 2013 (RELEVANT PERIOD) REACHED BY LPL WITH A MULTI-STATE TASK FORCE COMPOSED OF MEMBERS OF
NASAA. AS PART OF THE GLOBAL SETTLEMENT, INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS, IN WHICH LPL NEITHER ADMITS NOR DENIES
THE ALLEGATIONS. IN THIS INSTANCE, THE DIVISION ALLEGED THAT DURING THE RELEVANT PERIOD LPL 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. WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO (1) OFFER TO REMEDIATE LOSSES FOR
NON-TRADED REITS SOLD TO IOWA RESIDENTS IN VIOLATION OF GUIDELINES DURING THE RELEVANT PERIOD, (2) RETAIN AN INDEPENDENT
CONSULTANT TO REVIEW ITS SALES OF NON-TRADED REITS DURING THE RELEVANT PERIOD, AND (3) TO PAY THE DIVISION A CIVIL PENALTY IN THE
AMOUNT OF $16,638.57, IOWA'S ALLOCATED PORTION OF THE AMOUNT AGREED TO WITH NASAA. FINALLY, THE DIVISION AND LPL AGREED THAT THE
ORDER WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE LAWS OF THE UNITED STATES, ANY STATE, THE DISTRICT OF COLUMBIA,
PUERTO RICO, OR THE U.S. VIRGIN ISLANDS, INCLUDING WITHOUT LIMITATION, ANY DISQUALIFICATION FROM RELYING UPON THE STATE OR FEDERAL
REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH WAS ALSO PART OF THE AGREEMENT WITH NASAA.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 

MICHIGAN DEPARTMENT OF LICENSING AND REGULATORY AFFAIRS
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
12/21/2015
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
327800
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL LLC
6.
Principal Product Type:
Other
Other Product Types: 
NON-TRADED REITS
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH COORDINATED INVESTIGATIONS BY A MULTI-STATE TASK FORCE WITH THE NORTH AMERICAN SECURITIES ADMINISTRATORS
ASSOCIATION INC. (NASAA), THE MICHIGAN DEPARTMENT OF LICENSING AND REGULATORY AFFAIRS (DEPARTMENT) ALLEGED THAT LPL FINANCIAL LLC
(LPL) FAILED TO IMPLEMENT AN ADEQUATE SUPERVISORY SYSTEM AND ENFORCE ITS PROCEDURES TO SUPERVISE ITS MICHIGAN REPRESENTATIVES
REGARDING THE SALE OF NON-TRADED REITS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
12/21/2015
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 38,133.80
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKINGS; OFFERS OF REMEDIATION
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE ADMINISTRATIVE CONSENT ORDER
(ORDER), AND CONSENTED TO THE ENTRY OF THE ORDER BY THE DEPARTMENT. LPL ALSO AGREED TO (1) OFFER TO REMEDIATE LOSSES FOR
NON-TRADED REITS SOLD TO CERTAIN MICHIGAN RESIDENTS IN VIOLATION OF CONCENTRATION LIMITS OR GUIDELINES, (2) CERTAIN
UNDERTAKINGS, AND (3) PAY THE DEPARTMENT A SUM IN THE AMOUNT OF $38,133.80 WHICH WAS REMITTED ON OR ABOUT DECEMBER 29,
2015.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A GLOBAL SETTLEMENT REGARDING THE SALES OF NON-TRADED REITS BY LPL REPRESENTATIVES DURING THE PERIOD
JANUARY 1, 2008 THROUGH DECEMBER 31, 2013 (RELEVANT PERIOD) REACHED BY LPL WITH A MULTI-STATE TASK FORCE COMPOSED OF MEMBERS OF
NASAA. AS PART OF THE GLOBAL SETTLEMENT, INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS, IN WHICH LPL NEITHER ADMITS NOR DENIES

THE ALLEGATIONS. IN THIS INSTANCE, THE DEPARTMENT ALLEGED THAT DURING THE RELEVANT PERIOD LPL 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. WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO (1) OFFER TO REMEDIATE LOSSES
FOR NON-TRADED REITS SOLD TO MICHIGAN RESIDENTS IN VIOLATION OF GUIDELINES DURING THE RELEVANT PERIOD, (2) RETAIN AN INDEPENDENT
CONSULTANT TO REVIEW ITS SALES OF NON-TRADED REITS DURING THE RELEVANT PERIOD, AND (3) TO PAY THE DEPARTMENT A CIVIL PENALTY IN THE
AMOUNT OF $38,133.80, MICHIGAN'S ALLOCATED PORTION OF THE AMOUNT AGREED TO WITH NASAA. FINALLY, THE DEPARTMENT AND LPL AGREED
THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE LAWS OF THE UNITED STATES, ANY STATE, THE DISTRICT OF
COLUMBIA, PUERTO RICO, OR THE U.S. VIRGIN ISLANDS, INCLUDING WITHOUT LIMITATION, ANY DISQUALIFICATION FROM RELYING UPON THE STATE
OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH WAS ALSO PART OF THE AGREEMENT WITH NASAA.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
NEBRASKA DEPARTMENT OF BANKING & FINANCE

2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
12/29/2015
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
N/A
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL LLC
6.
Principal Product Type:
Other
Other Product Types: 
NON-TRADED REITS
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH COORDINATED INVESTIGATIONS BY A MULTI-STATE TASK FORCE WITH THE NORTH AMERICAN SECURITIES ADMINISTRATORS
ASSOCIATION INC. (NASAA), THE NEBRASKA DEPARTMENT OF BANKING & FINANCE (DEPARTMENT) ALLEGED THAT LPL FINANCIAL LLC (LPL) FAILED TO
IMPLEMENT AN ADEQUATE SUPERVISORY SYSTEM AND ENFORCE ITS PROCEDURES TO SUPERVISE ITS NEBRASKA REPRESENTATIVES REGARDING THE
SALE OF NON-TRADED REITS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
12/29/2015
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 16,736.07
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKINGS; OFFERS OF REMEDIATION
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE CONSENT ORDER (ORDER), AND
CONSENTED TO THE ENTRY OF THE ORDER BY THE DEPARTMENT. LPL ALSO AGREED TO (1) OFFER TO REMEDIATE LOSSES FOR NON-TRADED REITS
SOLD TO CERTAIN NEBRASKA RESIDENTS IN VIOLATION OF CONCENTRATION LIMITS OR GUIDELINES, (2) CERTAIN UNDERTAKINGS, AND (3) PAY
THE DEPARTMENT A SUM IN THE AMOUNT OF $16,736.07 WHICH WAS REMITTED ON OR ABOUT DECEMBER 17, 2015.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A GLOBAL SETTLEMENT REGARDING THE SALES OF NON-TRADED REITS BY LPL REPRESENTATIVES DURING THE PERIOD
JANUARY 1, 2008 THROUGH DECEMBER 31, 2013 (RELEVANT PERIOD) REACHED BY LPL WITH A MULTI-STATE TASK FORCE COMPOSED OF MEMBERS OF
NASAA. AS PART OF THE GLOBAL SETTLEMENT, INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS, IN WHICH LPL NEITHER ADMITS NOR DENIES
THE ALLEGATIONS. IN THIS INSTANCE, THE DEPARTMENT ALLEGED THAT DURING THE RELEVANT PERIOD LPL 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. WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO (1) OFFER TO REMEDIATE LOSSES

FOR NON-TRADED REITS SOLD TO NEBRASKA RESIDENTS IN VIOLATION OF GUIDELINES DURING THE RELEVANT PERIOD, (2) RETAIN AN INDEPENDENT
CONSULTANT TO REVIEW ITS SALES OF NON-TRADED REITS DURING THE RELEVANT PERIOD, AND (3) TO PAY THE DEPARTMENT A CIVIL PENALTY IN THE
AMOUNT OF $16,736.07, NEBRASKA'S ALLOCATED PORTION OF THE AMOUNT AGREED TO WITH NASAA. FINALLY, THE DEPARTMENT AND LPL AGREED
THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE LAWS OF THE UNITED STATES, ANY STATE, THE DISTRICT OF
COLUMBIA, PUERTO RICO, OR THE U.S. VIRGIN ISLANDS, INCLUDING WITHOUT LIMITATION, ANY DISQUALIFICATION FROM RELYING UPON THE STATE
OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH WAS ALSO PART OF THE AGREEMENT WITH NASAA.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
WASHINGTON DEPARTMENT OF FINANCIAL INSTITUTIONS SECURITIES DIVISION
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 

3.
Date Initiated (MM/DD/YYYY): 
01/15/2016
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
S-15-1795-15-C001
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL LLC
6.
Principal Product Type:
Other
Other Product Types: 
NON-TRADED REITS
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH COORDINATED INVESTIGATIONS BY A MULTI-STATE TASK FORCE WITH THE NORTH AMERICAN SECURITIES ADMINISTRATORS
ASSOCIATION INC. (NASAA), THE WASHINGTON DEPARTMENT OF FINANCIAL INSTITUTIONS SECURITIES DIVISION (DIVISION) ALLEGED THAT LPL
FINANCIAL LLC (LPL) FAILED TO IMPLEMENT AN ADEQUATE SUPERVISORY SYSTEM AND ENFORCE ITS PROCEDURES TO SUPERVISE ITS WASHINGTON
REPRESENTATIVES REGARDING THE SALE OF NON-TRADED REITS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
01/15/2016
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 65,766.07
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKINGS; OFFERS OF REMEDIATION
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE CONSENT ORDER (ORDER), AND
CONSENTED TO THE ENTRY OF THE ORDER BY THE DIVISION. LPL ALSO AGREED TO (1) OFFER TO REMEDIATE LOSSES FOR NON-TRADED REITS
SOLD TO CERTAIN WASHINGTON RESIDENTS IN VIOLATION OF CONCENTRATION LIMITS OR GUIDELINES, (2) CERTAIN UNDERTAKINGS, AND (3)
PAY THE DIVISION A SUM IN THE AMOUNT OF $65,766.07 WHICH WAS REMITTED ON OR ABOUT JANUARY 12, 2016.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A GLOBAL SETTLEMENT REGARDING THE SALES OF NON-TRADED REITS BY LPL REPRESENTATIVES DURING THE PERIOD
JANUARY 1, 2008 THROUGH DECEMBER 31, 2013 (RELEVANT PERIOD) REACHED BY LPL WITH A MULTI-STATE TASK FORCE COMPOSED OF MEMBERS OF
NASAA. AS PART OF THE GLOBAL SETTLEMENT, INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS, IN WHICH LPL NEITHER ADMITS NOR DENIES
THE ALLEGATIONS. IN THIS INSTANCE, THE DIVISION ALLEGED THAT DURING THE RELEVANT PERIOD LPL 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. WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO (1) OFFER TO REMEDIATE
LOSSES FOR NON-TRADED REITS SOLD TO WASHINGTON RESIDENTS IN VIOLATION OF GUIDELINES DURING THE RELEVANT PERIOD, (2) RETAIN AN
INDEPENDENT CONSULTANT TO REVIEW ITS SALES OF NON-TRADED REITS DURING THE RELEVANT PERIOD, AND (3) TO PAY THE DIVISION A CIVIL
PENALTY IN THE AMOUNT OF $65,766.07, WASHINGTON'S ALLOCATED PORTION OF THE AMOUNT AGREED TO WITH NASAA. FINALLY, THE DIVISION AND

LPL AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE LAWS OF THE UNITED STATES, ANY STATE, THE
DISTRICT OF COLUMBIA, PUERTO RICO, OR THE U.S. VIRGIN ISLANDS, INCLUDING WITHOUT LIMITATION, ANY DISQUALIFICATION FROM RELYING UPON
THE STATE OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH WAS ALSO PART OF THE AGREEMENT WITH NASAA.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
CALIFORNIA DEPARTMENT OF BUSINESS OVERSIGHT
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 

01/29/2016
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
N/A
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL LLC
6.
Principal Product Type:
Other
Other Product Types: 
NON-TRADED REITS
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH COORDINATED INVESTIGATIONS BY A MULTI-STATE TASK FORCE WITH THE NORTH AMERICAN SECURITIES ADMINISTRATORS
ASSOCIATION INC. (NASAA), THE CALIFORNIA DEPARTMENT OF BUSINESS OVERSIGHT (DEPARTMENT) ALLEGED THAT LPL FINANCIAL LLC (LPL) FAILED
TO IMPLEMENT AN ADEQUATE SUPERVISORY SYSTEM AND ENFORCE ITS PROCEDURES TO SUPERVISE ITS CALIFORNIA REPRESENTATIVES REGARDING
THE SALE OF NON-TRADED REITS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
01/29/2016
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 140,220.11
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKINGS; OFFERS OF REMEDIATION
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE ADMINISTRATIVE CONSENT ORDER
(ORDER), AND CONSENTED TO THE ENTRY OF THE ORDER BY THE DEPARTMENT. LPL ALSO AGREED TO (1) OFFER TO REMEDIATE LOSSES FOR
NON-TRADED REITS SOLD TO CERTAIN CALIFORNIA RESIDENTS IN VIOLATION OF CONCENTRATION LIMITS OR GUIDELINES, (2) CERTAIN
UNDERTAKINGS, AND (3) PAY THE DEPARTMENT A SUM IN THE AMOUNT OF $140,220.11 WHICH WAS REMITTED ON OR ABOUT JANUARY 11, 2016.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A GLOBAL SETTLEMENT REGARDING THE SALES OF NON-TRADED REITS BY LPL REPRESENTATIVES DURING THE PERIOD
JANUARY 1, 2008 THROUGH DECEMBER 31, 2013 (RELEVANT PERIOD) REACHED BY LPL WITH A MULTI-STATE TASK FORCE COMPOSED OF MEMBERS OF
NASAA. AS PART OF THE GLOBAL SETTLEMENT, INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS, IN WHICH LPL NEITHER ADMITS NOR DENIES
THE ALLEGATIONS. IN THIS INSTANCE, THE DEPARTMENT ALLEGED THAT DURING THE RELEVANT PERIOD LPL 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. WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO (1) OFFER TO REMEDIATE
LOSSES FOR NON-TRADED REITS SOLD TO CALIFORNIA RESIDENTS IN VIOLATION OF GUIDELINES DURING THE RELEVANT PERIOD, (2) RETAIN AN
INDEPENDENT CONSULTANT TO REVIEW ITS SALES OF NON-TRADED REITS DURING THE RELEVANT PERIOD, AND (3) TO PAY THE DEPARTMENT A CIVIL
PENALTY IN THE AMOUNT OF $140,220.11, CALIFORNIA'S ALLOCATED PORTION OF THE AMOUNT AGREED TO WITH NASAA. FINALLY, THE DEPARTMENT
AND LPL AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE LAWS OF THE UNITED STATES, ANY STATE, THE
DISTRICT OF COLUMBIA, PUERTO RICO, OR THE U.S. VIRGIN ISLANDS, INCLUDING WITHOUT LIMITATION, ANY DISQUALIFICATION FROM RELYING UPON
THE STATE OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH WAS ALSO PART OF THE AGREEMENT WITH NASAA.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
TEXAS STATE SECURITIES BOARD
2.
Principal Sanction:
Other
Other Sanctions: 
ORDER
3.
Date Initiated (MM/DD/YYYY): 
02/18/2016
 Exact
 Explanation
If not exact, provide explanation:

4.
Docket/Case Number:
IC16-CAF-02
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL LLC
6.
Principal Product Type:
No Product
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN MAY 2015, THE STAFF OF THE TEXAS STATE SECURITIES BOARD INITIATED AN INVESTIGATION INTO LPL'S FINANCIAL STATEMENT REVIEWS FOR
AGENTS REGISTERED WITH THE TEXAS SECURITIES COMMISSIONER. 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 RESPONDENT'S WRITTEN SUPERVISORY PROCEDURES.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Order
11. Resolution Date (MM/DD/YYYY):
02/18/2016
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 95,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKINGS
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL CONSENTED TO THE ENTRY OF THE ORDER AND AGREED TO (1) PAY AN ADMINISTRATIVE FINE IN THE AMOUNT OF $95,000.00 TO THE
GENERAL FUND OF THE STATE OF TEXAS, (2) IMPLEMENT PROCEDURAL ENHANCEMENTS DESIGNED TO ACCOUNT FOR THE DOLLAR AMOUNT OF
DEPOSITS FOR DEBITS AND CREDITS, EXCLUDING THOSE MADE TO THE AGENT BY LPL, AND WHETHER THE RECIPIENT OF THE PAYMENT IS AN
ENTITY OR INDIVIDUAL, AND (3) FURTHER IMPLEMENT PROCEDURAL ENHANCEMENTS WHICH REQUIRE SUPPORTING DOCUMENTATION FOR
CERTAIN DEPOSITS NOT MADE BY LPL TO THE AGENT.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
LPL HAS UNDERTAKEN A NUMBER OF ENHANCEMENTS TO ITS POLICIES AND PROCEDURES RELATING TO FINANCIAL STATEMENT REVIEWS. THE
ENHANCEMENTS INCLUDED, AMONG OTHER THINGS, MANAGER ESCALATION MEETINGS, AS WELL AS CREATING AN ESCALATION REVIEW COMMITTEE,
ADDITIONAL QUALITY CONTROL REVIEWS, CENTRALIZATION OF REVIEW DOCUMENTATION, AND A REQUIREMENT FOR DBA OWNERS TO KEEP AT LEAST
THE MOST RECENT SIX MONTHS OF ALL DBA STATEMENTS AND CHECK COPIES ON FILE. IN ADDITION, PURSUANT TO THE UNDERTAKINGS, LPL WILL BE
IMPLEMENTING FURTHER ENHANCEMENTS TO ITS PROCEDURES, FOCUSED PRIMARILY ON CREATING MONETARY THRESHOLDS THAT DEFINE
ESCALATION CRITERIA AND THE REQUIREMENT, IN CERTAIN CIRCUMSTANCES, TO OBTAIN ADDITIONAL SUPPORTING DOCUMENTATION FROM THE
ADVISOR. LPL RENDERED SUBSTANTIAL COOPERATION IN THE STAFF'S INVESTIGATION.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.

Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
OFFICE OF THE KANSAS SECURITIES COMMISSIONER
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
02/26/2016
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
16E002/2016-6358
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL LLC

6.
Principal Product Type:
Other
Other Product Types: 
NON-TRADED REITS
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH COORDINATED INVESTIGATIONS BY A MULTI-STATE TASK FORCE WITH THE NORTH AMERICAN SECURITIES ADMINISTRATORS
ASSOCIATION INC. (NASAA), THE OFFICE OF THE KANSAS SECURITIES COMMISSIONER (OFFICE) ALLEGED THAT LPL FINANCIAL LLC (LPL) FAILED TO
IMPLEMENT AN ADEQUATE SUPERVISORY SYSTEM AND ENFORCE ITS PROCEDURES TO SUPERVISE ITS KANSAS REPRESENTATIVES REGARDING THE SALE
OF NON-TRADED REITS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
02/26/2016
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 16,182.86
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKINGS; OFFERS OF REMEDIATION
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE CONSENT ORDER (ORDER), AND
CONSENTED TO THE ENTRY OF THE ORDER BY THE OFFICE. LPL ALSO AGREED TO (1) OFFER TO REMEDIATE LOSSES FOR NON-TRADED REITS
SOLD TO CERTAIN KANSAS RESIDENTS IN VIOLATION OF CONCENTRATION LIMITS OR GUIDELINES, (2) CERTAIN UNDERTAKINGS, AND (3) PAY THE
OFFICE A SUM IN THE AMOUNT OF $16,182.86 WHICH WAS REMITTED ON OR ABOUT FEBRUARY 22, 2016.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A GLOBAL SETTLEMENT REGARDING THE SALES OF NON-TRADED REITS BY LPL REPRESENTATIVES DURING THE PERIOD
JANUARY 1, 2008 THROUGH DECEMBER 31, 2013 (RELEVANT PERIOD) REACHED BY LPL WITH A MULTI-STATE TASK FORCE COMPOSED OF MEMBERS OF
NASAA. AS PART OF THE GLOBAL SETTLEMENT, INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS, IN WHICH LPL NEITHER ADMITS NOR DENIES
THE ALLEGATIONS. IN THIS INSTANCE, THE OFFICE ALLEGED THAT DURING THE RELEVANT PERIOD LPL 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. WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO (1) OFFER TO REMEDIATE LOSSES
FOR NON-TRADED REITS SOLD TO KANSAS RESIDENTS IN VIOLATION OF GUIDELINES DURING THE RELEVANT PERIOD, (2) RETAIN AN INDEPENDENT
CONSULTANT TO REVIEW ITS SALES OF NON-TRADED REITS DURING THE RELEVANT PERIOD, AND (3) TO PAY THE OFFICE A CIVIL PENALTY IN THE
AMOUNT OF $16,182.86. FINALLY, THE OFFICE AND LPL AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE
LAWS OF THE UNITED STATES, ANY STATE, THE DISTRICT OF COLUMBIA, PUERTO RICO, OR THE U.S. VIRGIN ISLANDS, INCLUDING WITHOUT
LIMITATION, ANY DISQUALIFICATION FROM RELYING UPON THE STATE OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH
WAS ALSO PART OF THE AGREEMENT WITH NASAA.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:

11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
ALABAMA SECURITIES COMMISSION
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
02/09/2016
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
CO-2016-0002
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL LLC
6.
Principal Product Type:
Other
Other Product Types: 

NON-TRADED REITS
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH COORDINATED INVESTIGATIONS BY A MULTI-STATE TASK FORCE WITH THE NORTH AMERICAN SECURITIES ADMINISTRATORS
ASSOCIATION INC. (NASAA), THE ALABAMA SECURITIES COMMISSION (COMMISSION) ALLEGED THAT LPL FINANCIAL LLC (LPL) FAILED TO IMPLEMENT
AN ADEQUATE SUPERVISORY SYSTEM AND ENFORCE ITS PROCEDURES TO SUPERVISE ITS ALABAMA REPRESENTATIVES REGARDING THE SALE OF NON-
TRADED REITS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
02/09/2016
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 18,267.52
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKINGS; OFFERS OF REMEDIATION
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE CONSENT ORDER (ORDER), AND
CONSENTED TO THE ENTRY OF THE ORDER BY THE COMMISSION. LPL ALSO AGREED TO (1) OFFER TO REMEDIATE LOSSES FOR NON-TRADED
REITS SOLD TO CERTAIN ALABAMA RESIDENTS IN VIOLATION OF CONCENTRATION LIMITS OR GUIDELINES, (2) CERTAIN UNDERTAKINGS, AND (3)
PAY THE COMMISSION A SUM IN THE AMOUNT OF $18,267.52 WHICH WAS REMITTED ON OR ABOUT FEBRUARY 2, 2016.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A GLOBAL SETTLEMENT REGARDING THE SALES OF NON-TRADED REITS BY LPL REPRESENTATIVES DURING THE PERIOD
JANUARY 1, 2008 THROUGH DECEMBER 31, 2013 (RELEVANT PERIOD) REACHED BY LPL WITH A MULTI-STATE TASK FORCE COMPOSED OF MEMBERS OF
NASAA. AS PART OF THE GLOBAL SETTLEMENT, INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS, IN WHICH LPL NEITHER ADMITS NOR DENIES
THE ALLEGATIONS. IN THIS INSTANCE, THE COMMISSION ALLEGED THAT DURING THE RELEVANT PERIOD LPL 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. WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO (1) OFFER TO REMEDIATE LOSSES
FOR NON-TRADED REITS SOLD TO ALABAMA RESIDENTS IN VIOLATION OF GUIDELINES DURING THE RELEVANT PERIOD, (2) RETAIN AN INDEPENDENT
CONSULTANT TO REVIEW ITS SALES OF NON-TRADED REITS DURING THE RELEVANT PERIOD, AND (3) TO PAY THE COMMISSION A 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. FINALLY, THE COMMISSION AND LPL AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE LAWS OF
THE UNITED STATES, ANY STATE, THE DISTRICT OF COLUMBIA, PUERTO RICO, OR THE U.S. VIRGIN ISLANDS, INCLUDING WITHOUT LIMITATION, ANY
DISQUALIFICATION FROM RELYING UPON THE STATE OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH WAS ALSO PART
OF THE AGREEMENT WITH NASAA.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)

11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
NORTH DAKOTA SECURITIES DEPARTMENT
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
02/09/2016
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
N/A
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL LLC
6.
Principal Product Type:
Other
Other Product Types: 
NON-TRADED REITS

7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH COORDINATED INVESTIGATIONS BY A MULTI-STATE TASK FORCE WITH THE NORTH AMERICAN SECURITIES ADMINISTRATORS
ASSOCIATION INC. (NASAA), THE NORTH DAKOTA SECURITIES DEPARTMENT (DEPARTMENT) ALLEGED THAT LPL FINANCIAL LLC (LPL) FAILED TO
IMPLEMENT AN ADEQUATE SUPERVISORY SYSTEM AND ENFORCE ITS PROCEDURES TO SUPERVISE ITS NORTH DAKOTA REPRESENTATIVES REGARDING
THE SALE OF NON-TRADED REITS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
02/09/2016
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 11,012.50
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKINGS; OFFERS OF REMEDIATION
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE CONSENT ORDER (ORDER), AND
CONSENTED TO THE ENTRY OF THE ORDER BY THE DEPARTMENT. LPL ALSO AGREED TO (1) OFFER TO REMEDIATE LOSSES FOR NON-TRADED REITS
SOLD TO CERTAIN NORTH DAKOTA RESIDENTS IN VIOLATION OF CONCENTRATION LIMITS OR GUIDELINES, (2) CERTAIN UNDERTAKINGS, AND (3)
PAY THE DEPARTMENT A SUM IN THE AMOUNT OF $11,012.50 WHICH WAS REMITTED ON OR ABOUT FEBRUARY 2, 2016.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A GLOBAL SETTLEMENT REGARDING THE SALES OF NON-TRADED REITS BY LPL REPRESENTATIVES DURING THE PERIOD
JANUARY 1, 2008 THROUGH DECEMBER 31, 2013 (RELEVANT PERIOD) REACHED BY LPL WITH A MULTI-STATE TASK FORCE COMPOSED OF MEMBERS OF
NASAA. AS PART OF THE GLOBAL SETTLEMENT, INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS, IN WHICH LPL NEITHER ADMITS NOR DENIES
THE ALLEGATIONS. IN THIS INSTANCE, THE DEPARTMENT ALLEGED THAT DURING THE RELEVANT PERIOD LPL 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. WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO (1) OFFER TO REMEDIATE
LOSSES FOR NON-TRADED REITS SOLD TO NORTH DAKOTA RESIDENTS IN VIOLATION OF GUIDELINES DURING THE RELEVANT PERIOD, (2) RETAIN AN
INDEPENDENT CONSULTANT TO REVIEW ITS SALES OF NON-TRADED REITS DURING THE RELEVANT PERIOD, AND (3) TO PAY THE DEPARTMENT A CIVIL
PENALTY IN THE AMOUNT OF $11,012.50, NORTH DAKOTA'S ALLOCATED PORTION OF THE AMOUNT AGREED TO WITH NASAA. FINALLY, THE DEPARTMENT
AND LPL AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE LAWS OF THE UNITED STATES, ANY STATE, THE
DISTRICT OF COLUMBIA, PUERTO RICO, OR THE U.S. VIRGIN ISLANDS, INCLUDING WITHOUT LIMITATION, ANY DISQUALIFICATION FROM RELYING UPON
THE STATE OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH WAS ALSO PART OF THE AGREEMENT WITH NASAA.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.

Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
KENTUCKY DEPARTMENT OF FINANCIAL INSTITUTIONS
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
02/29/2016
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
2016-AH-0010
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL LLC
6.
Principal Product Type:
Other
Other Product Types: 
NON-TRADED REITS
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH COORDINATED INVESTIGATIONS BY A MULTI-STATE TASK FORCE WITH THE NORTH AMERICAN SECURITIES ADMINISTRATORS
ASSOCIATION INC. (NASAA), THE KENTUCKY DEPARTMENT OF FINANCIAL INSTITUTIONS (DEPARTMENT) ALLEGED THAT LPL FINANCIAL LLC (LPL) FAILED

TO IMPLEMENT AN ADEQUATE SUPERVISORY SYSTEM AND ENFORCE ITS PROCEDURES TO SUPERVISE ITS KENTUCKY REPRESENTATIVES REGARDING THE
SALE OF NON-TRADED REITS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
02/29/2016
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 22,841.84
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKINGS; OFFERS OF REMEDIATION
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE ADMINISTRATIVE CONSENT ORDER
(ORDER), AND CONSENTED TO THE ENTRY OF THE ORDER BY THE DEPARTMENT. LPL ALSO AGREED TO (1) OFFER TO REMEDIATE LOSSES FOR
NON-TRADED REITS SOLD TO CERTAIN KENTUCKY RESIDENTS IN VIOLATION OF CONCENTRATION LIMITS OR GUIDELINES, (2) CERTAIN
UNDERTAKINGS, AND (3) PAY THE DEPARTMENT A SUM IN THE AMOUNT OF $22,841.84 WHICH WAS REMITTED ON OR ABOUT FEBRUARY 17, 2016.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A GLOBAL SETTLEMENT REGARDING THE SALES OF NON-TRADED REITS BY LPL REPRESENTATIVES DURING THE PERIOD
JANUARY 1, 2008 THROUGH DECEMBER 31, 2013 (RELEVANT PERIOD) REACHED BY LPL WITH A MULTI-STATE TASK FORCE COMPOSED OF MEMBERS OF
NASAA. AS PART OF THE GLOBAL SETTLEMENT, INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS, IN WHICH LPL NEITHER ADMITS NOR DENIES
THE ALLEGATIONS. IN THIS INSTANCE, THE DEPARTMENT ALLEGED THAT DURING THE RELEVANT PERIOD LPL 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. WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO (1) OFFER TO REMEDIATE LOSSES
FOR NON-TRADED REITS SOLD TO KENTUCKY RESIDENTS IN VIOLATION OF GUIDELINES DURING THE RELEVANT PERIOD, (2) RETAIN AN INDEPENDENT
CONSULTANT TO REVIEW ITS SALES OF NON-TRADED REITS DURING THE RELEVANT PERIOD, AND (3) TO PAY THE DEPARTMENT A CIVIL PENALTY IN THE
AMOUNT OF $22,841.84. FINALLY, THE DEPARTMENT AND LPL AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER
THE LAWS OF THE UNITED STATES, ANY STATE, THE DISTRICT OF COLUMBIA, PUERTO RICO, OR THE U.S. VIRGIN ISLANDS, INCLUDING WITHOUT
LIMITATION, ANY DISQUALIFICATION FROM RELYING UPON THE STATE OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH
WAS ALSO PART OF THE AGREEMENT WITH NASAA.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 

One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
WASHINGTON INSURANCE COMMISSIONER
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
02/19/2016
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
15-0242
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL LLC
6.
Principal Product Type:
Insurance
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
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. THE INSURANCE COMMISSIONER LEVIED A FINE IN THE AMOUNT OF $2,000.00.

8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Order
11. Resolution Date (MM/DD/YYYY):
02/19/2016
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 2,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL PAID A FINE IN THE AMOUNT OF $2,000.00 ON OR AROUND FEBRUARY 19, 2016.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed

This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
TENNESSEE SECURITIES DIVISION
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
03/04/2016
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
15002
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL LLC
6.
Principal Product Type:
Other
Other Product Types: 
NON-TRADED REITS
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH COORDINATED INVESTIGATIONS BY A MULTI-STATE TASK FORCE WITH THE NORTH AMERICAN SECURITIES ADMINISTRATORS
ASSOCIATION INC. (NASAA), THE TENNESSEE SECURITIES DIVISION (DIVISION) ALLEGED THAT LPL FINANCIAL LLC (LPL) FAILED TO IMPLEMENT AN
ADEQUATE SUPERVISORY SYSTEM AND ENFORCE ITS PROCEDURES TO SUPERVISE ITS TENNESSEE REPRESENTATIVES REGARDING THE SALE OF NON-
TRADED REITS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
03/04/2016
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:

A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 33,714.11
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKINGS; OFFERS OF REMEDIATION
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE CONSENT ORDER (ORDER), AND
CONSENTED TO THE ENTRY OF THE ORDER BY THE DIVISION. LPL ALSO AGREED TO (1) OFFER TO REMEDIATE LOSSES FOR NON-TRADED REITS
SOLD TO CERTAIN TENNESSEE RESIDENTS IN VIOLATION OF CONCENTRATION LIMITS OR GUIDELINES, (2) CERTAIN UNDERTAKINGS, AND (3) PAY
THE DIVISION A SUM IN THE AMOUNT OF $33,714.11 WHICH WAS REMITTED ON OR ABOUT FEBRUARY 22, 2016.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A GLOBAL SETTLEMENT REGARDING THE SALES OF NON-TRADED REITS BY LPL REPRESENTATIVES DURING THE PERIOD
JANUARY 1, 2008 THROUGH DECEMBER 31, 2013 (RELEVANT PERIOD) REACHED BY LPL WITH A MULTI-STATE TASK FORCE COMPOSED OF MEMBERS OF
NASAA. AS PART OF THE GLOBAL SETTLEMENT, INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS, IN WHICH LPL NEITHER ADMITS NOR DENIES
THE ALLEGATIONS. IN THIS INSTANCE, THE DIVISION ALLEGED THAT DURING THE RELEVANT PERIOD LPL 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. WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO (1) OFFER TO REMEDIATE
LOSSES FOR NON-TRADED REITS SOLD TO TENNESSEE RESIDENTS IN VIOLATION OF GUIDELINES DURING THE RELEVANT PERIOD, (2) RETAIN AN
INDEPENDENT CONSULTANT TO REVIEW ITS SALES OF NON-TRADED REITS DURING THE RELEVANT PERIOD, AND (3) TO PAY THE DIVISION A CIVIL
PENALTY IN THE AMOUNT OF $33,714.11. FINALLY, THE DIVISION AND LPL AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY
DISQUALIFICATIONS UNDER THE LAWS OF THE UNITED STATES, ANY STATE, THE DISTRICT OF COLUMBIA, PUERTO RICO, OR THE U.S. VIRGIN ISLANDS,
INCLUDING WITHOUT LIMITATION, ANY DISQUALIFICATION FROM RELYING UPON THE STATE OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE
HARBOR PROVISIONS, WHICH WAS ALSO PART OF THE AGREEMENT WITH NASAA.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is

registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
OHIO DIVISION OF SECURITIES
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
03/14/2016
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
16-008
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL LLC
6.
Principal Product Type:
Other
Other Product Types: 
NON-TRADED REITS
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH COORDINATED INVESTIGATIONS BY A MULTI-STATE TASK FORCE WITH THE NORTH AMERICAN SECURITIES ADMINISTRATORS
ASSOCIATION INC. (NASAA), THE OHIO DIVISION OF SECURITIES (DIVISION) ALLEGED THAT LPL FINANCIAL LLC (LPL) FAILED TO IMPLEMENT AN
ADEQUATE SUPERVISORY SYSTEM AND ENFORCE ITS PROCEDURES TO SUPERVISE ITS OHIO REPRESENTATIVES REGARDING THE SALE OF NON-TRADED
REITS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
03/14/2016
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 32,522.13

 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKINGS; OFFERS OF REMEDIATION
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE CONSENT ORDER (ORDER), AND
CONSENTED TO THE ENTRY OF THE ORDER BY THE DIVISION. LPL ALSO AGREED TO (1) OFFER TO REMEDIATE LOSSES FOR NON-TRADED REITS
SOLD TO CERTAIN OHIO RESIDENTS IN VIOLATION OF CONCENTRATION LIMITS OR GUIDELINES, (2) CERTAIN UNDERTAKINGS, AND (3) PAY THE
DIVISION A SUM IN THE AMOUNT OF $32,522.13 WHICH WAS REMITTED ON OR ABOUT MARCH 11, 2016.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A GLOBAL SETTLEMENT REGARDING THE SALES OF NON-TRADED REITS BY LPL REPRESENTATIVES DURING THE PERIOD
JANUARY 1, 2008 THROUGH DECEMBER 31, 2013 (RELEVANT PERIOD) REACHED BY LPL WITH A MULTI-STATE TASK FORCE COMPOSED OF MEMBERS OF
NASAA. AS PART OF THE GLOBAL SETTLEMENT, INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS, IN WHICH LPL NEITHER ADMITS NOR DENIES
THE ALLEGATIONS. IN THIS INSTANCE, THE DIVISION ALLEGED THAT DURING THE RELEVANT PERIOD LPL 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. WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO (1) OFFER TO REMEDIATE LOSSES FOR
NON-TRADED REITS SOLD TO OHIO RESIDENTS IN VIOLATION OF GUIDELINES DURING THE RELEVANT PERIOD, (2) RETAIN AN INDEPENDENT
CONSULTANT TO REVIEW ITS SALES OF NON-TRADED REITS DURING THE RELEVANT PERIOD, AND (3) TO PAY THE DIVISION A CIVIL PENALTY IN THE
AMOUNT OF $32,522.13. FINALLY, THE DIVISION AND LPL AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE
LAWS OF THE UNITED STATES, ANY STATE, THE DISTRICT OF COLUMBIA, PUERTO RICO, OR THE U.S. VIRGIN ISLANDS, INCLUDING WITHOUT
LIMITATION, ANY DISQUALIFICATION FROM RELYING UPON THE STATE OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH
WAS ALSO PART OF THE AGREEMENT WITH NASAA.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.

If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
WISCONSIN DIVISION OF SECURITIES
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
03/02/2016
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
S-233431(LX)
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL LLC
6.
Principal Product Type:
Other
Other Product Types: 
NON-TRADED REITS
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH COORDINATED INVESTIGATIONS BY A MULTI-STATE TASK FORCE WITH THE NORTH AMERICAN SECURITIES ADMINISTRATORS
ASSOCIATION INC. (NASAA), THE WISCONSIN DIVISION OF SECURITIES (DIVISION) ALLEGED THAT LPL FINANCIAL LLC (LPL) FAILED TO IMPLEMENT AN
ADEQUATE SUPERVISORY SYSTEM AND ENFORCE ITS PROCEDURES TO SUPERVISE ITS WISCONSIN REPRESENTATIVES REGARDING THE SALE OF NON-
TRADED REITS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
03/02/2016
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 25,928.70
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension

B.
Other Sanctions Ordered:
UNDERTAKINGS; OFFERS OF REMEDIATION
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE CONSENT ORDER (ORDER), AND
CONSENTED TO THE ENTRY OF THE ORDER BY THE DIVISION. LPL ALSO AGREED TO (1) OFFER TO REMEDIATE LOSSES FOR NON-TRADED REITS
SOLD TO CERTAIN WISCONSIN RESIDENTS IN VIOLATION OF CONCENTRATION LIMITS OR GUIDELINES, (2) CERTAIN UNDERTAKINGS, AND (3) PAY
THE DIVISION A SUM IN THE AMOUNT OF $25,928.70 WHICH WAS REMITTED ON OR ABOUT FEBRUARY 18, 2016.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A GLOBAL SETTLEMENT REGARDING THE SALES OF NON-TRADED REITS BY LPL REPRESENTATIVES DURING THE PERIOD
JANUARY 1, 2008 THROUGH DECEMBER 31, 2013 (RELEVANT PERIOD) REACHED BY LPL WITH A MULTI-STATE TASK FORCE COMPOSED OF MEMBERS OF
NASAA. AS PART OF THE GLOBAL SETTLEMENT, INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS, IN WHICH LPL NEITHER ADMITS NOR DENIES
THE ALLEGATIONS. IN THIS INSTANCE, THE DIVISION ALLEGED THAT DURING THE RELEVANT PERIOD LPL 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. WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO (1) OFFER TO REMEDIATE
LOSSES FOR NON-TRADED REITS SOLD TO WISCONSIN RESIDENTS IN VIOLATION OF GUIDELINES DURING THE RELEVANT PERIOD, (2) RETAIN AN
INDEPENDENT CONSULTANT TO REVIEW ITS SALES OF NON-TRADED REITS DURING THE RELEVANT PERIOD, AND (3) TO PAY THE DIVISION A CIVIL
PENALTY IN THE AMOUNT OF $25,928.70. FINALLY, THE DIVISION AND LPL AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY
DISQUALIFICATIONS UNDER THE LAWS OF THE UNITED STATES, ANY STATE, THE DISTRICT OF COLUMBIA, PUERTO RICO, OR THE U.S. VIRGIN ISLANDS,
INCLUDING WITHOUT LIMITATION, ANY DISQUALIFICATION FROM RELYING UPON THE STATE OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE
HARBOR PROVISIONS, WHICH WAS ALSO PART OF THE AGREEMENT WITH NASAA.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.

This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
U.S. VIRGIN ISLANDS DIVISION OF BANKING AND INSURANCE
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
03/11/2016
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
6
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL LLC
6.
Principal Product Type:
Other
Other Product Types: 
NON-TRADED REITS
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH COORDINATED INVESTIGATIONS BY A MULTI-STATE TASK FORCE WITH THE NORTH AMERICAN SECURITIES ADMINISTRATORS
ASSOCIATION INC. (NASAA), THE U.S. VIRGIN ISLANDS DIVISION OF BANKING AND INSURANCE (DIVISION) ALLEGED THAT LPL FINANCIAL LLC (LPL)
FAILED TO IMPLEMENT AN ADEQUATE SUPERVISORY SYSTEM AND ENFORCE ITS PROCEDURES TO SUPERVISE ITS U.S. VIRGIN ISLANDS
REPRESENTATIVES REGARDING THE SALE OF NON-TRADED REITS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
03/11/2016
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 10,013.22
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKINGS; OFFERS OF REMEDIATION
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,

Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE CONSENT ORDER (ORDER), AND
CONSENTED TO THE ENTRY OF THE ORDER BY THE DIVISION. LPL ALSO AGREED TO (1) OFFER TO REMEDIATE LOSSES FOR NON-TRADED REITS
SOLD TO CERTAIN U.S. VIRGIN ISLANDS RESIDENTS IN VIOLATION OF CONCENTRATION LIMITS OR GUIDELINES, (2) CERTAIN UNDERTAKINGS,
AND (3) PAY THE DIVISION A SUM IN THE AMOUNT OF $10,013.22 WHICH WAS REMITTED ON OR ABOUT FEBRUARY 24, 2016.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A GLOBAL SETTLEMENT REGARDING THE SALES OF NON-TRADED REITS BY LPL REPRESENTATIVES DURING THE PERIOD
JANUARY 1, 2008 THROUGH DECEMBER 31, 2013 (RELEVANT PERIOD) REACHED BY LPL WITH A MULTI-STATE TASK FORCE COMPOSED OF MEMBERS OF
NASAA. AS PART OF THE GLOBAL SETTLEMENT, INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS, IN WHICH LPL NEITHER ADMITS NOR DENIES
THE ALLEGATIONS. IN THIS INSTANCE, THE DIVISION ALLEGED THAT DURING THE RELEVANT PERIOD LPL 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. WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO (1) OFFER TO
REMEDIATE LOSSES FOR NON-TRADED REITS SOLD TO U.S. VIRGIN ISLANDS RESIDENTS IN VIOLATION OF GUIDELINES DURING THE RELEVANT PERIOD,
(2) RETAIN AN INDEPENDENT CONSULTANT TO REVIEW ITS SALES OF NON-TRADED REITS DURING THE RELEVANT PERIOD, AND (3) TO PAY THE
DIVISION A CIVIL PENALTY IN THE AMOUNT OF $10,013.22. FINALLY, THE DIVISION AND LPL AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO
ANY DISQUALIFICATIONS UNDER THE LAWS OF THE UNITED STATES, ANY STATE, THE DISTRICT OF COLUMBIA, PUERTO RICO, OR THE U.S. VIRGIN
ISLANDS, INCLUDING WITHOUT LIMITATION, ANY DISQUALIFICATION FROM RELYING UPON THE STATE OR FEDERAL REGISTRATION EXEMPTIONS OR
SAFE HARBOR PROVISIONS, WHICH WAS ALSO PART OF THE AGREEMENT WITH NASAA.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 

B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
SOUTH CAROLINA SECURITIES COMMISSION
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
03/30/2016
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
15037
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL LLC
6.
Principal Product Type:
Other
Other Product Types: 
NON-TRADED REITS
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH COORDINATED INVESTIGATIONS BY A MULTI-STATE TASK FORCE WITH THE NORTH AMERICAN SECURITIES ADMINISTRATORS
ASSOCIATION INC. (NASAA), THE SOUTH CAROLINA SECURITIES COMMISSION (SECURITIES COMMISSION) ALLEGED THAT LPL FINANCIAL LLC (LPL)
FAILED TO IMPLEMENT AN ADEQUATE SUPERVISORY SYSTEM AND ENFORCE ITS PROCEDURES TO SUPERVISE ITS SOUTH CAROLINA REPRESENTATIVES
REGARDING THE SALE OF NON-TRADED REITS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
03/30/2016
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 80,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKINGS; OFFERS OF REMEDIATION
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of

penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE CONSENT ORDER (ORDER), AND
CONSENTED TO THE ENTRY OF THE ORDER BY THE SECURITIES COMMISSION. LPL ALSO AGREED TO (1) OFFER TO REMEDIATE LOSSES FOR NON-
TRADED REITS SOLD TO CERTAIN SOUTH CAROLINA RESIDENTS IN VIOLATION OF CONCENTRATION LIMITS OR GUIDELINES, (2) CERTAIN
UNDERTAKINGS, AND (3) PAY THE SECURITIES COMMISSION A SUM IN THE AMOUNT OF $80,000 WHICH WAS REMITTED ON OR ABOUT MARCH 21,
2016.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A GLOBAL SETTLEMENT REGARDING THE SALES OF NON-TRADED REITS BY LPL REPRESENTATIVES DURING THE PERIOD
JANUARY 1, 2008 THROUGH DECEMBER 31, 2013 (RELEVANT PERIOD) REACHED BY LPL WITH A MULTI-STATE TASK FORCE COMPOSED OF MEMBERS OF
NASAA. AS PART OF THE GLOBAL SETTLEMENT, INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS, IN WHICH LPL NEITHER ADMITS NOR DENIES
THE ALLEGATIONS. IN THIS INSTANCE, THE SECURITIES COMMISSION ALLEGED THAT DURING THE RELEVANT PERIOD LPL 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. WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO (1) OFFER TO
REMEDIATE LOSSES FOR NON-TRADED REITS SOLD TO SOUTH CAROLINA RESIDENTS IN VIOLATION OF GUIDELINES DURING THE RELEVANT PERIOD, (2)
RETAIN AN INDEPENDENT CONSULTANT TO REVIEW ITS SALES OF NON-TRADED REITS DURING THE RELEVANT PERIOD, AND (3) TO PAY THE SECURITIES
COMMISSION A CIVIL PENALTY IN THE AMOUNT OF $80,000. FINALLY, THE SECURITIES COMMISSION AND LPL AGREED THAT THE ORDER WOULD NOT
SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE LAWS OF THE UNITED STATES, ANY STATE, THE DISTRICT OF COLUMBIA, PUERTO RICO, OR THE
U.S. VIRGIN ISLANDS, INCLUDING WITHOUT LIMITATION, ANY DISQUALIFICATION FROM RELYING UPON THE STATE OR FEDERAL REGISTRATION
EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH WAS ALSO PART OF THE AGREEMENT WITH NASAA.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to

the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
ARKANSAS SECURITIES DEPARTMENT
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
04/26/2016
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
S-15-0038
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL LLC
6.
Principal Product Type:
Other
Other Product Types: 
NON-TRADED REITS
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH COORDINATED INVESTIGATIONS BY A MULTI-STATE TASK FORCE WITH THE NORTH AMERICAN SECURITIES ADMINISTRATORS
ASSOCIATION INC. (NASAA), THE ARKANSAS SECURITIES DEPARTMENT (DEPARTMENT) ALLEGED THAT LPL FINANCIAL LLC (LPL) FAILED TO IMPLEMENT
AN ADEQUATE SUPERVISORY SYSTEM AND ENFORCE ITS PROCEDURES TO SUPERVISE ITS ARKANSAS REPRESENTATIVES REGARDING THE SALE OF NON-
TRADED REITS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
04/26/2016
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 19,347.74
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKINGS; OFFERS OF REMEDIATION
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE CONSENT ORDER (ORDER), AND

CONSENTED TO THE ENTRY OF THE ORDER BY THE DEPARTMENT. LPL ALSO AGREED TO (1) OFFER TO REMEDIATE LOSSES FOR NON-TRADED REITS
SOLD TO CERTAIN ARKANSAS RESIDENTS IN VIOLATION OF CONCENTRATION LIMITS OR GUIDELINES, (2) CERTAIN UNDERTAKINGS, AND (3) PAY
THE DEPARTMENT A SUM IN THE AMOUNT OF $19,347.74 WHICH WAS REMITTED ON OR ABOUT APRIL 21, 2016.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A GLOBAL SETTLEMENT REGARDING THE SALES OF NON-TRADED REITS BY LPL REPRESENTATIVES DURING THE PERIOD
JANUARY 1, 2008 THROUGH DECEMBER 31, 2013 (RELEVANT PERIOD) REACHED BY LPL WITH A MULTI-STATE TASK FORCE COMPOSED OF MEMBERS OF
NASAA. AS PART OF THE GLOBAL SETTLEMENT, INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS, IN WHICH LPL NEITHER ADMITS NOR DENIES
THE ALLEGATIONS. IN THIS INSTANCE, THE DEPARTMENT ALLEGED THAT DURING THE RELEVANT PERIOD LPL 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. WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO (1) OFFER TO REMEDIATE LOSSES
FOR NON-TRADED REITS SOLD TO ARKANSAS RESIDENTS IN VIOLATION OF GUIDELINES DURING THE RELEVANT PERIOD, (2) RETAIN AN INDEPENDENT
CONSULTANT TO REVIEW ITS SALES OF NON-TRADED REITS DURING THE RELEVANT PERIOD, AND (3) TO PAY THE DEPARTMENT A CIVIL PENALTY IN THE
AMOUNT OF $19,347.74. FINALLY, THE DEPARTMENT AND LPL AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER
THE LAWS OF THE UNITED STATES, ANY STATE, THE DISTRICT OF COLUMBIA, PUERTO RICO, OR THE U.S. VIRGIN ISLANDS, INCLUDING WITHOUT
LIMITATION, ANY DISQUALIFICATION FROM RELYING UPON THE STATE OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH
WAS ALSO PART OF THE AGREEMENT WITH NASAA.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No

NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
OREGON DIVISION OF FINANCIAL REGULATION
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
04/29/2016
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
S-15-0126
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL LLC
6.
Principal Product Type:
Other
Other Product Types: 
NON-TRADED REITS
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH COORDINATED INVESTIGATIONS BY A MULTI-STATE TASK FORCE WITH THE NORTH AMERICAN SECURITIES ADMINISTRATORS
ASSOCIATION INC. (NASAA), THE OREGON DIVISION OF FINANCIAL REGULATION (DIVISION) ALLEGED THAT LPL FINANCIAL LLC (LPL) FAILED TO
IMPLEMENT AN ADEQUATE SUPERVISORY SYSTEM AND ENFORCE ITS PROCEDURES TO SUPERVISE ITS OREGON REPRESENTATIVES REGARDING THE
SALE OF NON-TRADED REITS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
04/29/2016
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 24,642.20
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKINGS; OFFERS OF REMEDIATION
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE CONSENT ORDER (ORDER), AND
CONSENTED TO THE ENTRY OF THE ORDER BY THE DIVISION. LPL ALSO AGREED TO (1) OFFER TO REMEDIATE LOSSES FOR NON-TRADED REITS
SOLD TO CERTAIN OREGON RESIDENTS IN VIOLATION OF CONCENTRATION LIMITS OR GUIDELINES, (2) CERTAIN UNDERTAKINGS, AND (3) PAY
THE DIVISION A SUM IN THE AMOUNT OF $24,642.20 WHICH WAS REMITTED ON OR ABOUT APRIL 25, 2016.

13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A GLOBAL SETTLEMENT REGARDING THE SALES OF NON-TRADED REITS BY LPL REPRESENTATIVES DURING THE PERIOD
JANUARY 1, 2008 THROUGH DECEMBER 31, 2013 (RELEVANT PERIOD) REACHED BY LPL WITH A MULTI-STATE TASK FORCE COMPOSED OF MEMBERS OF
NASAA. AS PART OF THE GLOBAL SETTLEMENT, INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS, IN WHICH LPL NEITHER ADMITS NOR DENIES
THE ALLEGATIONS. IN THIS INSTANCE, THE DIVISION ALLEGED THAT DURING THE RELEVANT PERIOD LPL 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. WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO (1) OFFER TO REMEDIATE LOSSES
FOR NON-TRADED REITS SOLD TO OREGON RESIDENTS IN VIOLATION OF GUIDELINES DURING THE RELEVANT PERIOD, (2) RETAIN AN INDEPENDENT
CONSULTANT TO REVIEW ITS SALES OF NON-TRADED REITS DURING THE RELEVANT PERIOD, AND (3) TO PAY THE DIVISION A CIVIL PENALTY IN THE
AMOUNT OF $24,642.20. FINALLY, THE DIVISION AND LPL AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE
LAWS OF THE UNITED STATES, ANY STATE, THE DISTRICT OF COLUMBIA, PUERTO RICO, OR THE U.S. VIRGIN ISLANDS, INCLUDING WITHOUT
LIMITATION, ANY DISQUALIFICATION FROM RELYING UPON THE STATE OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH
WAS ALSO PART OF THE AGREEMENT WITH NASAA.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II

1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
OKLAHOMA DEPARTMENT OF SECURITIES
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
05/03/2016
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
16-017
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL LLC
6.
Principal Product Type:
Other
Other Product Types: 
NON-TRADED REITS
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH COORDINATED INVESTIGATIONS BY A MULTI-STATE TASK FORCE WITH THE NORTH AMERICAN SECURITIES ADMINISTRATORS
ASSOCIATION INC. (NASAA), THE OKLAHOMA DEPARTMENT OF SECURITIES (DEPARTMENT) ALLEGED THAT LPL FINANCIAL LLC (LPL) FAILED TO
IMPLEMENT AN ADEQUATE SUPERVISORY SYSTEM AND ENFORCE ITS PROCEDURES TO SUPERVISE ITS OKLAHOMA REPRESENTATIVES REGARDING THE
SALE OF NON-TRADED REITS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
05/03/2016
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 21,245.14
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKINGS; OFFERS OF REMEDIATION
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE CONSENT ORDER (ORDER), AND
CONSENTED TO THE ENTRY OF THE ORDER BY THE DEPARTMENT. LPL ALSO AGREED TO (1) OFFER TO REMEDIATE LOSSES FOR NON-TRADED REITS
SOLD TO CERTAIN OKLAHOMA RESIDENTS IN VIOLATION OF CONCENTRATION LIMITS OR GUIDELINES, (2) CERTAIN UNDERTAKINGS, AND (3) PAY
THE DEPARTMENT A SUM IN THE AMOUNT OF $21,245.14 WHICH WAS REMITTED ON OR ABOUT MAY 6, 2016.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).

THIS ACTION IS PART OF A GLOBAL SETTLEMENT REGARDING THE SALES OF NON-TRADED REITS BY LPL REPRESENTATIVES DURING THE PERIOD
JANUARY 1, 2008 THROUGH DECEMBER 31, 2013 (RELEVANT PERIOD) REACHED BY LPL WITH A MULTI-STATE TASK FORCE COMPOSED OF MEMBERS OF
NASAA. AS PART OF THE GLOBAL SETTLEMENT, INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS, IN WHICH LPL NEITHER ADMITS NOR DENIES
THE ALLEGATIONS. IN THIS INSTANCE, THE DEPARTMENT ALLEGED THAT DURING THE RELEVANT PERIOD LPL 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. WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO (1) OFFER TO REMEDIATE
LOSSES FOR NON-TRADED REITS SOLD TO OKLAHOMA RESIDENTS IN VIOLATION OF GUIDELINES DURING THE RELEVANT PERIOD, (2) RETAIN AN
INDEPENDENT CONSULTANT TO REVIEW ITS SALES OF NON-TRADED REITS DURING THE RELEVANT PERIOD, AND (3) TO PAY THE DEPARTMENT A CIVIL
PENALTY IN THE AMOUNT OF $21,245.14. FINALLY, THE DEPARTMENT AND LPL AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY
DISQUALIFICATIONS UNDER THE LAWS OF THE UNITED STATES, ANY STATE, THE DISTRICT OF COLUMBIA, PUERTO RICO, OR THE U.S. VIRGIN ISLANDS,
INCLUDING WITHOUT LIMITATION, ANY DISQUALIFICATION FROM RELYING UPON THE STATE OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE
HARBOR PROVISIONS, WHICH WAS ALSO PART OF THE AGREEMENT WITH NASAA.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign

(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
MASSACHUSETTS SECURITIES DIVISION
2.
Principal Sanction:
Restitution
Other Sanctions: 
CEASE AND DESIST, CENSURE, FINE, CHANGES TO POLICIES AND PROCEDURES, EMPLOYEE TRAINING.
3.
Date Initiated (MM/DD/YYYY): 
06/30/2016
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
E-2015-0112
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL LLC
6.
Principal Product Type:
Other
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE ENFORCEMENT SECTION ALLEGED THAT DURING THE TIME PERIOD OF JANUARY 1, 2014 TO JUNE 30, 2016, LPL FINANCIAL LLC FAILED TO
SUPERVISE ITS AGENTS WHEN IT FAILED TO REVIEW THOSE AGENTS' MISLEADING COMMUNICATIONS WITH THE PUBLIC IN CONNECTION WITH THE
PURCHASE AND SALE OF AN AGENTS' BOOK OF BUSINESS. THE ENFORCEMENT SECTION ALSO ALLEGED THAT LPL FINANCIAL LLC FAILED TO SUPERVISE
ITS AGENT WHEN SUCH AGENT BORROWED MONEY FROM A CLIENT AND LOST THAT MONEY IN SPECULATIVE TRADING FOR HIS OWN ACCOUNT.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
06/30/2016
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 100,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
CHANGES TO POLICIES AND PROCEDURES, EMPLOYEE TRAINING.
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
$100,000 FINE PAID TO COMMONWEALTH OF MASSACHUSETTS. $217,750 RESTITUTION PAID TO CLIENT WHO LENT MONEY TO AGENT.
ACCOUNTING OF INVESTMENT ADVISORY FEES AND BROKER-DEALER COMMISSIONS PENDING, ESTIMATED TO BE MORE THAN $200,000.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS

This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
WYOMING SECRETARY OF STATE COMPLIANCE DIVISION
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
07/05/2016
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
15-03
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):

y
p
y
g
y
g
y
(
pp
)
LPL FINANCIAL LLC
6.
Principal Product Type:
Other
Other Product Types: 
NON-TRADED REITS
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH COORDINATED INVESTIGATIONS BY A MULTI-STATE TASK FORCE WITH THE NORTH AMERICAN SECURITIES ADMINISTRATORS
ASSOCIATION INC. (NASAA), THE WYOMING SECRETARY OF STATE COMPLIANCE DIVISION (DIVISION) ALLEGED THAT LPL FINANCIAL LLC (LPL) FAILED
TO IMPLEMENT AN ADEQUATE SUPERVISORY SYSTEM AND ENFORCE ITS PROCEDURES TO SUPERVISE ITS WYOMING REPRESENTATIVES REGARDING THE
SALE OF NON-TRADED REITS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
07/05/2016
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 12,344.55
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKINGS; OFFERS OF REMEDIATION
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE CONSENT ORDER (ORDER), AND
CONSENTED TO THE ENTRY OF THE ORDER BY THE DIVISION. LPL ALSO AGREED TO (1) OFFER TO REMEDIATE LOSSES FOR NON-TRADED REITS
SOLD TO CERTAIN WYOMING RESIDENTS IN VIOLATION OF CONCENTRATION LIMITS OR GUIDELINES, (2) CERTAIN UNDERTAKINGS, AND (3) PAY
THE DIVISION A SUM IN THE AMOUNT OF $12,344.55 WHICH WAS REMITTED ON OR ABOUT JULY 1, 2016.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A GLOBAL SETTLEMENT REGARDING THE SALES OF NON-TRADED REITS BY LPL REPRESENTATIVES DURING THE PERIOD
JANUARY 1, 2008 THROUGH DECEMBER 31, 2013 (RELEVANT PERIOD) REACHED BY LPL WITH A MULTI-STATE TASK FORCE COMPOSED OF MEMBERS OF
NASAA. AS PART OF THE GLOBAL SETTLEMENT, INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS, IN WHICH LPL NEITHER ADMITS NOR DENIES
THE ALLEGATIONS. IN THIS INSTANCE, THE DIVISION ALLEGED THAT DURING THE RELEVANT PERIOD LPL 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 WYOMING RESIDENTS. WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO (1) OFFER TO REMEDIATE LOSSES
FOR NON-TRADED REITS SOLD TO WYOMING RESIDENTS IN VIOLATION OF GUIDELINES DURING THE RELEVANT PERIOD, (2) RETAIN AN INDEPENDENT
CONSULTANT TO REVIEW ITS SALES OF NON-TRADED REITS DURING THE RELEVANT PERIOD, AND (3) TO PAY THE DIVISION A CIVIL PENALTY IN THE
AMOUNT OF $12,344.55. FINALLY, THE DIVISION AND LPL AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE
LAWS OF THE UNITED STATES, ANY STATE, THE DISTRICT OF COLUMBIA, PUERTO RICO, OR THE U.S. VIRGIN ISLANDS, INCLUDING WITHOUT
LIMITATION, ANY DISQUALIFICATION FROM RELYING UPON THE STATE OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH
WAS ALSO PART OF THE AGREEMENT WITH NASAA.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.

Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
LOUISIANA OFFICE OF FINANCIAL INSTITUTIONS
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
07/20/2016
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
OFI-2016-003
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL, LLC

6.
Principal Product Type:
Other
Other Product Types: 
NON-TRADED REITS
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH COORDINATED INVESTIGATIONS BY A MULTI-STATE TASK FORCE WITH THE NORTH AMERICAN SECURITIES ADMINISTRATORS
ASSOCIATION INC. (NASAA), THE LOUISIANA OFFICE OF FINANCIAL INSTITUTIONS (OFFICE) ALLEGED THAT LPL FINANCIAL LLC (LPL) FAILED TO
IMPLEMENT AN ADEQUATE SUPERVISORY SYSTEM AND ENFORCE ITS PROCEDURES TO SUPERVISE ITS LOUISIANA REPRESENTATIVES REGARDING THE
SALE OF NON-TRADED REITS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
07/20/2016
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 64,363.95
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKINGS; OFFERS OF REMEDIATION
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE CONSENT ORDER (ORDER), AND
CONSENTED TO THE ENTRY OF THE ORDER BY THE OFFICE. LPL ALSO AGREED TO (1) OFFER TO REMEDIATE LOSSES FOR NON-TRADED REITS
SOLD TO CERTAIN LOUISIANA RESIDENTS IN VIOLATION OF CONCENTRATION LIMITS OR GUIDELINES, (2) CERTAIN UNDERTAKINGS, AND (3) PAY
THE OFFICE A SUM IN THE AMOUNT OF $64,363.95 WHICH WAS REMITTED ON OR ABOUT JULY 11, 2016.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A GLOBAL SETTLEMENT REGARDING THE SALES OF NON-TRADED REITS BY LPL REPRESENTATIVES DURING THE PERIOD
JANUARY 1, 2008 THROUGH DECEMBER 31, 2013 (RELEVANT PERIOD) REACHED BY LPL WITH A MULTI-STATE TASK FORCE COMPOSED OF MEMBERS OF
NASAA. AS PART OF THE GLOBAL SETTLEMENT, INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS, IN WHICH LPL NEITHER ADMITS NOR DENIES
THE ALLEGATIONS. IN THIS INSTANCE, THE OFFICE ALLEGED THAT DURING THE RELEVANT PERIOD LPL 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 LOUISIANA RESIDENTS. WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO (1) OFFER TO REMEDIATE
LOSSES FOR NON-TRADED REITS SOLD TO LOUISIANA RESIDENTS IN VIOLATION OF GUIDELINES DURING THE RELEVANT PERIOD, (2) RETAIN AN
INDEPENDENT CONSULTANT TO REVIEW ITS SALES OF NON-TRADED REITS DURING THE RELEVANT PERIOD, AND (3) TO PAY THE OFFICE A CIVIL
PENALTY IN THE AMOUNT OF $64,363.95. FINALLY, THE OFFICE AND LPL AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY
DISQUALIFICATIONS UNDER THE LAWS OF THE UNITED STATES, ANY STATE, THE DISTRICT OF COLUMBIA, PUERTO RICO, OR THE U.S. VIRGIN ISLANDS,
INCLUDING WITHOUT LIMITATION, ANY DISQUALIFICATION FROM RELYING UPON THE STATE OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE
HARBOR PROVISIONS, WHICH WAS ALSO PART OF THE AGREEMENT WITH NASAA.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:

11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
MARYLAND SECURITIES DIVISION
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
07/27/2016
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
2015-0464
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL LLC
6.
Principal Product Type:
Other
Other Product Types: 

NON-TRADED REITS
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH COORDINATED INVESTIGATIONS BY A MULTI-STATE TASK FORCE WITH THE NORTH AMERICAN SECURITIES ADMINISTRATORS
ASSOCIATION INC. (NASAA), THE MARYLAND SECURITIES DIVISION (DIVISION) ALLEGED THAT LPL FINANCIAL LLC (LPL) FAILED TO IMPLEMENT AN
ADEQUATE SUPERVISORY SYSTEM AND ENFORCE ITS PROCEDURES TO SUPERVISE ITS MARYLAND REPRESENTATIVES REGARDING THE SALE OF NON-
TRADED REITS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
07/27/2016
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 28,172.31
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKINGS; OFFERS OF REMEDIATION
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE CONSENT ORDER (ORDER), AND
CONSENTED TO THE ENTRY OF THE ORDER BY THE DIVISION. LPL ALSO AGREED TO (1) OFFER TO REMEDIATE LOSSES FOR NON-TRADED REITS
SOLD TO CERTAIN MARYLAND RESIDENTS IN VIOLATION OF CONCENTRATION LIMITS OR GUIDELINES, (2) CERTAIN UNDERTAKINGS, AND (3) PAY
THE DIVISION A SUM IN THE AMOUNT OF $28,172.31 WHICH WAS REMITTED ON OR ABOUT JULY 22, 2016.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A GLOBAL SETTLEMENT REGARDING THE SALES OF NON-TRADED REITS BY LPL REPRESENTATIVES DURING THE PERIOD
JANUARY 1, 2008 THROUGH DECEMBER 31, 2013 (RELEVANT PERIOD) REACHED BY LPL WITH A MULTI-STATE TASK FORCE COMPOSED OF MEMBERS OF
NASAA. AS PART OF THE GLOBAL SETTLEMENT, INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS, IN WHICH LPL NEITHER ADMITS NOR DENIES
THE ALLEGATIONS. IN THIS INSTANCE, THE DIVISION ALLEGED THAT DURING THE RELEVANT PERIOD LPL 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 MARYLAND RESIDENTS. WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO (1) OFFER TO REMEDIATE LOSSES
FOR NON-TRADED REITS SOLD TO MARYLAND RESIDENTS IN VIOLATION OF GUIDELINES DURING THE RELEVANT PERIOD, (2) RETAIN AN INDEPENDENT
CONSULTANT TO REVIEW ITS SALES OF NON-TRADED REITS DURING THE RELEVANT PERIOD, AND (3) TO PAY THE DIVISION A CIVIL PENALTY IN THE
AMOUNT OF $28,172.31. FINALLY, THE DIVISION AND LPL AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE
LAWS OF THE UNITED STATES, ANY STATE, THE DISTRICT OF COLUMBIA, PUERTO RICO, OR THE U.S. VIRGIN ISLANDS, INCLUDING WITHOUT
LIMITATION, ANY DISQUALIFICATION FROM RELYING UPON THE STATE OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH
WAS ALSO PART OF THE AGREEMENT WITH NASAA.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)

11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
HAWAII DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
08/25/2016
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
SEU-2015-044
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL LLC
6.
Principal Product Type:
Other
Other Product Types: 
NON-TRADED REITS
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):

IN CONNECTION WITH COORDINATED INVESTIGATIONS BY A MULTISTATE TASK FORCE WITH THE NORTH AMERICAN SECURITIES ADMINISTRATORS
ASSOCIATION INC. (NASAA), THE HAWAII DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS (DEPARTMENT) ALLEGED THAT LPL FINANCIAL LLC
(LPL) FAILED TO IMPLEMENT AN ADEQUATE SUPERVISORY SYSTEM AND ENFORCE ITS PROCEDURES TO SUPERVISE ITS HAWAII REPRESENTATIVES
REGARDING THE SALE OF NON-TRADED REITS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
08/25/2016
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 19,825.37
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKINGS; OFFERS OF REMEDIATION
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE CONSENT ORDER (ORDER), AND
CONSENTED TO THE ENTRY OF THE ORDER BY THE DEPARTMENT. LPL ALSO AGREED TO (1) OFFER TO REMEDIATE LOSSES FOR NON-TRADED REITS
SOLD TO CERTAIN HAWAII RESIDENTS IN VIOLATION OF CONCENTRATION LIMITS OR GUIDELINES, (2) CERTAIN UNDERTAKINGS, AND (3) PAY THE
DEPARTMENT A SUM IN THE AMOUNT OF $19,825.37 WHICH WAS REMITTED ON OR ABOUT AUGUST 18, 2016.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A GLOBAL SETTLEMENT REGARDING THE SALES OF NON-TRADED REITS BY LPL REPRESENTATIVES DURING THE PERIOD
JANUARY 1, 2008 THROUGH DECEMBER 31, 2013 (RELEVANT PERIOD) REACHED BY LPL WITH A MULTI-STATE TASK FORCE COMPOSED OF MEMBERS OF
NASAA. AS PART OF THE GLOBAL SETTLEMENT, INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS, IN WHICH LPL NEITHER ADMITS NOR DENIES
THE ALLEGATIONS. IN THIS INSTANCE, THE DEPARTMENT ALLEGED THAT DURING THE RELEVANT PERIOD LPL 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 HAWAII RESIDENTS. WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO (1) OFFER TO REMEDIATE LOSSES
FOR NON-TRADED REITS SOLD TO HAWAII RESIDENTS IN VIOLATION OF GUIDELINES DURING THE RELEVANT PERIOD, (2) RETAIN AN INDEPENDENT
CONSULTANT TO REVIEW ITS SALES OF NON-TRADED REITS DURING THE RELEVANT PERIOD, AND (3) TO PAY THE DEPARTMENT A CIVIL PENALTY IN THE
AMOUNT OF $19,825.37. FINALLY, THE DEPARTMENT AND LPL AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER
THE LAWS OF THE UNITED STATES, ANY STATE, THE DISTRICT OF COLUMBIA, PUERTO RICO, OR THE U.S. VIRGIN ISLANDS, INCLUDING WITHOUT
LIMITATION, ANY DISQUALIFICATION FROM RELYING UPON THE STATE OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH
WAS ALSO PART OF THE AGREEMENT WITH NASAA.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.

Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
MONTANA SECURITIES DEPARTMENT
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
07/18/2016
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
SEC 2013-59
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL LLC
6.
Principal Product Type:
Other
Other Product Types: 
NON-TRADED REITS
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH COORDINATED INVESTIGATIONS BY A MULTI-STATE TASK FORCE WITH THE NORTH AMERICAN SECURITIES ADMINISTRATORS
ASSOCIATION INC. (NASAA), THE MONTANA SECURITIES DEPARTMENT (DEPARTMENT) ALLEGED THAT LPL FINANCIAL LLC (LPL) FAILED TO IMPLEMENT
AN ADEQUATE SUPERVISORY SYSTEM AND ENFORCE ITS PROCEDURES TO SUPERVISE ITS MONTANA REPRESENTATIVES REGARDING THE SALE OF NON-

TRADED REITS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
07/18/2016
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 11,397.81
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKINGS; OFFERS OF REMEDIATION; INVESTIGATION COSTS OF $29,112.18.
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE CONSENT ORDER (ORDER), AND
CONSENTED TO THE ENTRY OF THE ORDER BY THE DEPARTMENT. LPL ALSO AGREED TO (1) OFFER TO REMEDIATE LOSSES FOR NON-TRADED REITS
SOLD TO CERTAIN MONTANA RESIDENTS IN VIOLATION OF CONCENTRATION LIMITS OR GUIDELINES, (2) CERTAIN UNDERTAKINGS, AND (3) PAY
THE DEPARTMENT A SUM IN THE AMOUNT OF $40,509.99 WHICH WAS REMITTED ON OR ABOUT MAY 31, 2016.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A GLOBAL SETTLEMENT REGARDING THE SALES OF NON-TRADED REITS BY LPL REPRESENTATIVES DURING THE PERIOD
JANUARY 1, 2008 THROUGH DECEMBER 31, 2013 (RELEVANT PERIOD) REACHED BY LPL WITH A MULTI-STATE TASK FORCE COMPOSED OF MEMBERS OF
NASAA. AS PART OF THE GLOBAL SETTLEMENT, INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS, IN WHICH LPL NEITHER ADMITS NOR DENIES
THE ALLEGATIONS. IN THIS INSTANCE, THE DEPARTMENT ALLEGED THAT DURING THE RELEVANT PERIOD LPL 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 MONTANA RESIDENTS. WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO (1) OFFER TO REMEDIATE LOSSES
FOR NON-TRADED REITS SOLD TO MONTANA RESIDENTS IN VIOLATION OF GUIDELINES DURING THE RELEVANT PERIOD, (2) RETAIN AN INDEPENDENT
CONSULTANT TO REVIEW ITS SALES OF NON-TRADED REITS DURING THE RELEVANT PERIOD, AND (3) TO PAY THE DEPARTMENT A CIVIL PENALTY IN THE
AMOUNT OF $11,397.81 AND INVESTIGATIVE COSTS IN THE AMOUNT OF $29,112.18. FINALLY, THE DEPARTMENT AND LPL AGREED THAT THE ORDER
WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE LAWS OF THE UNITED STATES, ANY STATE, THE DISTRICT OF COLUMBIA, PUERTO
RICO, OR THE U.S. VIRGIN ISLANDS, INCLUDING WITHOUT LIMITATION, ANY DISQUALIFICATION FROM RELYING UPON THE STATE OR FEDERAL
REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH WAS ALSO PART OF THE AGREEMENT WITH NASAA.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 

One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
MASSACHUSETTS SECURITIES DIVISION
2.
Principal Sanction:
Restitution
Other Sanctions: 
CEASE AND DESIST, CENSURE, MONETARY FINE, DISGORGEMENT, INTERNAL INVESTIGATION
3.
Date Initiated (MM/DD/YYYY): 
12/01/2016
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
E-2016-0039
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL LLC
6.
Principal Product Type:
Annuity(ies) - Variable
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE ENFORCEMENT SECTION ALLEGES THAT LPL ADVISOR, ROGER S. ZULLO, FABRICATED THE SUITABILITY PROFILES OF NUMEROUS LPL CLIENTS,
SELLING THEM SCORES OF LARGE, ILLIQUID, UNSUITABLE, HIGH COMMISSION VARIABLE ANNUITIES, AT SUBSTANTIAL UPFRONT PROFITS TO HIMSELF
AND LPL, IN VIOLATION OF SECTIONS 101, 102, AND 204(A)(2)(G) OF THE ACT. THE ENFORCEMENT SECTION FURTHER ALLEGES THAT LPL FAILED IN
ITS RESPONSIBILITY TO SUPERVISE ROGER S. ZULLO, IN VIOLATION OF SECTION 204(A)(2)(J).

8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
01/27/2017
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 975,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKINGS; OFFERS OF REMEDIATION
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
RESTITUTION AND DISGORGEMENT TO BE DETERMINED, BASED ON RESULTS OF LPL FINANCIAL'S INVESTIGATION AND ACCOUNTING;
$975,000.00 FINE.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed

This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
FINRA
2.
Principal Sanction:
Other
Other Sanctions: 
N/A
3.
Date Initiated (MM/DD/YYYY): 
12/21/2016
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
2015045887301
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL LLC
6.
Principal Product Type:
No Product
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
WITHOUT ADMITTING OR DENYING THE FINDINGS, LPL FINANCIAL LLC ("THE FIRM") CONSENTED TO THE SANCTIONS AND TO THE ENTRY OF FINDINGS
THAT IT FAILED TO SEND AND CREATE RECORDS THAT IT HAD SENT TO CUSTOMERS, MORE THAN 1.6 MILLION ACCOUNT NOTICES REQUIRED UNDER
RULE 17A-3(A)(17) OF THE EXCHANGE ACT. THE FIRM IS REQUIRED TO SEND THESE ACCOUNT NOTICES TO CUSTOMERS AT 36 MONTH INTERVALS FOR
EACH ACCOUNT IN WHICH A SUITABILITY DETERMINATION WAS MADE. OVER A SEVEN-YEAR PERIOD, THE FIRM FAILED TO SEND OVER 25 PERCENT OF
THE REQUIRED NOTICES. IN ADDITION, THE FIRM FAILED TO ESTABLISH, MAINTAIN, AND ENFORCE A SUPERVISORY SYSTEM AND WRITTEN
SUPERVISORY PROCEDURES REASONABLY DESIGNED TO ACHIEVE COMPLIANCE WITH APPLICABLE LAWS AND REGULATIONS IN RELATION TO THE
CREATION AND DISTRIBUTION OF SUCH ACCOUNT RECORDS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Acceptance, Waiver & Consent(AWC)
11. Resolution Date (MM/DD/YYYY):
12/21/2016
 Exact
 Explanation

If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 900,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
ADDITIONAL UNDERTAKINGS TO REVIEW POLICIES AND PROCEDURES.
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
THE FIRM WAS CENSURED AND FINED $900,000.00.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to

the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
FINRA
2.
Principal Sanction:
Other
Other Sanctions: 
N/A
3.
Date Initiated (MM/DD/YYYY): 
12/21/2016
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
2014043539001
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL LLC
6.
Principal Product Type:
No Product
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
WITHOUT ADMITTING OR DENYING THE FINDINGS, LPL FINANCIAL LLC ("THE FIRM") CONSENTED TO THE SANCTIONS AND TO THE ENTRY OF FINDINGS
THAT IT FAILED TO MAINTAIN OVER 18.3 MILLION ELECTRONIC COMMUNICATIONS IN NON-ERASABLE AND NO RE-WRITABLE FORMAT, KNOWN AS
WORM ("WRITE ONCE, READ MANY") FORMAT. THE FINDINGS STATED THAT THE WORM FORMAT IS INTENDED TO PREVENT THE ALTERATION OR
DESTRUCTION OF BROKER DEALER RECORDS MAINTAINED ON ELECTRONIC STORAGE MEDIA. IN ADDITION, THE FIRM FAILED TO RETAIN CHECK
REGISTERS IN WORM FORMAT. THE FINDINGS ALSO STATED THAT THE FIRM'S WRITTEN SUPERVISORY PROCEDURES FAILED TO HAVE AN ADEQUATE
SUPERVISORY PROCESS CONCERNING WORM COMPLIANCE.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Acceptance, Waiver & Consent(AWC)
11. Resolution Date (MM/DD/YYYY):
12/21/2016
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 750,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of

penalty was waived: 
THE FIRM WAS CENSURED AND FINED $750,000.00.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
MASSACHUSETTS SECURITIES DIVISION
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 

3.
Date Initiated (MM/DD/YYYY): 
05/04/2017
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
R-2016-0095
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL LLC
6.
Principal Product Type:
No Product
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE MASSACHUSETTS SECURITIES DIVISION ALLEGED THAT LPL FINANCIAL FAILED TO SUPERVISE FINANCIAL ADVISORS LOCATED ON CREDIT UNION
PREMISES, INCLUDING THE SUPERVISION OF CERTAIN COMPENSATION AND CERTAIN ASPECTS OF DISCLOSURES RELATED TO ITS BUSINESS
CONDUCTED ON THE CREDIT UNION PREMISES.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Order
11. Resolution Date (MM/DD/YYYY):
05/04/2017
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 1,000,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
ADDITIONAL UNDERTAKINGS
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL CONSENTED TO CEASE AND DESIST, CENSURE, REMOVAL OF CREDIT UNION'S DBA NAME; A COMPREHENSIVE REVIEW OF THE FIRM'S
POLICIES, PROCEDURES, TRAINING, AND PROCESSES RELATED TO THE ALLEGATIONS; CERTAIN UNDERTAKINGS, AND PAY A FINE IN THE AMOUNT
OF $1,000,000.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
ON MAY 2, 2017, LPL SUBMITTED AN OFFER OF SETTLEMENT TO THE DIVISION. LPL NEITHER ADMITTED NOR DENIED THE STATEMENT OF FACTS AND
VIOLATIONS OF LAW CONTAINED IN THE CONSENT ORDER RELATED TO AN ONGOING INVESTIGATION BY THE DIVISION'S REGISTRATION, INSPECTIONS,
COMPLIANCE AND EXAMINATIONS SECTION DURING THE TIME PERIOD OF DECEMBER 27, 2011 TO MAY 2, 2017.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:

11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
MAINE OFFICE OF SECURITIES
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
04/26/2017
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
16-12553
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL LLC
6.
Principal Product Type:
Other

Other Product Types: 
NON-TRADED REITS
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH COORDINATED INVESTIGATIONS BY A MULTI-STATE TASK FORCE WITH THE NORTH AMERICAN SECURITIES ADMINISTRATORS
ASSOCIATION INC. (NASAA), THE STATE OF MAINE OFFICE OF SECURITIES (THE OFFICE) ALLEGED THAT LPL FINANCIAL LLC (LPL) FAILED TO
IMPLEMENT AN ADEQUATE SUPERVISORY SYSTEM AND ENFORCE ITS PROCEDURES TO SUPERVISE ITS MAINE REPRESENTATIVES REGARDING THE SALE
OF NON-TRADED REITS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
04/26/2017
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 11,939.46
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKINGS; OFFERS OF REMEDIATION
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE ADMINISTRATIVE CONSENT ORDER
(ORDER), AND CONSENTED TO THE ENTRY OF THE ORDER BY THE OFFICE. LPL ALSO AGREED TO (1) OFFER TO REMEDIATE LOSSES FOR NON-
TRADED REITS SOLD TO CERTAIN MAINE RESIDENTS IN VIOLATION OF CONCENTRATION LIMITS OR GUIDELINES, (2) CERTAIN UNDERTAKINGS,
AND (3) PAY THE OFFICE A SUM IN THE AMOUNT OF $11,939.46 WHICH WAS REMITTED ON OR ABOUT APRIL 25, 2017.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A GLOBAL SETTLEMENT REGARDING THE SALES OF NON-TRADED REITS BY LPL REPRESENTATIVES DURING THE PERIOD
JANUARY 1, 2008 THROUGH DECEMBER 31, 2013 (RELEVANT PERIOD) REACHED BY LPL WITH A MULTI-STATE TASK FORCE COMPOSED OF MEMBERS OF
NASAA. AS PART OF THE GLOBAL SETTLEMENT, INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS, IN WHICH LPL NEITHER ADMITS NOR DENIES
THE ALLEGATIONS. IN THIS INSTANCE, THE OFFICE ALLEGED THAT DURING THE RELEVANT PERIOD LPL 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 MAINE RESIDENTS. WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO (1) OFFER TO REMEDIATE LOSSES
FOR NON-TRADED REITS SOLD TO MAINE RESIDENTS IN VIOLATION OF GUIDELINES DURING THE RELEVANT PERIOD, (2) RETAIN AN INDEPENDENT
CONSULTANT TO REVIEW ITS SALES OF NON-TRADED REITS DURING THE RELEVANT PERIOD, AND (3) TO PAY THE OFFICE A CIVIL PENALTY IN THE
AMOUNT OF $11,939.46. FINALLY, THE OFFICE AND LPL AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE
LAWS OF THE UNITED STATES, ANY STATE, THE DISTRICT OF COLUMBIA, PUERTO RICO, OR THE U.S. VIRGIN ISLANDS, INCLUDING WITHOUT
LIMITATION, ANY DISQUALIFICATION FROM RELYING UPON THE STATE OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH
WAS ALSO PART OF THE AGREEMENT WITH NASAA.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)

11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
VERMONT SECURITIES DIVISION
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
05/01/2017
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
16-038-S
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL LLC
6.
Principal Product Type:
Other
Other Product Types: 
NON-TRADED REITS

7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH COORDINATED INVESTIGATIONS BY A MULTI-STATE TASK FORCE WITH THE NORTH AMERICAN SECURITIES ADMINISTRATORS
ASSOCIATION INC. (NASAA), THE VERMONT SECURITIES DIVISION (DIVISION) ALLEGED THAT LPL FINANCIAL LLC (LPL) FAILED TO IMPLEMENT AN
ADEQUATE SUPERVISORY SYSTEM AND ENFORCE ITS PROCEDURES TO SUPERVISE ITS VERMONT REPRESENTATIVES REGARDING THE SALE OF NON-
TRADED REITS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
05/01/2017
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 11,074.81
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKINGS; OFFERS OF REMEDIATION
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE CONSENT ORDER (ORDER), AND
CONSENTED TO THE ENTRY OF THE ORDER BY THE DIVISION. LPL ALSO AGREED TO (1) OFFER TO REMEDIATE LOSSES FOR NON-TRADED REITS
SOLD TO CERTAIN VERMONT RESIDENTS IN VIOLATION OF CONCENTRATION LIMITS OR GUIDELINES, (2) CERTAIN UNDERTAKINGS, AND (3) PAY
THE DIVISION A SUM IN THE AMOUNT OF $11,074.81 WHICH WAS REMITTED ON OR ABOUT APRIL 25, 2017.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A GLOBAL SETTLEMENT REGARDING THE SALES OF NON-TRADED REITS BY LPL REPRESENTATIVES DURING THE PERIOD
JANUARY 1, 2008 THROUGH DECEMBER 31, 2013 (RELEVANT PERIOD) REACHED BY LPL WITH A MULTI-STATE TASK FORCE COMPOSED OF MEMBERS OF
NASAA. AS PART OF THE GLOBAL SETTLEMENT, INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS, IN WHICH LPL NEITHER ADMITS NOR DENIES
THE ALLEGATIONS. IN THIS INSTANCE, THE DIVISION ALLEGED THAT DURING THE RELEVANT PERIOD LPL 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 VERMONT RESIDENTS. WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO (1) OFFER TO REMEDIATE LOSSES
FOR NON-TRADED REITS SOLD TO VERMONT RESIDENTS IN VIOLATION OF GUIDELINES DURING THE RELEVANT PERIOD, (2) RETAIN AN INDEPENDENT
CONSULTANT TO REVIEW ITS SALES OF NON-TRADED REITS DURING THE RELEVANT PERIOD, AND (3) TO PAY THE DIVISION A CIVIL PENALTY IN THE
AMOUNT OF $11,074.81. FINALLY, THE DIVISION AND LPL AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE
LAWS OF THE UNITED STATES, ANY STATE, THE DISTRICT OF COLUMBIA, PUERTO RICO, OR THE U.S. VIRGIN ISLANDS, INCLUDING WITHOUT
LIMITATION, ANY DISQUALIFICATION FROM RELYING UPON THE STATE OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH
WAS ALSO PART OF THE AGREEMENT WITH NASAA.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.

Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
VIRGINIA DIVISION OF SECURITIES AND RETAIL FRANCHISING
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
05/26/2017
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
SEC-2015-00052
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL LLC
6.
Principal Product Type:
Other
Other Product Types: 
NON-TRADED REITS
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH COORDINATED INVESTIGATIONS BY A MULTI-STATE TASK FORCE WITH THE NORTH AMERICAN SECURITIES ADMINISTRATORS
ASSOCIATION INC. (NASAA), THE VIRGINIA DIVISION OF SECURITIES AND RETAIL FRANCHISING (DIVISION) ALLEGED THAT LPL FINANCIAL LLC (LPL)

FAILED TO IMPLEMENT AN ADEQUATE SUPERVISORY SYSTEM AND ENFORCE ITS PROCEDURES TO SUPERVISE ITS VIRGINIA REPRESENTATIVES
REGARDING THE SALE OF NON-TRADED REITS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
05/26/2017
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 28,095.38
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKINGS; OFFERS OF REMEDIATION
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE CONSENT ORDER (ORDER), AND
CONSENTED TO THE ENTRY OF THE ORDER BY THE DIVISION. LPL ALSO AGREED TO (1) OFFER TO REMEDIATE LOSSES FOR NON-TRADED REITS
SOLD TO CERTAIN VIRGINIA RESIDENTS IN VIOLATION OF CONCENTRATION LIMITS OR GUIDELINES, (2) CERTAIN UNDERTAKINGS, AND (3) PAY
THE DIVISION A SUM IN THE AMOUNT OF $28,095.38 WHICH WAS REMITTED ON OR ABOUT APRIL 25, 2017.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A GLOBAL SETTLEMENT REGARDING THE SALES OF NON-TRADED REITS BY LPL REPRESENTATIVES DURING THE PERIOD
JANUARY 1, 2008 THROUGH DECEMBER 31, 2013 (RELEVANT PERIOD) REACHED BY LPL WITH A MULTI-STATE TASK FORCE COMPOSED OF MEMBERS OF
NASAA. AS PART OF THE GLOBAL SETTLEMENT, INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS, IN WHICH LPL NEITHER ADMITS NOR DENIES
THE ALLEGATIONS. IN THIS INSTANCE, THE DIVISION ALLEGED THAT DURING THE RELEVANT PERIOD LPL 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 VIRGINIA RESIDENTS. WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO (1) OFFER TO REMEDIATE LOSSES
FOR NON-TRADED REITS SOLD TO VIRGINIA RESIDENTS IN VIOLATION OF GUIDELINES DURING THE RELEVANT PERIOD, (2) RETAIN AN INDEPENDENT
CONSULTANT TO REVIEW ITS SALES OF NON-TRADED REITS DURING THE RELEVANT PERIOD, AND (3) TO PAY THE DIVISION A CIVIL PENALTY IN THE
AMOUNT OF $28,095.38. FINALLY, THE DIVISION AND LPL AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE
LAWS OF THE UNITED STATES, ANY STATE, THE DISTRICT OF COLUMBIA, PUERTO RICO, OR THE U.S. VIRGIN ISLANDS, INCLUDING WITHOUT
LIMITATION, ANY DISQUALIFICATION FROM RELYING UPON THE STATE OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH
WAS ALSO PART OF THE AGREEMENT WITH NASAA.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 

One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
NEW JERSEY BUREAU OF SECURITIES
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
10/24/2017
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
2016-502
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL LLC
6.
Principal Product Type:
Other
Other Product Types: 
NON-TRADED REITS
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE NEW JERSEY BUREAU OF SECURITIES (BUREAU) ALLEGED THAT LPL FINANCIAL LLC (LPL) FAILED TO SUPERVISE ITS REPRESENTATIVES' SALES OF
CERTAIN ALTERNATIVE INVESTMENTS TO NEW JERSEY RESIDENTS AND FAILED TO MAKE AND MAINTAIN ACCURATE BOOKS AND RECORDS RELATING TO
THE SALE OF CERTAIN ALTERNATIVE INVESTMENT TRANSACTIONS.
8.
Current Status?      
 Pending
 On Appeal
 Final

g
pp
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
10/24/2017
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 975,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKINGS; OFFERS OF REMEDIATION
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE ADMINISTRATIVE CONSENT ORDER
(ORDER), AND CONSENTED TO THE ENTRY OF THE ORDER BY THE BUREAU. LPL ALSO AGREED TO (1) REVIEW ITS SALES OF CERTAIN NON-TRADED
ALTERNATIVE INVESTMENT TRANSACTIONS AND OFFER TO REPURCHASE PRODUCTS THAT WERE SOLD TO CERTAIN NEW JERSEY RESIDENTS IN
VIOLATION OF LPL'S ALTERNATIVE INVESTMENT GUIDELINES AND/OR NEW JERSEY PROSPECTUS REQUIREMENTS, (2) PAY THE BUREAU A SUM IN
THE AMOUNT OF $975,000 WHICH WAS REMITTED ON OR ABOUT OCTOBER 23, 2017, AND (3) REMIT $25,000 TO NEW JERSEY'S INVESTOR
EDUCATION FUND.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THE BUREAU ALLEGED THAT DURING THE PERIOD JANUARY 1, 2008 THROUGH DECEMBER 31, 2015 (RELEVANT PERIOD) LPL FAILED TO ADEQUATELY
SUPERVISE ITS REPRESENTATIVES' SALES OF CERTAIN ALTERNATIVE INVESTMENTS TO NEW JERSEY RESIDENTS AND FAILED TO MAKE AND MAINTAIN
ACCURATE BOOKS AND RECORDS RELATING TO THE SALE OF CERTAIN ALTERNATIVE INVESTMENT TRANSACTIONS. WITHOUT ADMITTING OR DENYING
THE ALLEGATIONS, LPL AGREED TO (1) REVIEW ITS SALES OF CERTAIN NON-TRADED ALTERNATIVE INVESTMENT TRANSACTIONS AND OFFER TO
REPURCHASE PRODUCTS THAT WERE SOLD TO NEW JERSEY RESIDENTS IN VIOLATION OF LPL'S ALTERNATIVE INVESTMENT GUIDELINES AND/OR NEW
JERSEY PROSPECTUS REQUIREMENTS DURING THE RELEVANT PERIOD, AND (2) TO PAY THE BUREAU A CIVIL PENALTY OF $950,000 AND REMIT $25,000
TO NEW JERSEY'S INVESTOR EDUCATION FUND. FINALLY, THE BUREAU AND LPL AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY
DISQUALIFICATIONS UNDER THE LAWS OF THE UNITED STATES, ANY STATE, THE DISTRICT OF COLUMBIA, PUERTO RICO, OR THE U.S. VIRGIN ISLANDS,
INCLUDING WITHOUT LIMITATION, ANY DISQUALIFICATION FROM RELYING UPON THE STATE OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE
HARBOR PROVISIONS.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I

A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
THE SECRETARY OF STATE OF NORTH CAROLINA
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
CIVIL PENALTY AND REIMBURSEMENT OF INVESTIGATIVE COSTS.
3.
Date Initiated (MM/DD/YYYY): 
09/24/2017
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
16 ADM 001
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL LLC
6.
Principal Product Type:
Other
Other Product Types: 
PROMISSORY NOTES
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE SECRETARY OF STATE OF NORTH CAROLINA AND SECURITIES ADMINISTRATOR, ALLEGED THAT LPL FAILED TO REASONABLY SUPERVISE CHARLES
FACKRELL, ONE OF ITS REGISTERED REPRESENTATIVES, WHO, UNBEKNOWNST TO LPL, OPERATED A PONZI SCHEME IN WHICH HE ENCOURAGED
INDIVIDUALS TO INVEST MONEY IN FICTITIOUS ENTITIES. FACKRELL GENERALLY DIVERTED THE FUNDS FOR PERSONAL EXPENSES, ALTHOUGH SOME
FUNDS WERE PAID TO INVESTORS TO PERPETUATE THE APPEARANCE OF RETURNS. AFTER LPL WAS ALERTED TO FACKRELL'S CRIMINAL AND
UNAPPROVED ACTIVITIES, IT IMMEDIATELY INVESTIGATED AND TERMINATED HIM.
8.
Current Status?      
 Pending
 On Appeal
 Final

9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Order
11. Resolution Date (MM/DD/YYYY):
09/24/2017
 Exact
 Explanation
If not exact, provide explanation:
THE SECURITIES ADMINISTRATOR EXECUTED THE ORDER ON 09/24/2017, BUT LPL DID NOT RECEIVE IT UNTIL 10/09/2017.
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 25,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
CEASE AND DESIST
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
REIMBURSE THE SECURITIES DIVISION IN THE SUM OF $270,000 FOR INVESTIGATIVE COSTS.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.

This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
FINRA
2.
Principal Sanction:
Other
Other Sanctions: 
N/A
3.
Date Initiated (MM/DD/YYYY): 
02/06/2018
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
2015045703001
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL LLC
6.
Principal Product Type:
CD(s)
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
FROM JANUARY 2010 THROUGH AT LEAST DECEMBER 2016, FINRA ALLEGED THAT LPL FINANCIAL FAILED TO REASONABLY SUPERVISE THE SALE OF
CERTAIN BROKERED CERTIFICATES OF DEPOSIT ("BROKERED CDS"), WHICH THE FIRM CHARACTERIZED AS NON-SECURITY CDS BECAUSE THEY WERE
FDIC INSURED INSTRUMENTS. THE FIRM ALLEGEDLY FAILED TO ENSURE THAT (1) ITS REGISTERED REPRESENTATIVES WERE TRAINED ON ALL MATERIAL
RISKS AND FEATURES OF BROKERED CDS AND (2) ADEQUATELY DISCLOSE ALL MATERIAL RISKS AND FEATURES OF BROKERED CDS TO CUSTOMERS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Acceptance, Waiver & Consent(AWC)
11. Resolution Date (MM/DD/YYYY):
02/06/2018
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?

 Monetary/Fine Amount: $ 375,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
WITHOUT ADMITTING OR DENYING THE FINDINGS, LPL ACCEPTED AND CONSENTED TO THE ENTRY OF FINDINGS.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
AS A RESULT OF THE FIRM'S ALLEGED INADEQUATE SUPERVISORY SYSTEM, FIVE CUSTOMERS OF ONE OF THE FIRM'S REGISTERED REPRESENTATIVES
SUFFERED LOSSES OF APPROXIMATELY $75,000. THE FIRM SUBSEQUENTLY REMEDIATED THESE CUSTOMERS' LOSSES.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No

NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
DISTRICT OF COLUMBIA DEPARTMENT OF INSURANCE, SECURITIES AND BANKING
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
03/19/2018
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
SB-03-18
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL LLC
6.
Principal Product Type:
Other
Other Product Types: 
NON-TRADED REITS
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH COORDINATED INVESTIGATIONS BY A MULTI-STATE TASK FORCE WITH THE NORTH AMERICAN SECURITIES ADMINISTRATORS
ASSOCIATION INC. (NASAA), THE DISTRICT OF COLUMBIA DEPARTMENT OF INSURANCE, SECURITIES AND BANKING (DEPARTMENT) ALLEGED THAT LPL
FINANCIAL LLC (LPL) FAILED TO IMPLEMENT AN ADEQUATE SUPERVISORY SYSTEM AND ENFORCE ITS PROCEDURES TO SUPERVISE ITS DISTRICT OF
COLUMBIA REPRESENTATIVES REGARDING THE SALE OF NON-TRADED REITS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
03/19/2018
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 10,934.13
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKINGS; OFFERS OF REMEDIATION
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE ADMINISTRATIVE CONSENT
AGREEMENT AND ORDER (ORDER), AND CONSENTED TO THE ENTRY OF THE ORDER BY THE DEPARTMENT. LPL ALSO AGREED TO (1) OFFER TO
REMEDIATE LOSSES FOR NON-TRADED REITS SOLD TO CERTAIN DISTRICT OF COLUMBIA RESIDENTS IN VIOLATION OF CONCENTRATION LIMITS
OR GUIDELINES, (2) CERTAIN UNDERTAKINGS, AND (3) PAY THE DEPARTMENT A SUM IN THE AMOUNT OF $10,934.13 WHICH WAS REMITTED ON

OR ABOUT MARCH 28, 2018.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A GLOBAL SETTLEMENT REGARDING THE SALES OF NON-TRADED REITS BY LPL REPRESENTATIVES DURING THE PERIOD
JANUARY 1, 2008 THROUGH DECEMBER 31, 2013 (RELEVANT PERIOD) REACHED BY LPL WITH A MULTI-STATE TASK FORCE COMPOSED OF MEMBERS OF
NASAA. AS PART OF THE GLOBAL SETTLEMENT, INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS, IN WHICH LPL NEITHER ADMITS NOR DENIES
THE ALLEGATIONS. IN THIS INSTANCE, THE DEPARTMENT ALLEGED THAT DURING THE RELEVANT PERIOD LPL 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 DISTRICT OF COLUMBIA RESIDENTS. WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO (1) OFFER TO
REMEDIATE LOSSES FOR NON-TRADED REITS SOLD TO DISTRICT OF COLUMBIA RESIDENTS IN VIOLATION OF GUIDELINES DURING THE RELEVANT
PERIOD, (2) RETAIN AN INDEPENDENT CONSULTANT TO REVIEW ITS SALES OF NON-TRADED REITS DURING THE RELEVANT PERIOD, AND (3) TO PAY THE
DEPARTMENT A CIVIL PENALTY IN THE AMOUNT OF $10,934.13. FINALLY, THE DEPARTMENT AND LPL AGREED THAT THE ORDER WOULD NOT SUBJECT
LPL TO ANY DISQUALIFICATIONS UNDER THE LAWS OF THE UNITED STATES, ANY STATE, OR THE UNITED STATES TERRITORIES, INCLUDING WITHOUT
LIMITATION, ANY DISQUALIFICATION FROM RELYING UPON THE STATE OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH
WAS ALSO PART OF THE AGREEMENT WITH NASAA.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.

PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
NORTH CAROLINA SECURITIES DIVISION
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
03/26/2018
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
FILE NO. 14 SEC 035
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL LLC
6.
Principal Product Type:
Other
Other Product Types: 
NON-TRADED REITS
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH COORDINATED INVESTIGATIONS BY A MULTI-STATE TASK FORCE WITH THE NORTH AMERICAN SECURITIES ADMINISTRATORS
ASSOCIATION INC. (NASAA), THE NORTH CAROLINA SECURITIES DIVISION (DIVISION) ALLEGED THAT LPL FINANCIAL LLC (LPL) FAILED TO IMPLEMENT
AN ADEQUATE SUPERVISORY SYSTEM AND ENFORCE ITS PROCEDURES TO SUPERVISE ITS NORTH CAROLINA REPRESENTATIVES REGARDING THE SALE
OF NON-TRADED REITS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
03/26/2018
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 2,500.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKINGS; OFFERS OF REMEDIATION; $21,842.35 FOR INVESTIGATIVE COSTS.
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE ADMINISTRATIVE CONSENT ORDER
(ORDER), AND CONSENTED TO THE ENTRY OF THE ORDER BY THE DIVISION. LPL ALSO AGREED TO (1) OFFER TO REMEDIATE LOSSES FOR NON-
TRADED REITS SOLD TO CERTAIN NORTH CAROLINA RESIDENTS IN VIOLATION OF CONCENTRATION LIMITS OR GUIDELINES, (2) CERTAIN
UNDERTAKINGS, AND (3) PAY THE DIVISION A SUM IN THE AMOUNT OF $24,342.35 WHICH WAS REMITTED ON OR ABOUT MARCH 15, 2018.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response

must fit within the space provided).
THIS ACTION IS PART OF A GLOBAL SETTLEMENT REGARDING THE SALES OF NON-TRADED REITS BY LPL REPRESENTATIVES DURING THE PERIOD
JANUARY 1, 2008 THROUGH DECEMBER 31, 2013 (RELEVANT PERIOD) REACHED BY LPL WITH A MULTI-STATE TASK FORCE COMPOSED OF MEMBERS OF
NASAA. AS PART OF THE GLOBAL SETTLEMENT, INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS, IN WHICH LPL NEITHER ADMITS NOR DENIES
THE ALLEGATIONS. IN THIS INSTANCE, THE DIVISION ALLEGED THAT DURING THE RELEVANT PERIOD LPL 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 CAROLINA RESIDENTS. WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO (1) OFFER TO REMEDIATE
LOSSES FOR NON-TRADED REITS SOLD TO NORTH CAROLINA RESIDENTS IN VIOLATION OF GUIDELINES DURING THE RELEVANT PERIOD, (2) RETAIN AN
INDEPENDENT CONSULTANT TO REVIEW ITS SALES OF NON-TRADED REITS DURING THE RELEVANT PERIOD, AND (3) TO PAY THE DIVISION A SUM IN
THE AMOUNT OF $24,342.35. THE SUM REPRESENTS A CIVIL PENALTY OF $2,500 PLUS $21,842.35 FOR INVESTIGATIVE COSTS. FINALLY, THE DIVISION
AND LPL AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE LAWS OF THE UNITED STATES, ANY STATE, OR
THE UNITED STATES TERRITORIES, INCLUDING WITHOUT LIMITATION, ANY DISQUALIFICATION FROM RELYING UPON THE STATE OR FEDERAL
REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH WAS ALSO PART OF THE AGREEMENT WITH NASAA.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:

SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
UTAH DIVISION OF SECURITIES
2.
Principal Sanction:
Censure
Other Sanctions: 
FINE
3.
Date Initiated (MM/DD/YYYY): 
04/04/2018
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
SD-18-0013
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL LLC
6.
Principal Product Type:
No Product
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE UTAH DIVISION OF SECURITIES ("DIVISION") ALLEGED LPL FINANCIAL FAILED TO COMPLY WITH THE REGULATORY REQUIREMENTS GOVERNING
NETWORKING ARRANGEMENTS BETWEEN BROKER-DEALERS AND CREDIT UNIONS, APPROVE THE USE OF MISLEADING SALES AND ADVERTISING
MATERIALS, AND OTHER INFORMATION PROVIDED TO CUSTOMERS AND THE PUBLIC, FAILED TO FOLLOW AND ENFORCE ITS POLICIES AND
PROCEDURES, AND FAILED TO REASONABLY SUPERVISE THE BUSINESS RUN THROUGH THE CREDIT UNION.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Order
11. Resolution Date (MM/DD/YYYY):
09/28/2018
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 200,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
ADDITIONAL UNDERTAKINGS.
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL FINANCIAL NEITHER ADMITS NOR DENIES THE DIVISION'S FINDINGS AND CONCLUSIONS, BUT CONSENTS TO THE SANCTIONS IMPOSED BY
THE DIVISION.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
MASSACHUSETTS SECURITIES DIVISION
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
CIVIL AND ADMINISTRATIVE PENALTY; OFFERS OF RESTITUTION; UNDERTAKINGS
3.
Date Initiated (MM/DD/YYYY): 
06/12/2018
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
E-2017-0067

5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL LLC
6.
Principal Product Type:
Other
Other Product Types: 
NON-REGISTERED, NON-EXEMPT SECURITIES
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG MEMBERS OF THE NORTH AMERICAN
SECURITIES ADMINISTRATORS ASSOCIATION INC. (NASAA), THE MASSACHUSETTS SECURITIES DIVISION (DIVISION) ALLEGED THAT DURING THE
PERIOD OF APPROXIMATELY OCTOBER 1, 2006 THROUGH MAY 1, 2018 (RELEVANT PERIOD), LPL FINANCIAL LLC (LPL) FAILED TO ESTABLISH AND
MAINTAIN REASONABLE POLICIES AND PROCEDURES TO PREVENT THE SALE OF UNREGISTERED, NON-EXEMPT SECURITIES BY LPL TO MASSACHUSETTS
RESIDENTS, INCLUDING WITH RESPECT TO LPL'S RETENTION, USE, AND SUBSEQUENT CANCELLATION OF CERTAIN THIRD-PARTY SERVICES UTILIZED
FOR COMPLIANCE WITH STATE SECURITIES REGISTRATION REQUIREMENTS; CERTAIN OTHER DEFICIENCIES WITHIN LPL'S COMPLIANCE STRUCTURE
RELATED TO LPL'S CONTROLS, MONITORING AND REPORTING TOOLS, AND ESCALATION PROTOCOLS IN RELATION TO LPL'S RESPONSE TO COMPLIANCE
ISSUES RESULTING FROM SUCH FAILURE; AND LPL'S FAILURE TO MAINTAIN CERTAIN BOOKS AND RECORDS TO ENSURE FULL AND PROPER COMPLIANCE
FOR STATE SECURITIES REGISTRATION REQUIREMENTS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
06/12/2018
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 499,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
OFFERS OF RESTITUTION; UNDERTAKINGS
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE CONSENT ORDER (ORDER), AND
CONSENTED TO THE ENTRY OF THE ORDER BY THE DIVISION. LPL ALSO AGREED TO (1) OFFER TO REPURCHASE AFFECTED SECURITIES OR
REMEDIATE CUSTOMER LOSSES FOR CERTAIN SECURITIES SOLD TO MASSACHUSETTS RESIDENTS IN VIOLATION OF MASSACHUSETTS'S
SECURITIES REGISTRATION REQUIREMENTS PURSUANT TO THE TERMS SET FORTH IN THE ORDER, (2) CERTAIN ADDITIONAL UNDERTAKINGS, AND
(3) PAY THE DIVISION A SUM IN THE AMOUNT OF $499,000.00 WHICH WAS REMITTED ON OR ABOUT JUNE 14, 2018.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A SETTLEMENT REGARDING THE SALE OF UNREGISTERED, NON-EXEMPT SECURITIES BY LPL DURING THE RELEVANT PERIOD
RESULTING FROM AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COMPOSED OF MEMBERS OF NASAA. IN CONNECTION WITH THE
RESOLUTION, EACH OF THE PARTICIPATING INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS AGAINST LPL, IN WHICH LPL NEITHER ADMITS
NOR DENIES THE ALLEGATIONS. IN THIS INSTANCE, WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO THE ABOVE DESCRIBED
SANCTIONS. IN ADDITION, THE DIVISION AND LPL AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE LAWS
OF THE UNITED STATES, ANY STATE, OR THE UNITED STATES TERRITORIES, AND INCLUDING WITHOUT LIMITATION, ANY DISQUALIFICATION FROM
RELYING UPON THE STATE OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH WAS ALSO PART OF THE AGREEMENT WITH
NASAA. FURTHERMORE, THE DIVISION AND LPL AGREED THAT NOTHING IN THE ORDER IS INTENDED TO FORM THE BASIS FOR DISQUALIFICATION
UNDER FINRA OR OTHER SRO RULES PROHIBITING CONTINUANCE IN MEMBERSHIP. FINALLY, THE ORDER IS NOT INTENDED TO BE A FINAL ORDER
BASED UPON VIOLATIONS OF ANY MASSACHUSETTS STATUTE, RULE, OR REGULATION THAT PROHIBITS FRAUDULENT, MANIPULATIVE OR DECEPTIVE
CONDUCT.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
ALABAMA SECURITIES COMMISSION
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
CIVIL AND ADMINISTRATIVE PENALTY; OFFERS OF RESTITUTION; UNDERTAKINGS
3.
Date Initiated (MM/DD/YYYY): 
06/22/2018
 Exact
 Explanation
If not exact, provide explanation:

4.
Docket/Case Number:
CO-2018-0012
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL LLC
6.
Principal Product Type:
Other
Other Product Types: 
NON-REGISTERED, NON-EXEMPT SECURITIES
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG MEMBERS OF THE NORTH AMERICAN
SECURITIES ADMINISTRATORS ASSOCIATION INC. (NASAA), THE ALABAMA SECURITIES COMMISSION (COMMISSION) ALLEGED THAT DURING THE
PERIOD OF APPROXIMATELY OCTOBER 1, 2006 THROUGH MAY 1, 2018 (RELEVANT PERIOD), LPL FINANCIAL LLC (LPL) FAILED TO ESTABLISH AND
MAINTAIN REASONABLE POLICIES AND PROCEDURES TO PREVENT THE SALE OF UNREGISTERED, NON-EXEMPT SECURITIES BY LPL TO ALABAMA
RESIDENTS, INCLUDING WITH RESPECT TO LPL'S RETENTION, USE, AND SUBSEQUENT CANCELLATION OF CERTAIN THIRD-PARTY SERVICES UTILIZED
FOR COMPLIANCE WITH STATE SECURITIES REGISTRATION REQUIREMENTS; CERTAIN OTHER DEFICIENCIES WITHIN LPL'S COMPLIANCE STRUCTURE
RELATED TO LPL'S CONTROLS, MONITORING AND REPORTING TOOLS, AND ESCALATION PROTOCOLS IN RELATION TO LPL'S RESPONSE TO COMPLIANCE
ISSUES RESULTING FROM SUCH FAILURE; AND LPL'S FAILURE TO MAINTAIN CERTAIN BOOKS AND RECORDS TO ENSURE FULL AND PROPER COMPLIANCE
FOR STATE SECURITIES REGISTRATION REQUIREMENTS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
06/22/2018
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 499,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
OFFERS OF RESTITUTION; UNDERTAKINGS
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE ADMINISTRATIVE CONSENT ORDER
(ORDER), AND CONSENTED TO THE ENTRY OF THE ORDER BY THE COMMISSION. LPL ALSO AGREED TO (1) OFFER TO REPURCHASE AFFECTED
SECURITIES OR REMEDIATE CUSTOMER LOSSES FOR CERTAIN SECURITIES SOLD TO ALABAMA RESIDENTS IN VIOLATION OF ALABAMA'S
SECURITIES REGISTRATION REQUIREMENTS PURSUANT TO THE TERMS SET FORTH IN THE ORDER, (2) CERTAIN ADDITIONAL UNDERTAKINGS, AND
(3) PAY THE COMMISSION A SUM IN THE AMOUNT OF $499,000.00 WHICH WAS REMITTED ON OR ABOUT JUNE 21, 2018.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A SETTLEMENT REGARDING THE SALE OF UNREGISTERED, NON-EXEMPT SECURITIES BY LPL DURING THE RELEVANT PERIOD
RESULTING FROM AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COMPOSED OF MEMBERS OF NASAA. IN CONNECTION WITH THE
RESOLUTION, EACH OF THE PARTICIPATING INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS AGAINST LPL, IN WHICH LPL NEITHER ADMITS
NOR DENIES THE ALLEGATIONS. IN THIS INSTANCE, WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO THE ABOVE DESCRIBED
SANCTIONS. IN ADDITION, THE COMMISSION AND LPL AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE
LAWS OF THE UNITED STATES, ANY STATE, OR THE UNITED STATES TERRITORIES, AND INCLUDING WITHOUT LIMITATION, ANY DISQUALIFICATION FROM
RELYING UPON THE STATE OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH WAS ALSO PART OF THE AGREEMENT WITH
NASAA. FURTHERMORE, THE COMMISSION AND LPL AGREED THAT NOTHING IN THE ORDER IS INTENDED TO FORM THE BASIS FOR DISQUALIFICATION
UNDER FINRA OR OTHER SRO RULES PROHIBITING CONTINUANCE IN MEMBERSHIP. FINALLY, THE ORDER IS NOT INTENDED TO BE A FINAL ORDER

BASED UPON VIOLATIONS OF ANY ALABAMA STATUTE, RULE, OR REGULATION THAT PROHIBITS FRAUDULENT, MANIPULATIVE OR DECEPTIVE CONDUCT.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
PUERTO RICO OFFICE OF THE COMMISSIONER OF FINANCIAL INSTITUTIONS
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
CIVIL AND ADMINISTRATIVE PENALTY; OFFERS OF RESTITUTION; UNDERTAKINGS
3.
Date Initiated (MM/DD/YYYY): 
08/27/2018
 Exact
 Explanation

If not exact, provide explanation:
4.
Docket/Case Number:
N/A
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL LLC
6.
Principal Product Type:
Other
Other Product Types: 
NON-REGISTERED, NON-EXEMPT SECURITIES
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG MEMBERS OF THE NORTH AMERICAN
SECURITIES ADMINISTRATORS ASSOCIATION INC. (NASAA), THE PUERTO RICO OFFICE OF THE COMMISSIONER OF FINANCIAL INSTITUTIONS (OCFI)
ALLEGED THAT DURING THE PERIOD OF APPROXIMATELY OCTOBER 1, 2006 THROUGH MAY 1, 2018 (RELEVANT PERIOD), LPL FINANCIAL LLC (LPL) SOLD
UNREGISTERED, NON-EXEMPT SECURITIES IN PUERTO RICO; FAILED TO REASONABLY SUPERVISE AND MAINTAIN ADEQUATE SYSTEMS TO PREVENT THE
SALE OF UNREGISTERED, NON-EXEMPT SECURITIES BY LPL TO PUERTO RICO RESIDENTS, INCLUDING WITH RESPECT TO LPL'S RETENTION, USE, AND
SUBSEQUENT CANCELLATION OF CERTAIN THIRD-PARTY SERVICES UTILIZED FOR COMPLIANCE WITH STATE SECURITIES REGISTRATION
REQUIREMENTS; CERTAIN OTHER DEFICIENCIES WITHIN LPL'S COMPLIANCE STRUCTURE RELATED TO LPL'S CONTROLS, MONITORING AND REPORTING
TOOLS, AND ESCALATION PROTOCOLS IN RELATION TO LPL'S RESPONSE TO COMPLIANCE ISSUES RESULTING FROM SUCH FAILURE; AND LPL'S FAILURE
TO MAINTAIN CERTAIN BOOKS AND RECORDS TO ENSURE FULL AND PROPER COMPLIANCE FOR STATE SECURITIES REGISTRATION REQUIREMENTS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
08/27/2018
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 499,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
OFFERS OF RESTITUTION; UNDERTAKINGS
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE ADMINISTRATIVE CONSENT ORDER
(ORDER), AND CONSENTED TO THE ENTRY OF THE ORDER BY THE OCFI. LPL ALSO AGREED TO (1) OFFER TO REPURCHASE AFFECTED SECURITIES
OR REMEDIATE CUSTOMER LOSSES FOR CERTAIN SECURITIES SOLD TO PUERTO RICO RESIDENTS IN VIOLATION OF PUERTO RICO'S SECURITIES
REGISTRATION REQUIREMENTS PURSUANT TO THE TERMS SET FORTH IN THE ORDER, (2) CERTAIN ADDITIONAL UNDERTAKINGS, AND (3) PAY THE
OCFI A SUM IN THE AMOUNT OF $499,000.00 WHICH WAS REMITTED ON OR ABOUT AUGUST 30, 2018.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A SETTLEMENT REGARDING THE SALE OF UNREGISTERED, NON-EXEMPT SECURITIES BY LPL DURING THE RELEVANT PERIOD
RESULTING FROM AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COMPOSED OF MEMBERS OF NASAA. IN CONNECTION WITH THE
RESOLUTION, EACH OF THE PARTICIPATING INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS AGAINST LPL, IN WHICH LPL NEITHER ADMITS
NOR DENIES THE ALLEGATIONS. IN THIS INSTANCE, WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO THE ABOVE DESCRIBED
SANCTIONS. IN ADDITION, THE OCFI AND LPL AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE LAWS OF
THE UNITED STATES, ANY STATE, OR THE UNITED STATES TERRITORIES, AND INCLUDING WITHOUT LIMITATION, ANY DISQUALIFICATION FROM RELYING
UPON THE STATE OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH WAS ALSO PART OF THE AGREEMENT WITH NASAA.

FURTHERMORE, THE OCFI AND LPL AGREED THAT NOTHING IN THE ORDER IS INTENDED TO FORM THE BASIS FOR DISQUALIFICATION UNDER FINRA OR
OTHER SRO RULES PROHIBITING CONTINUANCE IN MEMBERSHIP. FINALLY, THE ORDER IS NOT INTENDED TO BE A FINAL ORDER BASED UPON
VIOLATIONS OF ANY PUERTO RICO STATUTE, RULE, OR REGULATION THAT PROHIBITS FRAUDULENT, MANIPULATIVE OR DECEPTIVE CONDUCT.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
INDIANA SECURITIES DIVISION
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 

08/15/2018
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
18-0069 CO
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL LLC
6.
Principal Product Type:
Other
Other Product Types: 
NON-REGISTERED, NON-EXEMPT SECURITIES
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG MEMBERS OF THE NORTH AMERICAN
SECURITIES ADMINISTRATORS ASSOCIATION INC. (NASAA), THE INDIANA SECURITIES DIVISION (DIVISION) ALLEGED THAT DURING THE PERIOD OF
APPROXIMATELY OCTOBER 1, 2006 THROUGH MAY 1, 2018 (RELEVANT PERIOD), LPL FINANCIAL LLC (LPL) SOLD UNREGISTERED, NON-EXEMPT
SECURITIES IN INDIANA; FAILED TO REASONABLY SUPERVISE AND MAINTAIN ADEQUATE SYSTEMS TO PREVENT THE SALE OF UNREGISTERED, NON-
EXEMPT SECURITIES BY LPL TO INDIANA RESIDENTS, INCLUDING WITH RESPECT TO LPL'S RETENTION, USE, AND SUBSEQUENT CANCELLATION OF
CERTAIN THIRD-PARTY SERVICES UTILIZED FOR COMPLIANCE WITH STATE SECURITIES REGISTRATION REQUIREMENTS; CERTAIN OTHER DEFICIENCIES
WITHIN LPL'S COMPLIANCE STRUCTURE RELATED TO LPL'S CONTROLS, MONITORING AND REPORTING TOOLS, AND ESCALATION PROTOCOLS IN
RELATION TO LPL'S RESPONSE TO COMPLIANCE ISSUES RESULTING FROM SUCH FAILURE; AND LPL'S FAILURE TO MAINTAIN CERTAIN BOOKS AND
RECORDS TO ENSURE FULL AND PROPER COMPLIANCE FOR STATE SECURITIES REGISTRATION REQUIREMENTS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
08/15/2018
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 499,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
OFFERS OF RESTITUTION; UNDERTAKINGS
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE CONSENT ORDER (ORDER), AND
CONSENTED TO THE ENTRY OF THE ORDER BY THE DIVISION. LPL ALSO AGREED TO (1) OFFER TO REPURCHASE AFFECTED SECURITIES OR
REMEDIATE CUSTOMER LOSSES FOR CERTAIN SECURITIES SOLD TO INDIANA RESIDENTS IN VIOLATION OF INDIANA'S SECURITIES REGISTRATION
REQUIREMENTS PURSUANT TO THE TERMS SET FORTH IN THE ORDER, (2) CERTAIN ADDITIONAL UNDERTAKINGS, AND (3) PAY THE DIVISION A SUM
IN THE AMOUNT OF $499,000.00 WHICH WAS REMITTED ON OR ABOUT AUGUST 22, 2018.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A SETTLEMENT REGARDING THE SALE OF UNREGISTERED, NON-EXEMPT SECURITIES BY LPL DURING THE RELEVANT PERIOD
RESULTING FROM AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COMPOSED OF MEMBERS OF NASAA. IN CONNECTION WITH THE
RESOLUTION, EACH OF THE PARTICIPATING INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS AGAINST LPL, IN WHICH LPL NEITHER ADMITS
NOR DENIES THE ALLEGATIONS. IN THIS INSTANCE, WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO THE ABOVE DESCRIBED
SANCTIONS. IN ADDITION, THE DIVISION AND LPL AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE LAWS
OF THE UNITED STATES, ANY STATE, OR THE UNITED STATES TERRITORIES, AND INCLUDING WITHOUT LIMITATION, ANY DISQUALIFICATION FROM

RELYING UPON THE STATE OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH WAS ALSO PART OF THE AGREEMENT WITH
NASAA. FURTHERMORE, THE DIVISION AND LPL AGREED THAT NOTHING IN THE ORDER IS INTENDED TO FORM THE BASIS FOR DISQUALIFICATION
UNDER FINRA OR OTHER SRO RULES PROHIBITING CONTINUANCE IN MEMBERSHIP. FINALLY, THE ORDER IS NOT INTENDED TO BE A FINAL ORDER
BASED UPON VIOLATIONS OF ANY INDIANA STATUTE, RULE, OR REGULATION THAT PROHIBITS FRAUDULENT, MANIPULATIVE OR DECEPTIVE CONDUCT.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
KENTUCKY DEPARTMENT OF FINANCIAL INSTITUTIONS
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
CIVIL AND ADMINISTRATIVE PENALTY; OFFERS OF RESTITUTION; UNDERTAKINGS

3.
Date Initiated (MM/DD/YYYY): 
09/13/2018
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
2018-AH-00040
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL LLC
6.
Principal Product Type:
Other
Other Product Types: 
NON-REGISTERED, NON-EXEMPT SECURITIES
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG MEMBERS OF THE NORTH AMERICAN
SECURITIES ADMINISTRATORS ASSOCIATION INC. (NASAA), THE KENTUCKY DEPARTMENT OF FINANCIAL INSTITUTIONS (DFI) ALLEGED THAT DURING
THE PERIOD OF APPROXIMATELY OCTOBER 1, 2006 THROUGH MAY 1, 2018 (RELEVANT PERIOD), LPL FINANCIAL LLC (LPL) SOLD UNREGISTERED, NON-
EXEMPT SECURITIES IN KENTUCKY; FAILED TO REASONABLY SUPERVISE AND MAINTAIN ADEQUATE SYSTEMS TO PREVENT THE SALE OF UNREGISTERED,
NON-EXEMPT SECURITIES BY LPL TO KENTUCKY RESIDENTS, INCLUDING WITH RESPECT TO LPL'S RETENTION, USE, AND SUBSEQUENT CANCELLATION
OF CERTAIN THIRD-PARTY SERVICES UTILIZED FOR COMPLIANCE WITH STATE SECURITIES REGISTRATION REQUIREMENTS; CERTAIN OTHER
DEFICIENCIES WITHIN LPL'S COMPLIANCE STRUCTURE RELATED TO LPL'S CONTROLS, MONITORING AND REPORTING TOOLS, AND ESCALATION
PROTOCOLS IN RELATION TO LPL'S RESPONSE TO COMPLIANCE ISSUES RESULTING FROM SUCH FAILURE; AND LPL'S FAILURE TO MAINTAIN CERTAIN
BOOKS AND RECORDS TO ENSURE FULL AND PROPER COMPLIANCE FOR STATE SECURITIES REGISTRATION REQUIREMENTS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
09/13/2018
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 499,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
OFFERS OF RESTITUTION; UNDERTAKINGS
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE ADMINISTRATIVE CONSENT ORDER
(ORDER), AND CONSENTED TO THE ENTRY OF THE ORDER BY THE DFI. LPL ALSO AGREED TO (1) OFFER TO REPURCHASE AFFECTED SECURITIES
OR REMEDIATE CUSTOMER LOSSES FOR CERTAIN SECURITIES SOLD TO KENTUCKY RESIDENTS IN VIOLATION OF KENTUCKY'S SECURITIES
REGISTRATION REQUIREMENTS PURSUANT TO THE TERMS SET FORTH IN THE ORDER, (2) CERTAIN ADDITIONAL UNDERTAKINGS, AND (3) PAY THE
DFI A SUM IN THE AMOUNT OF $499,000.00 WHICH WAS REMITTED ON OR ABOUT SEPTEMBER 13, 2018.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A SETTLEMENT REGARDING THE SALE OF UNREGISTERED, NON-EXEMPT SECURITIES BY LPL DURING THE RELEVANT PERIOD
RESULTING FROM AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COMPOSED OF MEMBERS OF NASAA. IN CONNECTION WITH THE
RESOLUTION, EACH OF THE PARTICIPATING INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS AGAINST LPL, IN WHICH LPL NEITHER ADMITS
NOR DENIES THE ALLEGATIONS. IN THIS INSTANCE, WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO THE ABOVE DESCRIBED

SANCTIONS. IN ADDITION, THE DFI AND LPL AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE LAWS OF
THE UNITED STATES, ANY STATE, OR THE UNITED STATES TERRITORIES, AND INCLUDING WITHOUT LIMITATION, ANY DISQUALIFICATION FROM RELYING
UPON THE STATE OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH WAS ALSO PART OF THE AGREEMENT WITH NASAA.
FURTHERMORE, THE DFI AND LPL AGREED THAT NOTHING IN THE ORDER IS INTENDED TO FORM THE BASIS FOR DISQUALIFICATION UNDER FINRA OR
OTHER SRO RULES PROHIBITING CONTINUANCE IN MEMBERSHIP. FINALLY, THE ORDER IS NOT INTENDED TO BE A FINAL ORDER BASED UPON
VIOLATIONS OF ANY KENTUCKY STATUTE, RULE, OR REGULATION THAT PROHIBITS FRAUDULENT, MANIPULATIVE OR DECEPTIVE CONDUCT.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
LOUISIANA OFFICE OF FINANCIAL INSTITUTIONS
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 

CIVIL AND ADMINISTRATIVE PENALTY; OFFERS OF RESTITUTION; UNDERTAKINGS
3.
Date Initiated (MM/DD/YYYY): 
09/11/2018
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
OFI-2018-04
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL LLC
6.
Principal Product Type:
Other
Other Product Types: 
NON-REGISTERED, NON-EXEMPT SECURITIES
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG MEMBERS OF THE NORTH AMERICAN
SECURITIES ADMINISTRATORS ASSOCIATION INC. (NASAA), THE LOUISIANA OFFICE OF FINANCIAL INSTITUTIONS (OFI) ALLEGED THAT DURING THE
PERIOD OF APPROXIMATELY OCTOBER 1, 2006 THROUGH MAY 1, 2018 (RELEVANT PERIOD), LPL FINANCIAL LLC (LPL) SOLD UNREGISTERED, NON-
EXEMPT SECURITIES IN LOUISIANA; FAILED TO REASONABLY SUPERVISE AND MAINTAIN ADEQUATE SYSTEMS TO PREVENT THE SALE OF UNREGISTERED,
NON-EXEMPT SECURITIES BY LPL TO LOUISIANA RESIDENTS, INCLUDING WITH RESPECT TO LPL'S RETENTION, USE, AND SUBSEQUENT CANCELLATION
OF CERTAIN THIRD-PARTY SERVICES UTILIZED FOR COMPLIANCE WITH STATE SECURITIES REGISTRATION REQUIREMENTS; CERTAIN OTHER
DEFICIENCIES WITHIN LPL'S COMPLIANCE STRUCTURE RELATED TO LPL'S CONTROLS, MONITORING AND REPORTING TOOLS, AND ESCALATION
PROTOCOLS IN RELATION TO LPL'S RESPONSE TO COMPLIANCE ISSUES RESULTING FROM SUCH FAILURE; AND LPL'S FAILURE TO MAINTAIN CERTAIN
BOOKS AND RECORDS TO ENSURE FULL AND PROPER COMPLIANCE FOR STATE SECURITIES REGISTRATION REQUIREMENTS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
09/11/2018
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 499,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
OFFERS OF RESTITUTION; UNDERTAKINGS
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE ADMINISTRATIVE CONSENT ORDER
(ORDER), AND CONSENTED TO THE ENTRY OF THE ORDER BY THE OFI. LPL ALSO AGREED TO (1) OFFER TO REPURCHASE AFFECTED SECURITIES
OR REMEDIATE CUSTOMER LOSSES FOR CERTAIN SECURITIES SOLD TO LOUISIANA RESIDENTS IN VIOLATION OF LOUISIANA'S SECURITIES
REGISTRATION REQUIREMENTS PURSUANT TO THE TERMS SET FORTH IN THE ORDER, (2) CERTAIN ADDITIONAL UNDERTAKINGS, AND (3) PAY THE
OFI A SUM IN THE AMOUNT OF $499,000.00 WHICH WAS REMITTED ON OR ABOUT SEPTEMBER 12, 2018.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A SETTLEMENT REGARDING THE SALE OF UNREGISTERED, NON-EXEMPT SECURITIES BY LPL DURING THE RELEVANT PERIOD
RESULTING FROM AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COMPOSED OF MEMBERS OF NASAA. IN CONNECTION WITH THE

RESOLUTION, EACH OF THE PARTICIPATING INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS AGAINST LPL, IN WHICH LPL NEITHER ADMITS
NOR DENIES THE ALLEGATIONS. IN THIS INSTANCE, WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO THE ABOVE DESCRIBED
SANCTIONS. IN ADDITION, THE OFI AND LPL AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE LAWS OF
THE UNITED STATES, ANY STATE, OR THE UNITED STATES TERRITORIES, AND INCLUDING WITHOUT LIMITATION, ANY DISQUALIFICATION FROM RELYING
UPON THE STATE OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH WAS ALSO PART OF THE AGREEMENT WITH NASAA.
FURTHERMORE, THE OFI AND LPL AGREED THAT NOTHING IN THE ORDER IS INTENDED TO FORM THE BASIS FOR DISQUALIFICATION UNDER FINRA OR
OTHER SRO RULES PROHIBITING CONTINUANCE IN MEMBERSHIP. FINALLY, THE ORDER IS NOT INTENDED TO BE A FINAL ORDER BASED UPON
VIOLATIONS OF ANY LOUISIANA STATUTE, RULE, OR REGULATION THAT PROHIBITS FRAUDULENT, MANIPULATIVE OR DECEPTIVE CONDUCT.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
INVESTOR PROTECTION UNIT OF THE DELAWARE DEPARTMENT OF JUSTICE
2.
Principal Sanction:

Cease and Desist
Other Sanctions: 
CIVIL AND ADMINISTRATIVE PENALTY; OFFERS OF RESTITUTION; UNDERTAKINGS
3.
Date Initiated (MM/DD/YYYY): 
09/13/2018
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
18-0027
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL LLC
6.
Principal Product Type:
Other
Other Product Types: 
NON-REGISTERED, NON-EXEMPT SECURITIES
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG MEMBERS OF THE NORTH AMERICAN
SECURITIES ADMINISTRATORS ASSOCIATION INC. (NASAA), THE INVESTOR PROTECTION UNIT (IPU) OF THE DELAWARE DEPARTMENT OF JUSTICE
ALLEGED THAT DURING THE PERIOD OF APPROXIMATELY OCTOBER 1, 2006 THROUGH MAY 1, 2018 (RELEVANT PERIOD), LPL FINANCIAL LLC (LPL)
FAILED TO REASONABLY SUPERVISE AND MAINTAIN ADEQUATE SYSTEMS TO COMPLY WITH STATE SECURITIES REGISTRATION REQUIREMENTS,
INCLUDING WITH RESPECT TO LPL'S RETENTION, USE, AND SUBSEQUENT CANCELLATION OF CERTAIN THIRD-PARTY SERVICES UTILIZED FOR
COMPLIANCE WITH STATE SECURITIES REGISTRATION REQUIREMENTS; CERTAIN OTHER DEFICIENCIES WITHIN LPL'S COMPLIANCE STRUCTURE
RELATED TO LPL'S CONTROLS, MONITORING AND REPORTING TOOLS, AND ESCALATION PROTOCOLS IN RELATION TO LPL'S RESPONSE TO COMPLIANCE
ISSUES RESULTING FROM SUCH FAILURE; AND LPL'S FAILURE TO MAINTAIN CERTAIN BOOKS AND RECORDS TO ENSURE FULL AND PROPER COMPLIANCE
FOR STATE SECURITIES REGISTRATION REQUIREMENTS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
09/13/2018
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 499,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
OFFERS OF RESTITUTION; UNDERTAKINGS
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE ADMINISTRATIVE CONSENT ORDER
(ORDER), AND CONSENTED TO THE ENTRY OF THE ORDER BY THE IPU. LPL ALSO AGREED TO (1) OFFER TO REPURCHASE AFFECTED SECURITIES
OR REMEDIATE CUSTOMER LOSSES FOR CERTAIN SECURITIES SOLD TO DELAWARE RESIDENTS PURSUANT TO THE TERMS SET FORTH IN THE
ORDER, (2) CERTAIN ADDITIONAL UNDERTAKINGS, AND (3) PAY THE IPU A SUM IN THE AMOUNT OF $499,000.00 WHICH WAS REMITTED ON OR
ABOUT SEPTEMBER 17, 2018.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).

THIS ACTION IS PART OF A SETTLEMENT REGARDING THE SALE OF UNREGISTERED, NON-EXEMPT SECURITIES BY LPL DURING THE RELEVANT PERIOD
RESULTING FROM AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COMPOSED OF MEMBERS OF NASAA. IN CONNECTION WITH THE
RESOLUTION, EACH OF THE PARTICIPATING INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS AGAINST LPL, IN WHICH LPL NEITHER ADMITS
NOR DENIES THE ALLEGATIONS. IN THIS INSTANCE, WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO THE ABOVE DESCRIBED
SANCTIONS. IN ADDITION, THE IPU AND LPL AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE LAWS OF
THE UNITED STATES, ANY STATE, OR THE UNITED STATES TERRITORIES, AND INCLUDING WITHOUT LIMITATION, ANY DISQUALIFICATION FROM RELYING
UPON THE STATE OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH WAS ALSO PART OF THE AGREEMENT WITH NASAA.
FURTHERMORE, THE IPU AND LPL AGREED THAT NOTHING IN THE ORDER IS INTENDED TO FORM THE BASIS FOR DISQUALIFICATION UNDER FINRA OR
OTHER SRO RULES PROHIBITING CONTINUANCE IN MEMBERSHIP. FINALLY, THE ORDER IS NOT INTENDED TO BE A FINAL ORDER BASED UPON
VIOLATIONS OF ANY DELAWARE STATUTE, RULE, OR REGULATION THAT PROHIBITS FRAUDULENT, MANIPULATIVE OR DECEPTIVE CONDUCT.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
SECURITIES DIVISION OF THE NEW MEXICO REGULATION AND LICENSING DEPARTMENT

2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
CIVIL AND ADMINISTRATIVE PENALTY; OFFERS OF RESTITUTION; UNDERTAKINGS
3.
Date Initiated (MM/DD/YYYY): 
10/02/2018
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
15-099-0049
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL LLC
6.
Principal Product Type:
Other
Other Product Types: 
NON-REGISTERED, NON-EXEMPT SECURITIES
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG MEMBERS OF THE NORTH AMERICAN
SECURITIES ADMINISTRATORS ASSOCIATION INC. (NASAA), THE SECURITIES DIVISION OF THE NEW MEXICO REGULATION AND LICENSING
DEPARTMENT (DIVISION) ALLEGED THAT DURING THE PERIOD OF APPROXIMATELY OCTOBER 1, 2006 THROUGH MAY 1, 2018 (RELEVANT PERIOD), LPL
FINANCIAL LLC (LPL) SOLD UNREGISTERED, NON-EXEMPT SECURITIES IN NEW MEXICO; FAILED TO REASONABLY SUPERVISE AND MAINTAIN ADEQUATE
SYSTEMS TO PREVENT THE SALE OF UNREGISTERED, NON-EXEMPT SECURITIES BY LPL TO NEW MEXICO RESIDENTS, INCLUDING WITH RESPECT TO
LPL'S RETENTION, USE, AND SUBSEQUENT CANCELLATION OF CERTAIN THIRD-PARTY SERVICES UTILIZED FOR COMPLIANCE WITH STATE SECURITIES
REGISTRATION REQUIREMENTS; CERTAIN OTHER DEFICIENCIES WITHIN LPL'S COMPLIANCE STRUCTURE RELATED TO LPL'S CONTROLS, MONITORING
AND REPORTING TOOLS, AND ESCALATION PROTOCOLS IN RELATION TO LPL'S RESPONSE TO COMPLIANCE ISSUES RESULTING FROM SUCH FAILURE;
AND LPL'S FAILURE TO MAINTAIN CERTAIN BOOKS AND RECORDS TO ENSURE FULL AND PROPER COMPLIANCE FOR STATE SECURITIES REGISTRATION
REQUIREMENTS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
10/02/2018
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 499,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
OFFERS OF RESTITUTION; UNDERTAKINGS
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE ADMINISTRATIVE CONSENT ORDER
(ORDER), AND CONSENTED TO THE ENTRY OF THE ORDER BY THE DIVISION. LPL ALSO AGREED TO (1) OFFER TO REPURCHASE AFFECTED
SECURITIES OR REMEDIATE CUSTOMER LOSSES FOR CERTAIN SECURITIES SOLD TO NEW MEXICO RESIDENTS IN VIOLATION OF NEW MEXICO'S
SECURITIES REGISTRATION REQUIREMENTS PURSUANT TO THE TERMS SET FORTH IN THE ORDER, (2) CERTAIN ADDITIONAL UNDERTAKINGS, AND
(3) PAY THE DIVISION A SUM IN THE AMOUNT OF $499,000.00 WHICH WAS REMITTED ON OR ABOUT OCTOBER 4, 2018.

13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A SETTLEMENT REGARDING THE SALE OF UNREGISTERED, NON-EXEMPT SECURITIES BY LPL DURING THE RELEVANT PERIOD
RESULTING FROM AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COMPOSED OF MEMBERS OF NASAA. IN CONNECTION WITH THE
RESOLUTION, EACH OF THE PARTICIPATING INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS AGAINST LPL, IN WHICH LPL NEITHER ADMITS
NOR DENIES THE ALLEGATIONS. IN THIS INSTANCE, WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO THE ABOVE DESCRIBED
SANCTIONS. IN ADDITION, THE DIVISION AND LPL AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE LAWS
OF THE UNITED STATES, ANY STATE, OR THE UNITED STATES TERRITORIES, AND INCLUDING WITHOUT LIMITATION, ANY DISQUALIFICATION FROM
RELYING UPON THE STATE OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH WAS ALSO PART OF THE AGREEMENT WITH
NASAA. FURTHERMORE, THE DIVISION AND LPL AGREED THAT NOTHING IN THE ORDER IS INTENDED TO FORM THE BASIS FOR DISQUALIFICATION
UNDER FINRA OR OTHER SRO RULES PROHIBITING CONTINUANCE IN MEMBERSHIP. FINALLY, THE ORDER IS NOT INTENDED TO BE A FINAL ORDER
BASED UPON VIOLATIONS OF ANY NEW MEXICO STATUTE, RULE, OR REGULATION THAT PROHIBITS FRAUDULENT, MANIPULATIVE OR DECEPTIVE
CONDUCT.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:

SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
SOUTH DAKOTA DIVISION OF INSURANCE
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
CIVIL AND ADMINISTRATIVE PENALTY; OFFERS OF RESTITUTION; UNDERTAKINGS
3.
Date Initiated (MM/DD/YYYY): 
10/01/2018
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
3006
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL LLC
6.
Principal Product Type:
Other
Other Product Types: 
NON-REGISTERED, NON-EXEMPT SECURITIES
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG MEMBERS OF THE NORTH AMERICAN
SECURITIES ADMINISTRATORS ASSOCIATION INC. (NASAA), THE SOUTH DAKOTA DIVISION OF INSURANCE (DIVISION) ALLEGED THAT DURING THE
PERIOD OF APPROXIMATELY OCTOBER 1, 2006 THROUGH MAY 1, 2018 (RELEVANT PERIOD), LPL FINANCIAL LLC (LPL) SOLD UNREGISTERED, NON-
EXEMPT SECURITIES IN SOUTH DAKOTA; FAILED TO REASONABLY SUPERVISE AND MAINTAIN ADEQUATE SYSTEMS TO PREVENT THE SALE OF
UNREGISTERED, NON-EXEMPT SECURITIES BY LPL TO SOUTH DAKOTA RESIDENTS, INCLUDING WITH RESPECT TO LPL'S RETENTION, USE, AND
SUBSEQUENT CANCELLATION OF CERTAIN THIRD-PARTY SERVICES UTILIZED FOR COMPLIANCE WITH STATE SECURITIES REGISTRATION
REQUIREMENTS; CERTAIN OTHER DEFICIENCIES WITHIN LPL'S COMPLIANCE STRUCTURE RELATED TO LPL'S CONTROLS, MONITORING AND REPORTING
TOOLS, AND ESCALATION PROTOCOLS IN RELATION TO LPL'S RESPONSE TO COMPLIANCE ISSUES RESULTING FROM SUCH FAILURE; AND LPL'S FAILURE
TO MAINTAIN CERTAIN BOOKS AND RECORDS TO ENSURE FULL AND PROPER COMPLIANCE FOR STATE SECURITIES REGISTRATION REQUIREMENTS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
10/01/2018
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 499,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
OFFERS OF RESTITUTION; UNDERTAKINGS
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE ADMINISTRATIVE CONSENT ORDER
(ORDER), AND CONSENTED TO THE ENTRY OF THE ORDER BY THE DIVISION. LPL ALSO AGREED TO (1) OFFER TO REPURCHASE AFFECTED
SECURITIES OR REMEDIATE CUSTOMER LOSSES FOR CERTAIN SECURITIES SOLD TO SOUTH DAKOTA RESIDENTS IN VIOLATION OF SOUTH

DAKOTA'S SECURITIES REGISTRATION REQUIREMENTS PURSUANT TO THE TERMS SET FORTH IN THE ORDER, (2) CERTAIN ADDITIONAL
UNDERTAKINGS, AND (3) PAY THE DIVISION A SUM IN THE AMOUNT OF $499,000.00 WHICH WAS REMITTED ON OR ABOUT SEPTEMBER 25, 2018.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A SETTLEMENT REGARDING THE SALE OF UNREGISTERED, NON-EXEMPT SECURITIES BY LPL DURING THE RELEVANT PERIOD
RESULTING FROM AN INVESTIGATION CONDUCTED BY A MULTI-STATE TASK FORCE COMPOSED OF MEMBERS OF NASAA. IN CONNECTION WITH THE
RESOLUTION, EACH OF THE PARTICIPATING INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS AGAINST LPL, IN WHICH LPL NEITHER ADMITS
NOR DENIES THE ALLEGATIONS. IN THIS INSTANCE, WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO THE ABOVE DESCRIBED
SANCTIONS. IN ADDITION, THE DIVISION AND LPL AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE LAWS
OF THE UNITED STATES, ANY STATE, OR THE UNITED STATES TERRITORIES, AND INCLUDING WITHOUT LIMITATION, ANY DISQUALIFICATION FROM
RELYING UPON THE STATE OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH WAS ALSO PART OF THE AGREEMENT WITH
NASAA. FURTHERMORE, THE DIVISION AND LPL AGREED THAT NOTHING IN THE ORDER IS INTENDED TO FORM THE BASIS FOR DISQUALIFICATION
UNDER FINRA OR OTHER SRO RULES PROHIBITING CONTINUANCE IN MEMBERSHIP. FINALLY, THE ORDER IS NOT INTENDED TO BE A FINAL ORDER
BASED UPON VIOLATIONS OF ANY SOUTH DAKOTA STATUTE, RULE, OR REGULATION THAT PROHIBITS FRAUDULENT, MANIPULATIVE OR DECEPTIVE
CONDUCT.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.

PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
STATE OF MICHIGAN, DEPARTMENT OF LICENSING & REGULATORY AFFAIRS, CORPORATIONS, SECURITIES & COMMERCIAL LICENSING BUREAU
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
CIVIL AND ADMINISTRATIVE PENALTY; OFFERS OF RESTITUTION; UNDERTAKINGS
3.
Date Initiated (MM/DD/YYYY): 
10/03/2018
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
336330
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL LLC
6.
Principal Product Type:
Other
Other Product Types: 
NON-REGISTERED, NON-EXEMPT SECURITIES
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG MEMBERS OF THE NORTH AMERICAN
SECURITIES ADMINISTRATORS ASSOCIATION INC. (NASAA), THE STATE OF MICHIGAN, DEPARTMENT OF LICENSING & REGULATORY AFFAIRS,
CORPORATIONS, SECURITIES & COMMERCIAL LICENSING BUREAU (BUREAU) ALLEGED THAT DURING THE PERIOD OF APPROXIMATELY OCTOBER 1, 2006
THROUGH MAY 1, 2018 (RELEVANT PERIOD), LPL FINANCIAL LLC (LPL) SOLD UNREGISTERED, NON-EXEMPT SECURITIES IN MICHIGAN; FAILED TO
REASONABLY SUPERVISE AND MAINTAIN ADEQUATE SYSTEMS TO PREVENT THE SALE OF UNREGISTERED, NON-EXEMPT SECURITIES BY LPL TO
MICHIGAN RESIDENTS, INCLUDING WITH RESPECT TO LPL'S RETENTION, USE, AND SUBSEQUENT CANCELLATION OF CERTAIN THIRD-PARTY SERVICES
UTILIZED FOR COMPLIANCE WITH STATE SECURITIES REGISTRATION REQUIREMENTS; CERTAIN OTHER DEFICIENCIES WITHIN LPL'S COMPLIANCE
STRUCTURE RELATED TO LPL'S CONTROLS, MONITORING AND REPORTING TOOLS, AND ESCALATION PROTOCOLS IN RELATION TO LPL'S RESPONSE TO
COMPLIANCE ISSUES RESULTING FROM SUCH FAILURE; AND LPL'S FAILURE TO MAINTAIN CERTAIN BOOKS AND RECORDS TO ENSURE FULL AND PROPER
COMPLIANCE FOR STATE SECURITIES REGISTRATION REQUIREMENTS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
10/03/2018
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 499,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
OFFERS OF RESTITUTION; UNDERTAKINGS
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of

penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE ADMINISTRATIVE CONSENT ORDER
(ORDER), AND CONSENTED TO THE ENTRY OF THE ORDER BY THE BUREAU. LPL ALSO AGREED TO (1) OFFER TO REPURCHASE AFFECTED
SECURITIES OR REMEDIATE CUSTOMER LOSSES FOR CERTAIN SECURITIES SOLD TO MICHIGAN RESIDENTS IN VIOLATION OF MICHIGAN'S
SECURITIES REGISTRATION REQUIREMENTS PURSUANT TO THE TERMS SET FORTH IN THE ORDER, (2) CERTAIN ADDITIONAL UNDERTAKINGS, AND
(3) PAY THE BUREAU A SUM IN THE AMOUNT OF $499,000.00 WHICH WAS REMITTED ON OR ABOUT OCTOBER 17, 2018.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A SETTLEMENT REGARDING THE SALE OF UNREGISTERED, NON-EXEMPT SECURITIES BY LPL DURING THE RELEVANT PERIOD
RESULTING FROM AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COMPOSED OF MEMBERS OF NASAA. IN CONNECTION WITH THE
RESOLUTION, EACH OF THE PARTICIPATING INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS AGAINST LPL, IN WHICH LPL NEITHER ADMITS
NOR DENIES THE ALLEGATIONS. IN THIS INSTANCE, WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO THE ABOVE DESCRIBED
SANCTIONS. IN ADDITION, THE BUREAU AND LPL AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE LAWS
OF THE UNITED STATES, ANY STATE, OR THE UNITED STATES TERRITORIES, AND INCLUDING WITHOUT LIMITATION, ANY DISQUALIFICATION FROM
RELYING UPON THE STATE OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH WAS ALSO PART OF THE AGREEMENT WITH
NASAA. FURTHERMORE, THE BUREAU AND LPL AGREED THAT NOTHING IN THE ORDER IS INTENDED TO FORM THE BASIS FOR DISQUALIFICATION UNDER
FINRA OR OTHER SRO RULES PROHIBITING CONTINUANCE IN MEMBERSHIP. FINALLY, THE ORDER IS NOT INTENDED TO BE A FINAL ORDER BASED UPON
VIOLATIONS OF ANY MICHIGAN STATUTE, RULE, OR REGULATION THAT PROHIBITS FRAUDULENT, MANIPULATIVE OR DECEPTIVE CONDUCT.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No

NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
SECURITIES DIVISION OF THE MISSISSIPPI SECRETARY OF STATE'S OFFICE
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
CIVIL AND ADMINISTRATIVE PENALTY; OFFERS OF RESTITUTION; UNDERTAKINGS
3.
Date Initiated (MM/DD/YYYY): 
10/11/2018
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
LS-17-2768
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL LLC
6.
Principal Product Type:
Other
Other Product Types: 
NON-REGISTERED, NON-EXEMPT SECURITIES
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG MEMBERS OF THE NORTH AMERICAN
SECURITIES ADMINISTRATORS ASSOCIATION INC. (NASAA), THE SECURITIES DIVISION OF THE MISSISSIPPI SECRETARY OF STATE'S OFFICE (DIVISION)
ALLEGED THAT DURING THE PERIOD OF APPROXIMATELY OCTOBER 1, 2006 THROUGH MAY 1, 2018 (RELEVANT PERIOD), LPL FINANCIAL LLC (LPL) SOLD
UNREGISTERED, NON-EXEMPT SECURITIES IN MISSISSIPPI; FAILED TO REASONABLY SUPERVISE AND MAINTAIN ADEQUATE SYSTEMS TO PREVENT THE
SALE OF UNREGISTERED, NON-EXEMPT SECURITIES BY LPL TO MISSISSIPPI RESIDENTS, INCLUDING WITH RESPECT TO LPL'S RETENTION, USE, AND
SUBSEQUENT CANCELLATION OF CERTAIN THIRD-PARTY SERVICES UTILIZED FOR COMPLIANCE WITH STATE SECURITIES REGISTRATION
REQUIREMENTS; CERTAIN OTHER DEFICIENCIES WITHIN LPL'S COMPLIANCE STRUCTURE RELATED TO LPL'S CONTROLS, MONITORING AND REPORTING
TOOLS, AND ESCALATION PROTOCOLS IN RELATION TO LPL'S RESPONSE TO COMPLIANCE ISSUES RESULTING FROM SUCH FAILURE; AND LPL'S FAILURE
TO MAINTAIN CERTAIN BOOKS AND RECORDS TO ENSURE FULL AND PROPER COMPLIANCE FOR STATE SECURITIES REGISTRATION REQUIREMENTS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
10/11/2018
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 499,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
OFFERS OF RESTITUTION; UNDERTAKINGS
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to

requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE ADMINISTRATIVE CONSENT ORDER
(ORDER), AND CONSENTED TO THE ENTRY OF THE ORDER BY THE DIVISION. LPL ALSO AGREED TO (1) OFFER TO REPURCHASE AFFECTED
SECURITIES OR REMEDIATE CUSTOMER LOSSES FOR CERTAIN SECURITIES SOLD TO MISSISSIPPI RESIDENTS IN VIOLATION OF MISSISSIPPI'S
SECURITIES REGISTRATION REQUIREMENTS PURSUANT TO THE TERMS SET FORTH IN THE ORDER, (2) CERTAIN ADDITIONAL UNDERTAKINGS, AND
(3) PAY THE DIVISION A SUM IN THE AMOUNT OF $499,000.00 WHICH WAS REMITTED ON OR ABOUT OCTOBER 17, 2018.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A SETTLEMENT REGARDING THE SALE OF UNREGISTERED, NON-EXEMPT SECURITIES BY LPL DURING THE RELEVANT PERIOD
RESULTING FROM AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COMPOSED OF MEMBERS OF NASAA. IN CONNECTION WITH THE
RESOLUTION, EACH OF THE PARTICIPATING INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS AGAINST LPL, IN WHICH LPL NEITHER ADMITS
NOR DENIES THE ALLEGATIONS. IN THIS INSTANCE, WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO THE ABOVE DESCRIBED
SANCTIONS. IN ADDITION, THE DIVISION AND LPL AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE LAWS
OF THE UNITED STATES, ANY STATE, OR THE UNITED STATES TERRITORIES, AND INCLUDING WITHOUT LIMITATION, ANY DISQUALIFICATION FROM
RELYING UPON THE STATE OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH WAS ALSO PART OF THE AGREEMENT WITH
NASAA. FURTHERMORE, THE DIVISION AND LPL AGREED THAT NOTHING IN THE ORDER IS INTENDED TO FORM THE BASIS FOR DISQUALIFICATION
UNDER FINRA OR OTHER SRO RULES PROHIBITING CONTINUANCE IN MEMBERSHIP. FINALLY, THE ORDER IS NOT INTENDED TO BE A FINAL ORDER
BASED UPON VIOLATIONS OF ANY MISSISSIPPI STATUTE, RULE, OR REGULATION THAT PROHIBITS FRAUDULENT, MANIPULATIVE OR DECEPTIVE
CONDUCT.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 

B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
ARKANSAS SECURITIES DEPARTMENT
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
CIVIL AND ADMINISTRATIVE PENALTY; OFFERS OF RESTITUTION; UNDERTAKINGS
3.
Date Initiated (MM/DD/YYYY): 
10/24/2018
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
S-17-0078-18-OR-01
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL LLC
6.
Principal Product Type:
Other
Other Product Types: 
NON-REGISTERED, NON-EXEMPT SECURITIES
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG MEMBERS OF THE NORTH AMERICAN
SECURITIES ADMINISTRATORS ASSOCIATION INC. (NASAA), THE ARKANSAS SECURITIES DEPARTMENT (DEPARTMENT) ALLEGED THAT DURING THE
PERIOD OF APPROXIMATELY OCTOBER 1, 2006 THROUGH MAY 1, 2018 (RELEVANT PERIOD), LPL FINANCIAL LLC (LPL) SOLD UNREGISTERED, NON-
EXEMPT SECURITIES IN ARKANSAS; FAILED TO REASONABLY SUPERVISE AND MAINTAIN ADEQUATE SYSTEMS TO PREVENT THE SALE OF UNREGISTERED,
NON-EXEMPT SECURITIES BY LPL TO ARKANSAS RESIDENTS, INCLUDING WITH RESPECT TO LPL'S RETENTION, USE, AND SUBSEQUENT CANCELLATION
OF CERTAIN THIRD-PARTY SERVICES UTILIZED FOR COMPLIANCE WITH STATE SECURITIES REGISTRATION REQUIREMENTS; CERTAIN OTHER
DEFICIENCIES WITHIN LPL'S COMPLIANCE STRUCTURE RELATED TO LPL'S CONTROLS, MONITORING AND REPORTING TOOLS, AND ESCALATION
PROTOCOLS IN RELATION TO LPL'S RESPONSE TO COMPLIANCE ISSUES RESULTING FROM SUCH FAILURE; AND LPL'S FAILURE TO MAINTAIN CERTAIN
BOOKS AND RECORDS TO ENSURE FULL AND PROPER COMPLIANCE FOR STATE SECURITIES REGISTRATION REQUIREMENTS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
10/24/2018
 Exact
 Explanation
If not exact, provide explanation:
DATE ADMINISTRATIVE CONSENT ORDER WAS EXECUTED BY THE DEPARTMENT.
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 499,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension

B.
Other Sanctions Ordered:
OFFERS OF RESTITUTION; UNDERTAKINGS
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE ADMINISTRATIVE CONSENT ORDER
(ORDER), AND CONSENTED TO THE ENTRY OF THE ORDER BY THE DEPARTMENT. LPL ALSO AGREED TO (1) OFFER TO REPURCHASE AFFECTED
SECURITIES OR REMEDIATE CUSTOMER LOSSES FOR CERTAIN SECURITIES SOLD TO ARKANSAS RESIDENTS IN VIOLATION OF ARKANSAS'
SECURITIES REGISTRATION REQUIREMENTS PURSUANT TO THE TERMS SET FORTH IN THE ORDER, (2) CERTAIN ADDITIONAL UNDERTAKINGS, AND
(3) PAY THE DEPARTMENT A SUM IN THE AMOUNT OF $499,000.00 WHICH WAS REMITTED ON OR ABOUT OCTOBER 23, 2018.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A SETTLEMENT REGARDING THE SALE OF UNREGISTERED, NON-EXEMPT SECURITIES BY LPL DURING THE RELEVANT PERIOD
RESULTING FROM AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COMPOSED OF MEMBERS OF NASAA. IN CONNECTION WITH THE
RESOLUTION, EACH OF THE PARTICIPATING INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS AGAINST LPL, IN WHICH LPL NEITHER ADMITS
NOR DENIES THE ALLEGATIONS. IN THIS INSTANCE, WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO THE ABOVE DESCRIBED
SANCTIONS. IN ADDITION, THE DEPARTMENT AND LPL AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE
LAWS OF THE UNITED STATES, ANY STATE, OR THE UNITED STATES TERRITORIES, AND INCLUDING WITHOUT LIMITATION, ANY DISQUALIFICATION FROM
RELYING UPON THE STATE OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH WAS ALSO PART OF THE AGREEMENT WITH
NASAA. FURTHERMORE, THE DEPARTMENT AND LPL AGREED THAT NOTHING IN THE ORDER IS INTENDED TO FORM THE BASIS FOR DISQUALIFICATION
UNDER FINRA OR OTHER SRO RULES PROHIBITING CONTINUANCE IN MEMBERSHIP. FINALLY, THE ORDER IS NOT INTENDED TO BE A FINAL ORDER
BASED UPON VIOLATIONS OF ANY ARKANSAS STATUTE, RULE, OR REGULATION THAT PROHIBITS FRAUDULENT, MANIPULATIVE OR DECEPTIVE CONDUCT.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the

circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
MISSOURI SECURITIES DIVISION
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
CIVIL AND ADMINISTRATIVE PENALTY; OFFERS OF RESTITUTION; UNDERTAKINGS
3.
Date Initiated (MM/DD/YYYY): 
11/07/2018
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
AP-18-12
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL LLC
6.
Principal Product Type:
Other
Other Product Types: 
NON-REGISTERED, NON-EXEMPT SECURITIES
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG MEMBERS OF THE NORTH AMERICAN
SECURITIES ADMINISTRATORS ASSOCIATION INC. (NASAA), THE MISSOURI SECURITIES DIVISION (DIVISION) ALLEGED THAT DURING THE PERIOD OF
APPROXIMATELY OCTOBER 1, 2006 THROUGH MAY 1, 2018 (RELEVANT PERIOD), LPL FINANCIAL LLC (LPL) SOLD UNREGISTERED, NON-EXEMPT
SECURITIES IN MISSOURI; FAILED TO REASONABLY SUPERVISE AND MAINTAIN ADEQUATE SYSTEMS TO PREVENT THE SALE OF UNREGISTERED, NON-
EXEMPT SECURITIES BY LPL TO MISSOURI RESIDENTS, INCLUDING WITH RESPECT TO LPL'S RETENTION, USE, AND SUBSEQUENT CANCELLATION OF
CERTAIN THIRD-PARTY SERVICES UTILIZED FOR COMPLIANCE WITH STATE SECURITIES REGISTRATION REQUIREMENTS; CERTAIN OTHER DEFICIENCIES
WITHIN LPL'S COMPLIANCE STRUCTURE RELATED TO LPL'S CONTROLS, MONITORING AND REPORTING TOOLS, AND ESCALATION PROTOCOLS IN
RELATION TO LPL'S RESPONSE TO COMPLIANCE ISSUES RESULTING FROM SUCH FAILURE; AND LPL'S FAILURE TO MAINTAIN CERTAIN BOOKS AND
RECORDS TO ENSURE FULL AND PROPER COMPLIANCE FOR STATE SECURITIES REGISTRATION REQUIREMENTS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
11/07/2018
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 499,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction

 Bar
 Suspension
B.
Other Sanctions Ordered:
OFFERS OF RESTITUTION; UNDERTAKINGS
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE CONSENT ORDER (ORDER), AND
CONSENTED TO THE ENTRY OF THE ORDER BY THE DIVISION. LPL ALSO AGREED TO (1) OFFER TO REPURCHASE AFFECTED SECURITIES OR
REMEDIATE CUSTOMER LOSSES FOR CERTAIN SECURITIES SOLD TO MISSOURI RESIDENTS IN VIOLATION OF MISSOURI'S SECURITIES
REGISTRATION REQUIREMENTS PURSUANT TO THE TERMS SET FORTH IN THE ORDER, (2) CERTAIN ADDITIONAL UNDERTAKINGS, AND (3) PAY THE
DIVISION A SUM IN THE AMOUNT OF $499,000.00 WHICH WAS REMITTED ON OR ABOUT NOVEMBER 8, 2018.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A SETTLEMENT REGARDING THE SALE OF UNREGISTERED, NON-EXEMPT SECURITIES BY LPL DURING THE RELEVANT PERIOD
RESULTING FROM AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COMPOSED OF MEMBERS OF NASAA. IN CONNECTION WITH THE
RESOLUTION, EACH OF THE PARTICIPATING INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS AGAINST LPL, IN WHICH LPL NEITHER ADMITS
NOR DENIES THE ALLEGATIONS. IN THIS INSTANCE, WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO THE ABOVE DESCRIBED
SANCTIONS. IN ADDITION, THE DIVISION AND LPL AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE LAWS
OF THE UNITED STATES, ANY STATE, OR THE UNITED STATES TERRITORIES, AND INCLUDING WITHOUT LIMITATION, ANY DISQUALIFICATION FROM
RELYING UPON THE STATE OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH WAS ALSO PART OF THE AGREEMENT WITH
NASAA. FURTHERMORE, THE DIVISION AND LPL AGREED THAT NOTHING IN THE ORDER IS INTENDED TO FORM THE BASIS FOR DISQUALIFICATION
UNDER FINRA OR OTHER SRO RULES PROHIBITING CONTINUANCE IN MEMBERSHIP. FINALLY, THE ORDER IS NOT INTENDED TO BE A FINAL ORDER
BASED UPON VIOLATIONS OF ANY MISSOURI STATUTE, RULE, OR REGULATION THAT PROHIBITS FRAUDULENT, MANIPULATIVE OR DECEPTIVE CONDUCT.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.

This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
NEVADA SECURITIES DIVISION
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
CIVIL AND ADMINISTRATIVE PENALTY; OFFERS OF RESTITUTION; UNDERTAKINGS
3.
Date Initiated (MM/DD/YYYY): 
11/13/2018
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
INV 18-104
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL LLC
6.
Principal Product Type:
Other
Other Product Types: 
NON-REGISTERED, NON-EXEMPT SECURITIES
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG MEMBERS OF THE NORTH AMERICAN
SECURITIES ADMINISTRATORS ASSOCIATION INC. (NASAA), THE NEVADA SECURITIES DIVISION (DIVISION) ALLEGED THAT DURING THE PERIOD OF
APPROXIMATELY OCTOBER 1, 2006 THROUGH MAY 1, 2018 (RELEVANT PERIOD), LPL FINANCIAL LLC (LPL) SOLD UNREGISTERED, NON-EXEMPT
SECURITIES IN NEVADA; FAILED TO REASONABLY SUPERVISE AND MAINTAIN ADEQUATE SYSTEMS TO PREVENT THE SALE OF UNREGISTERED, NON-
EXEMPT SECURITIES BY LPL TO NEVADA RESIDENTS, INCLUDING WITH RESPECT TO LPL'S RETENTION, USE, AND SUBSEQUENT CANCELLATION OF
CERTAIN THIRD-PARTY SERVICES UTILIZED FOR COMPLIANCE WITH STATE SECURITIES REGISTRATION REQUIREMENTS; CERTAIN OTHER DEFICIENCIES
WITHIN LPL'S COMPLIANCE STRUCTURE RELATED TO LPL'S CONTROLS, MONITORING AND REPORTING TOOLS, AND ESCALATION PROTOCOLS IN
RELATION TO LPL'S RESPONSE TO COMPLIANCE ISSUES RESULTING FROM SUCH FAILURE; AND LPL'S FAILURE TO MAINTAIN CERTAIN BOOKS AND
RECORDS TO ENSURE FULL AND PROPER COMPLIANCE FOR STATE SECURITIES REGISTRATION REQUIREMENTS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
11/13/2018
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 499,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution

 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
OFFERS OF RESTITUTION; UNDERTAKINGS
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE ADMINISTRATIVE CONSENT ORDER
(ORDER), AND CONSENTED TO THE ENTRY OF THE ORDER BY THE DIVISION. LPL ALSO AGREED TO (1) OFFER TO REPURCHASE AFFECTED
SECURITIES OR REMEDIATE CUSTOMER LOSSES FOR CERTAIN SECURITIES SOLD TO NEVADA RESIDENTS IN VIOLATION OF NEVADA'S SECURITIES
REGISTRATION REQUIREMENTS PURSUANT TO THE TERMS SET FORTH IN THE ORDER, (2) CERTAIN ADDITIONAL UNDERTAKINGS, AND (3) PAY THE
DIVISION A SUM IN THE AMOUNT OF $499,000.00 WHICH WAS REMITTED ON OR ABOUT NOVEMBER 14, 2018.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A SETTLEMENT REGARDING THE SALE OF UNREGISTERED, NON-EXEMPT SECURITIES BY LPL DURING THE RELEVANT PERIOD
RESULTING FROM AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COMPOSED OF MEMBERS OF NASAA. IN CONNECTION WITH THE
RESOLUTION, EACH OF THE PARTICIPATING INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS AGAINST LPL, IN WHICH LPL NEITHER ADMITS
NOR DENIES THE ALLEGATIONS. IN THIS INSTANCE, WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO THE ABOVE DESCRIBED
SANCTIONS. IN ADDITION, THE DIVISION AND LPL AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE LAWS
OF THE UNITED STATES, ANY STATE, OR THE UNITED STATES TERRITORIES, AND INCLUDING WITHOUT LIMITATION, ANY DISQUALIFICATION FROM
RELYING UPON THE STATE OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH WAS ALSO PART OF THE AGREEMENT WITH
NASAA. FURTHERMORE, THE DIVISION AND LPL AGREED THAT NOTHING IN THE ORDER IS INTENDED TO FORM THE BASIS FOR DISQUALIFICATION
UNDER FINRA OR OTHER SRO RULES PROHIBITING CONTINUANCE IN MEMBERSHIP. FINALLY, THE ORDER IS NOT INTENDED TO BE A FINAL ORDER
BASED UPON VIOLATIONS OF ANY NEVADA STATUTE, RULE, OR REGULATION THAT PROHIBITS FRAUDULENT, MANIPULATIVE OR DECEPTIVE CONDUCT.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any

event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
FINRA
2.
Principal Sanction:
Other
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
10/29/2018
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
2016050751901
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL LLC
6.
Principal Product Type:
No Product
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
THROUGH THREE DISTINCT INVESTIGATIONS, FINRA FOUND THAT LPL FINANCIAL (1) FAILED TO ESTABLISH AND IMPLEMENT AN AML PROGRAM
REASONABLY DESIGNED TO DETECT AND CAUSE THE REPORTING OF POTENTIALLY SUSPICIOUS ACTIVITY, IN VIOLATION OF FINRA RULES 3310(A) AND
2010, (2) FAILED TO AMEND FORMS U4 AND U5 VIOLATING ARTICLE V, SECTION 2 AND 3 OF FINRA'S BY-LAWS AND FINRA RULE 2010, AND (3) FAILED
TO ESTABLISH, MAINTAIN AND ENFORCE A SUPERVISORY SYSTEM AND WRITTEN SUPERVISORY PROCEDURES REASONABLY DESIGNED TO ACHIEVE
COMPLIANCE WITH FORM U4 AND U5 REPORTING REQUIREMENTS, IN VIOLATION OF FINRA RULES 3110 AND 2010.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Acceptance, Waiver & Consent(AWC)
11. Resolution Date (MM/DD/YYYY):
10/29/2018
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 2,750,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:

ADDITIONAL UNDERTAKINGS.
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
WITHOUT ADMITTING OR DENYING THE FINDINGS, LPL ACCEPTED AND CONSENTED TO THE ENTRY OF FINDINGS. ADDITIONAL UNDERTAKINGS
INCLUDE REVIEW (1) 696 CUSTOMER COMPLAINTS IDENTIFIED BY FINRA THAT WERE ORIGINALLY SENT TO LPL BETWEEN JANUARY 2013 AND
NOVEMBER 2017, TO ACHIEVE COMPLIANCE WITH ARTICLE V, SECTIONS 2 AND 3 OF FINRA'S BY-LAWS AND FINRA RULE 2010, AND (2) THE
FIRM'S SUPERVISORY SYSTEMS AND WRITTEN PROCEDURES RELATING TO REPORTING CUSTOMER COMPLAINTS AND OTHER REPORTABLE EVENTS
TO ENSURE THAT THEY ARE REASONABLY DESIGNED TO ACHIEVE COMPLIANCE WITH ARTICLE V, SECTIONS 2 AND 3 OF FINRA'S BY-LAWS AND
FINRA RULE 2010; AND SUBMIT, WITHIN 120 CALENDAR DAYS OF THE ISSUANCE OF THIS AWC (1) A REPORT CONTAINING THE FIRM'S
CONCLUSIONS FROM THE REVIEWS DESCRIBED ABOVE (A) INDICATING WHICH OF THE 696 CUSTOMER COMPLAINTS IDENTIFIED LPL WILL
REPORT ON FORMS U4/U5 AND WHICH IT WILL NOT, AND FOR THOSE IT WILL NOT REPORT, PROVIDE THE FIRM'S RATIONALE FOR NOT
REPORTING THEM, AND (B) IDENTIFYING ANY AND ALL CHANGES MADE TO THE FIRM'S SUPERVISORY SYSTEMS AND WRITTEN PROCEDURES
RELATING TO REPORTING CUSTOMER COMPLAINTS AND OTHER REPORTABLE EVENTS AS A RESULT OF THE REVIEW, AND (2) A CERTIFICATION
THAT THE FIRM'S SYSTEMS AND WRITTEN PROCEDURES REGARDING THE REVIEW AND REPORTING OF CUSTOMER COMPLAINTS AND OTHER
REPORTABLE EVENTS, AS OF THE DATE OF THE CERTIFICATION, ARE REASONABLY DESIGNED TO ACHIEVE COMPLIANCE WITH ARTICLE V,
SECTIONS 2 AND 3 OF FINRA'S BY-LAWS AND FINRA RULE 2010.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
IN DETERMINING THE APPROPRIATE MONETARY SANCTION, FINRA CONSIDERED THE FIRM'S COOPERATION AND UNDERTAKING TO REMEDY ITS'
VIOLATIONS. SPECIFICALLY, IN RESOLVING THIS MATTER, FINRA RECOGNIZED LPL'S EXTRAORDINARY COOPERATION IN HAVING: (1) INITIATED, ON ITS
OWN, AN INVESTIGATION TO IDENTIFY THE SCOPE AND EXTENT OF ITS AML PROGRAM FAILURES REGARDING SAR FILINGS; (2) RETAINED AN OUTSIDE
LAW FIRM TO CONDUCT AN EXTENSIVE INTERNAL INVESTIGATION, WHICH INCLUDED INTERVIEWING FIRM EMPLOYEES AND RE-EVALUATING
REPORTING DETERMINATIONS; (3) PROMPTLY REMEDIATED CERTAIN OF THE PROBLEMS BY FILING 418 SARS THAT IT DETERMINED SHOULD HAVE BEEN
FILED EARLIER, AND AGREEING TO AMEND 31 FORMS U4 AND U5 TO ADD CUSTOMER COMPLAINT INFORMATION; (4) INITIATED A REVIEW OF ITS
PROCEDURES REGARDING COMPLAINT REPORTING, AML INVESTIGATIONS AND SAR REPORTING, AND A RESTRUCTURING OF ITS AML INVESTIGATIONS
UNIT; AND (5) PROVIDED SUBSTANTIAL ASSISTANCE TO FINRA IN ITS INVESTIGATION, INCLUDING PROVIDING DETAILED PRESENTATIONS CONCERNING
THE RESULTS OF THE FIRM'S INTERNAL INVESTIGATIONS.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.

If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
CALIFORNIA DEPARTMENT OF BUSINESS OVERSIGHT
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
OFFERS OF RESTITUTION; UNDERTAKINGS
3.
Date Initiated (MM/DD/YYYY): 
11/19/2018
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
N/A
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL LLC
6.
Principal Product Type:
Other
Other Product Types: 
NON-REGISTERED, NON-EXEMPT SECURITIES
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG MEMBERS OF THE NORTH AMERICAN
SECURITIES ADMINISTRATORS ASSOCIATION INC. (NASAA), THE CALIFORNIA DEPARTMENT OF BUSINESS OVERSIGHT (DEPARTMENT) ALLEGED THAT
DURING THE PERIOD OF APPROXIMATELY OCTOBER 1, 2006 THROUGH MAY 1, 2018 (RELEVANT PERIOD), LPL FINANCIAL LLC (LPL) SOLD
UNREGISTERED, NON-EXEMPT SECURITIES IN CALIFORNIA; FAILED TO REASONABLY SUPERVISE AND MAINTAIN ADEQUATE SYSTEMS TO PREVENT THE
SALE OF UNREGISTERED, NON-EXEMPT SECURITIES BY LPL TO CALIFORNIA RESIDENTS, INCLUDING WITH RESPECT TO LPL'S RETENTION, USE, AND
SUBSEQUENT CANCELLATION OF CERTAIN THIRD-PARTY SERVICES UTILIZED FOR COMPLIANCE WITH STATE SECURITIES REGISTRATION
REQUIREMENTS; CERTAIN OTHER DEFICIENCIES WITHIN LPL'S COMPLIANCE STRUCTURE RELATED TO LPL'S CONTROLS, MONITORING AND REPORTING
TOOLS, AND ESCALATION PROTOCOLS IN RELATION TO LPL'S RESPONSE TO COMPLIANCE ISSUES RESULTING FROM SUCH FAILURE; AND LPL'S FAILURE
TO MAINTAIN CERTAIN BOOKS AND RECORDS TO ENSURE FULL AND PROPER COMPLIANCE FOR STATE SECURITIES REGISTRATION REQUIREMENTS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
11/19/2018
 Exact
 Explanation
If not exact, provide explanation:

12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 499,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
OFFERS OF RESTITUTION; UNDERTAKINGS
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE CONSENT ORDER (ORDER), AND
CONSENTED TO THE ENTRY OF THE ORDER BY THE DEPARTMENT. LPL ALSO AGREED TO (1) OFFER TO REPURCHASE AFFECTED SECURITIES OR
REMEDIATE CUSTOMER LOSSES FOR CERTAIN SECURITIES SOLD TO CALIFORNIA RESIDENTS IN VIOLATION OF CALIFORNIA'S SECURITIES
REGISTRATION REQUIREMENTS PURSUANT TO THE TERMS SET FORTH IN THE ORDER, (2) CERTAIN ADDITIONAL UNDERTAKINGS, AND (3) PAY THE
DEPARTMENT A SUM IN THE AMOUNT OF $499,000.00 WHICH WAS REMITTED ON OR ABOUT NOVEMBER 27, 2018.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A SETTLEMENT REGARDING THE SALE OF UNREGISTERED, NON-EXEMPT SECURITIES BY LPL DURING THE RELEVANT PERIOD
RESULTING FROM AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COMPOSED OF MEMBERS OF NASAA. IN CONNECTION WITH THE
RESOLUTION, EACH OF THE PARTICIPATING INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS AGAINST LPL, IN WHICH LPL NEITHER ADMITS
NOR DENIES THE ALLEGATIONS. IN THIS INSTANCE, WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO THE ABOVE DESCRIBED
SANCTIONS. IN ADDITION, THE DEPARTMENT AND LPL AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE
LAWS OF THE UNITED STATES, ANY STATE, OR THE UNITED STATES TERRITORIES, AND INCLUDING WITHOUT LIMITATION, ANY DISQUALIFICATION FROM
RELYING UPON THE STATE OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH WAS ALSO PART OF THE AGREEMENT WITH
NASAA. FURTHERMORE, THE DEPARTMENT AND LPL AGREED THAT NOTHING IN THE ORDER IS INTENDED TO FORM THE BASIS FOR DISQUALIFICATION
UNDER FINRA OR OTHER SRO RULES PROHIBITING CONTINUANCE IN MEMBERSHIP. FINALLY, THE ORDER IS NOT INTENDED TO BE A FINAL ORDER
BASED UPON VIOLATIONS OF ANY CALIFORNIA STATUTE, RULE, OR REGULATION THAT PROHIBITS FRAUDULENT, MANIPULATIVE OR DECEPTIVE
CONDUCT.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.

This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
STATE OF FLORIDA, OFFICE OF FINANCIAL REGULATION
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
CIVIL AND ADMINISTRATIVE PENALTY; OFFERS OF RESTITUTION; UNDERTAKINGS
3.
Date Initiated (MM/DD/YYYY): 
11/16/2018
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
90555-S/OFR2018-535
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL LLC
6.
Principal Product Type:
Other
Other Product Types: 
NON-REGISTERED, NON-EXEMPT SECURITIES
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG MEMBERS OF THE NORTH AMERICAN
SECURITIES ADMINISTRATORS ASSOCIATION INC. (NASAA), THE STATE OF FLORIDA, OFFICE OF FINANCIAL REGULATION (OFFICE) ALLEGED THAT
DURING THE PERIOD OF APPROXIMATELY OCTOBER 1, 2006 THROUGH MAY 1, 2018 (RELEVANT PERIOD), LPL FINANCIAL LLC (LPL) SOLD
UNREGISTERED, NON-EXEMPT SECURITIES IN FLORIDA; FAILED TO REASONABLY SUPERVISE AND MAINTAIN ADEQUATE SYSTEMS TO PREVENT THE SALE
OF UNREGISTERED, NON-EXEMPT SECURITIES BY LPL TO FLORIDA RESIDENTS, INCLUDING WITH RESPECT TO LPL'S RETENTION, USE, AND
SUBSEQUENT CANCELLATION OF CERTAIN THIRD-PARTY SERVICES UTILIZED FOR COMPLIANCE WITH STATE SECURITIES REGISTRATION
REQUIREMENTS; CERTAIN OTHER DEFICIENCIES WITHIN LPL'S COMPLIANCE STRUCTURE RELATED TO LPL'S CONTROLS, MONITORING AND REPORTING
TOOLS, AND ESCALATION PROTOCOLS IN RELATION TO LPL'S RESPONSE TO COMPLIANCE ISSUES RESULTING FROM SUCH FAILURE; AND LPL'S FAILURE
TO MAINTAIN CERTAIN BOOKS AND RECORDS TO ENSURE FULL AND PROPER COMPLIANCE FOR STATE SECURITIES REGISTRATION REQUIREMENTS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Stipulation and Consent
11. Resolution Date (MM/DD/YYYY):
11/16/2018
 Exact
 Explanation

If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 499,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
OFFERS OF RESTITUTION; UNDERTAKINGS
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE CONSENT AND STIPULATION
AGREEMENT (AGREEMENT), AND CONSENTED TO THE ENTRY OF THE AGREEMENT BY THE OFFICE. LPL ALSO AGREED TO (1) OFFER TO
REPURCHASE AFFECTED SECURITIES OR REMEDIATE CUSTOMER LOSSES FOR CERTAIN SECURITIES SOLD TO FLORIDA RESIDENTS IN VIOLATION
OF FLORIDA'S SECURITIES REGISTRATION REQUIREMENTS PURSUANT TO THE TERMS SET FORTH IN THE AGREEMENT, (2) CERTAIN ADDITIONAL
UNDERTAKINGS, AND (3) PAY THE OFFICE A SUM IN THE AMOUNT OF $499,000.00 WHICH WAS REMITTED ON OR ABOUT NOVEMBER 14, 2018.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A SETTLEMENT REGARDING THE SALE OF UNREGISTERED, NON-EXEMPT SECURITIES BY LPL DURING THE RELEVANT PERIOD
RESULTING FROM AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COMPOSED OF MEMBERS OF NASAA. IN CONNECTION WITH THE
RESOLUTION, EACH OF THE PARTICIPATING INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS AGAINST LPL, IN WHICH LPL NEITHER ADMITS
NOR DENIES THE ALLEGATIONS. IN THIS INSTANCE, WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO THE ABOVE DESCRIBED
SANCTIONS. IN ADDITION, THE OFFICE AND LPL AGREED THAT THE AGREEMENT WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE
LAWS OF THE UNITED STATES, ANY STATE, OR THE UNITED STATES TERRITORIES, AND INCLUDING WITHOUT LIMITATION, ANY DISQUALIFICATION FROM
RELYING UPON THE STATE OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH WAS ALSO PART OF THE AGREEMENT WITH
NASAA. FURTHERMORE, THE OFFICE AND LPL AGREED THAT NOTHING IN THE AGREEMENT IS INTENDED TO FORM THE BASIS FOR DISQUALIFICATION
UNDER FINRA OR OTHER SRO RULES PROHIBITING CONTINUANCE IN MEMBERSHIP. FINALLY, THE AGREEMENT IS NOT INTENDED TO BE A FINAL ORDER
BASED UPON VIOLATIONS OF ANY FLORIDA STATUTE, RULE, OR REGULATION THAT PROHIBITS FRAUDULENT, MANIPULATIVE OR DECEPTIVE CONDUCT.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed

This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
COMMONWEALTH OF PENNSYLVANIA DEPARTMENT OF BANKING AND SECURITIES, BUREAU OF SECURITIES COMPLIANCE AND EXAMINATIONS
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
OFFERS OF RESTITUTION; UNDERTAKINGS
3.
Date Initiated (MM/DD/YYYY): 
11/08/2018
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
180091
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL LLC
6.
Principal Product Type:
Other
Other Product Types: 
NON-REGISTERED, NON-EXEMPT SECURITIES
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG MEMBERS OF THE NORTH AMERICAN
SECURITIES ADMINISTRATORS ASSOCIATION INC. (NASAA), THE COMMONWEALTH OF PENNSYLVANIA DEPARTMENT OF BANKING AND SECURITIES,
BUREAU OF SECURITIES COMPLIANCE AND EXAMINATIONS (DEPARTMENT) ALLEGED THAT DURING THE PERIOD OF APPROXIMATELY OCTOBER 1, 2006
THROUGH MAY 1, 2018 (RELEVANT PERIOD), LPL FINANCIAL LLC (LPL) FAILED TO REASONABLY SUPERVISE ITS AGENTS AND EMPLOYEES REGARDING
THE SALE OF UNREGISTERED, NON-EXEMPT SECURITIES.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
11/08/2018
 Exact
 Explanation
If not exact, provide explanation:

12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 499,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
OFFERS OF RESTITUTION; UNDERTAKINGS
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE CONSENT AGREEMENT AND ORDER
(ORDER), AND CONSENTED TO THE ENTRY OF THE ORDER BY THE DEPARTMENT. LPL ALSO AGREED TO (1) OFFER TO REPURCHASE AFFECTED
SECURITIES OR REMEDIATE CUSTOMER LOSSES FOR CERTAIN SECURITIES SOLD TO PENNSYLVANIA RESIDENTS PURSUANT TO THE TERMS SET
FORTH IN THE ORDER, (2) CERTAIN ADDITIONAL UNDERTAKINGS, AND (3) PAY THE DEPARTMENT A SUM IN THE AMOUNT OF $499,000.00 WHICH
WAS REMITTED ON OR ABOUT NOVEMBER 13, 2018.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A SETTLEMENT REGARDING THE SALE OF UNREGISTERED, NON-EXEMPT SECURITIES BY LPL DURING THE RELEVANT PERIOD
RESULTING FROM AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COMPOSED OF MEMBERS OF NASAA. IN CONNECTION WITH THE
RESOLUTION, EACH OF THE PARTICIPATING INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS AGAINST LPL, IN WHICH LPL NEITHER ADMITS
NOR DENIES THE ALLEGATIONS. IN THIS INSTANCE, WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO THE ABOVE DESCRIBED
SANCTIONS. IN ADDITION, THE DEPARTMENT AND LPL AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE
LAWS OF THE UNITED STATES, ANY STATE, OR THE UNITED STATES TERRITORIES, AND INCLUDING WITHOUT LIMITATION, ANY DISQUALIFICATION FROM
RELYING UPON THE STATE OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH WAS ALSO PART OF THE AGREEMENT WITH
NASAA. FURTHERMORE, THE DEPARTMENT AND LPL AGREED THAT NOTHING IN THE ORDER IS INTENDED TO FORM THE BASIS FOR DISQUALIFICATION
UNDER FINRA OR OTHER SRO RULES PROHIBITING CONTINUANCE IN MEMBERSHIP. FINALLY, THE ORDER IS NOT INTENDED TO BE A FINAL ORDER
BASED UPON VIOLATIONS OF ANY PENNSYLVANIA STATUTE, RULE, OR REGULATION THAT PROHIBITS FRAUDULENT, MANIPULATIVE OR DECEPTIVE
CONDUCT.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.

This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
STATE OF CONNECTICUT DEPARTMENT OF BANKING
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
CIVIL AND ADMINISTRATIVE PENALTY; OFFERS OF RESTITUTION; UNDERTAKINGS
3.
Date Initiated (MM/DD/YYYY): 
11/15/2018
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
CO-18-8453-S
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL LLC
6.
Principal Product Type:
Other
Other Product Types: 
NON-REGISTERED, NON-EXEMPT SECURITIES
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG MEMBERS OF THE NORTH AMERICAN
SECURITIES ADMINISTRATORS ASSOCIATION INC. (NASAA), THE STATE OF CONNECTICUT DEPARTMENT OF BANKING (DEPARTMENT) ALLEGED THAT
DURING THE PERIOD OF APPROXIMATELY OCTOBER 1, 2006 THROUGH MAY 1, 2018 (RELEVANT PERIOD), LPL FINANCIAL LLC (LPL) SOLD
UNREGISTERED, NON-EXEMPT SECURITIES IN CONNECTICUT; FAILED TO REASONABLY SUPERVISE AND MAINTAIN ADEQUATE SYSTEMS TO PREVENT THE
SALE OF UNREGISTERED, NON-EXEMPT SECURITIES BY LPL TO CONNECTICUT RESIDENTS, INCLUDING WITH RESPECT TO LPL'S RETENTION, USE, AND
SUBSEQUENT CANCELLATION OF CERTAIN THIRD-PARTY SERVICES UTILIZED FOR COMPLIANCE WITH STATE SECURITIES REGISTRATION
REQUIREMENTS; CERTAIN OTHER DEFICIENCIES WITHIN LPL'S COMPLIANCE STRUCTURE RELATED TO LPL'S CONTROLS, MONITORING AND REPORTING
TOOLS, AND ESCALATION PROTOCOLS IN RELATION TO LPL'S RESPONSE TO COMPLIANCE ISSUES RESULTING FROM SUCH FAILURE; AND LPL'S FAILURE
TO MAINTAIN CERTAIN BOOKS AND RECORDS TO ENSURE FULL AND PROPER COMPLIANCE FOR STATE SECURITIES REGISTRATION REQUIREMENTS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
11/15/2018
 Exact
 Explanation

If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 499,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
OFFERS OF RESTITUTION; UNDERTAKINGS
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE CONSENT ORDER (ORDER), AND
CONSENTED TO THE ENTRY OF THE ORDER BY THE DEPARTMENT. LPL ALSO AGREED TO (1) OFFER TO REPURCHASE AFFECTED SECURITIES OR
REMEDIATE CUSTOMER LOSSES FOR CERTAIN SECURITIES SOLD TO CONNECTICUT RESIDENTS IN VIOLATION OF CONNECTICUT'S SECURITIES
REGISTRATION REQUIREMENTS PURSUANT TO THE TERMS SET FORTH IN THE ORDER, (2) CERTAIN ADDITIONAL UNDERTAKINGS, AND (3) PAY THE
DEPARTMENT A SUM IN THE AMOUNT OF $499,000.00 WHICH WAS REMITTED ON OR ABOUT NOVEMBER 14, 2018.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A SETTLEMENT REGARDING THE SALE OF UNREGISTERED, NON-EXEMPT SECURITIES BY LPL DURING THE RELEVANT PERIOD
RESULTING FROM AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COMPOSED OF MEMBERS OF NASAA. IN CONNECTION WITH THE
RESOLUTION, EACH OF THE PARTICIPATING INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS AGAINST LPL, IN WHICH LPL NEITHER ADMITS
NOR DENIES THE ALLEGATIONS. IN THIS INSTANCE, WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO THE ABOVE DESCRIBED
SANCTIONS. IN ADDITION, THE DEPARTMENT AND LPL AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE
LAWS OF THE UNITED STATES, ANY STATE, OR THE UNITED STATES TERRITORIES, AND INCLUDING WITHOUT LIMITATION, ANY DISQUALIFICATION FROM
RELYING UPON THE STATE OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH WAS ALSO PART OF THE AGREEMENT WITH
NASAA. FURTHERMORE, THE DEPARTMENT AND LPL AGREED THAT NOTHING IN THE ORDER IS INTENDED TO FORM THE BASIS FOR DISQUALIFICATION
UNDER FINRA OR OTHER SRO RULES PROHIBITING CONTINUANCE IN MEMBERSHIP. FINALLY, THE ORDER IS NOT INTENDED TO BE A FINAL ORDER
BASED UPON VIOLATIONS OF ANY CONNECTICUT STATUTE, RULE, OR REGULATION THAT PROHIBITS FRAUDULENT, MANIPULATIVE OR DECEPTIVE
CONDUCT.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed

This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
ILLINOIS SECURITIES DEPARTMENT
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
12/06/2018
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
1800307
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL LLC
6.
Principal Product Type:
Other
Other Product Types: 
NON-REGISTERED, NON-EXEMPT SECURITIES
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG MEMBERS OF THE NORTH AMERICAN
SECURITIES ADMINISTRATORS ASSOCIATION INC. (NASAA), THE ILLINOIS SECURITIES DEPARTMENT (DEPARTMENT) ALLEGED THAT DURING THE PERIOD
OF APPROXIMATELY OCTOBER 1, 2006 THROUGH MAY 1, 2018 (RELEVANT PERIOD), LPL FINANCIAL LLC (LPL) FAILED TO REASONABLY SUPERVISE AND
MAINTAIN ADEQUATE SYSTEMS TO PREVENT THE SALE OF UNREGISTERED, NON-EXEMPT SECURITIES BY LPL, INCLUDING WITH RESPECT TO LPL'S
RETENTION, USE, AND SUBSEQUENT CANCELLATION OF CERTAIN THIRD-PARTY SERVICES UTILIZED FOR COMPLIANCE WITH STATE SECURITIES
REGISTRATION REQUIREMENTS; CERTAIN OTHER DEFICIENCIES WITHIN LPL'S COMPLIANCE STRUCTURE RELATED TO LPL'S CONTROLS, MONITORING
AND REPORTING TOOLS, AND ESCALATION PROTOCOLS IN RELATION TO LPL'S RESPONSE TO COMPLIANCE ISSUES RESULTING FROM SUCH FAILURE;
AND LPL'S FAILURE TO MAINTAIN CERTAIN BOOKS AND RECORDS TO ENSURE FULL AND PROPER COMPLIANCE FOR STATE SECURITIES REGISTRATION
REQUIREMENTS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):

12/06/2018
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 499,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
OFFERS OF RESTITUTION; UNDERTAKINGS
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE CONSENT ORDER (ORDER), AND
CONSENTED TO THE ENTRY OF THE ORDER BY THE DEPARTMENT. LPL ALSO AGREED TO (1) OFFER TO REPURCHASE AFFECTED SECURITIES OR
REMEDIATE CUSTOMER LOSSES FOR CERTAIN SECURITIES SOLD TO ILLINOIS RESIDENTS PURSUANT TO THE TERMS SET FORTH IN THE ORDER,
(2) CERTAIN ADDITIONAL UNDERTAKINGS, AND (3) PAY THE DEPARTMENT A SUM IN THE AMOUNT OF $499,000.00, WHICH WAS REMITTED ON OR
ABOUT DECEMBER 12, 2018.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A SETTLEMENT REGARDING THE SALE OF UNREGISTERED, NON-EXEMPT SECURITIES BY LPL DURING THE RELEVANT PERIOD
RESULTING FROM AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COMPOSED OF MEMBERS OF NASAA. IN CONNECTION WITH THE
RESOLUTION, EACH OF THE PARTICIPATING INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS AGAINST LPL, IN WHICH LPL NEITHER ADMITS
NOR DENIES THE ALLEGATIONS. IN THIS INSTANCE, WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO THE ABOVE DESCRIBED
SANCTIONS. IN ADDITION, THE DEPARTMENT AND LPL AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE
LAWS OF THE UNITED STATES, ANY STATE, OR THE UNITED STATES TERRITORIES, AND INCLUDING WITHOUT LIMITATION, ANY DISQUALIFICATION FROM
RELYING UPON THE STATE OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH WAS ALSO PART OF THE AGREEMENT WITH
NASAA. FURTHERMORE, THE DEPARTMENT AND LPL AGREED THAT NOTHING IN THE ORDER IS INTENDED TO FORM THE BASIS FOR DISQUALIFICATION
UNDER FINRA OR OTHER SRO RULES PROHIBITING CONTINUANCE IN MEMBERSHIP. FINALLY, THE ORDER IS NOT INTENDED TO BE A FINAL ORDER
BASED UPON VIOLATIONS OF ANY ILLINOIS STATUTE, RULE, OR REGULATION THAT PROHIBITS FRAUDULENT, MANIPULATIVE OR DECEPTIVE CONDUCT.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE

No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
ALABAMA SECURITIES COMMISSION
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
12/03/2018
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
N/A
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL LLC
6.
Principal Product Type:
Other
Other Product Types: 
NON-TRADED REAL ESTATE INVESTMENT TRUSTS; NON-TRADED BUSINESS DEVELOPMENT COMPANIES
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE ALABAMA SECURITIES COMMISSION (COMMISSION) ALLEGED THAT DURING THE PERIOD APPROXIMATELY JANUARY 2012 TO MARCH 2016
(RELEVANT PERIOD), CERTAIN NON-TRADED REAL ESTATE INVESTMENT TRUSTS AND NON-TRADED BUSINESS DEVELOPMENT COMPANIES WERE
INACCURATELY CLASSIFIED AS EQUITIES ON CERTAIN CLIENT ACCOUNT STATEMENTS IN VIOLATION OF RULE 830-X-3-.14(1)(A) OF THE ALABAMA
SECURITIES COMMISSION'S ADMINISTRATIVE CODE.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
12/03/2018
 Exact
 Explanation
If not exact, provide explanation:

12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 40,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE CONSENT ORDER (ORDER), AND
CONSENTED TO THE ENTRY OF THE ORDER BY THE COMMISSION. LPL ALSO AGREED TO PAY THE COMMISSION A SUM IN THE AMOUNT OF
$40,000.00, WHICH WAS REMITTED ON OR ABOUT DECEMBER 13, 2018.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO THE ABOVE DESCRIBED SANCTIONS. IN ADDITION, THE COMMISSION AND LPL
AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE LAWS OF THE UNITED STATES, ANY STATE, OR THE
UNITED STATES TERRITORIES, AND INCLUDING WITHOUT LIMITATION, ANY DISQUALIFICATION FROM RELYING UPON THE STATE OR FEDERAL
REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS. FURTHERMORE, THE COMMISSION AND LPL AGREED THAT NOTHING IN THE ORDER IS
INTENDED TO FORM THE BASIS FOR DISQUALIFICATION UNDER FINRA OR OTHER SRO RULES PROHIBITING CONTINUANCE IN MEMBERSHIP. FINALLY,
THE ORDER IS NOT INTENDED TO BE A FINAL ORDER BASED UPON VIOLATIONS OF ANY ALABAMA STATUTE, RULE, OR REGULATION THAT PROHIBITS
FRAUDULENT, MANIPULATIVE OR DECEPTIVE CONDUCT.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any

event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
INDIANA SECURITIES DIVISION
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
UNDERTAKING
3.
Date Initiated (MM/DD/YYYY): 
12/03/2018
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
18-0082 CA
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL LLC
6.
Principal Product Type:
No Product
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE INDIANA SECURITIES DIVISION (DIVISION) ALLEGED THAT DURING THE PERIOD OF APPROXIMATELY 2013 THROUGH SEPTEMBER 2017 (RELEVANT
PERIOD) LPL FINANCIAL LLC (LPL) FAILED TO REVIEW CERTAIN EMAILS OF ITS INDIANA AGENTS AND FAILED TO CONDUCT ANNUAL EXAMINATIONS FOR
CERTAIN BRANCH OFFICES LOCATED IN INDIANA IN CONTRAVENTION OF 710 IAC 4-7-6(D)(1) (2017) AND 710 IAC 4-7-6(D)(9) (2017).
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
12/03/2018
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 450,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKING

Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL CONSENTED TO THE ENTRY OF A CONSENT AGREEMENT (AGREEMENT) BY THE DIVISION AND AGREED TO PAY THE DIVISION A SUM IN THE
AMOUNT OF $450,000.00, WHICH WAS REMITTED ON OR ABOUT DECEMBER 12, 2018, AND UNDERTAKE AN INDEPENDENT SUPERVISORY REVIEW
OF ITS INDIANA OPERATIONS RELATED TO EMAIL SUPERVISION REVIEW PROCESSES AND BRANCH EXAMINATIONS.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
LPL AND THE DIVISION AGREED THAT THE AGREEMENT DOES NOT CONSTITUTE A FINDING OF FACT OR DETERMINATION AGAINST LPL FOR ANY
VIOLATIONS OF THE INDIANA UNIFORM SECURITIES ACT OR THE RULES AND REGULATIONS PROMULGATED THEREUNDER. IN ADDITION, THE DIVISION
AND LPL AGREED THAT THE AGREEMENT WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE LAWS OF THE UNITED STATES, ANY STATE,
AND INCLUDING WITHOUT LIMITATION, ANY DISQUALIFICATION FROM RELYING UPON THE STATE OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE
HARBOR PROVISIONS. FURTHERMORE, THE DIVISION AND LPL AGREED THAT NOTHING IN THE AGREEMENT IS INTENDED TO FORM THE BASIS FOR
DISQUALIFICATION UNDER THE RULES AND REGULATIONS OF ANY SELF-REGULATORY ORGANIZATIONS.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No

NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
MISSISSIPPI SECURITIES DIVISION
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
12/12/2018
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
LS-17-2288
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL LLC
6.
Principal Product Type:
Other
Other Product Types: 
NON-TRADED REAL ESTATE INVESTMENT TRUSTS; NON-TRADED BUSINESS DEVELOPMENT COMPANIES
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE MISSISSIPPI SECURITIES DIVISION (DIVISION) ALLEGED THAT DURING THE PERIOD APPROXIMATELY JANUARY 2012 TO MARCH 2016 (RELEVANT
PERIOD), CERTAIN NON-TRADED REAL ESTATE INVESTMENT TRUSTS AND NON-TRADED BUSINESS DEVELOPMENT COMPANIES WERE INACCURATELY
CLASSIFIED AS EQUITIES ON CERTAIN CLIENT ACCOUNT STATEMENTS IN VIOLATION OF MISS. CODE. ANN. SECTION 75-71-411(C)(1) AND MISSISSIPPI
SECURITIES ACT RULES 5.15.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
12/12/2018
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 40,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE ADMINISTRATIVE CONSENT ORDER
(ORDER), AND CONSENTED TO THE ENTRY OF THE ORDER BY THE DIVISION. LPL ALSO AGREED TO PAY THE DIVISION A SUM IN THE AMOUNT OF
$40,000.00, WHICH WAS REMITTED ON OR ABOUT DECEMBER 17, 2018.

13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO THE ABOVE DESCRIBED SANCTIONS. IN ADDITION, THE DIVISION AND LPL
AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE LAWS OF THE UNITED STATES, ANY STATE, OR THE
UNITED STATES TERRITORIES, AND INCLUDING WITHOUT LIMITATION, ANY DISQUALIFICATION FROM RELYING UPON THE STATE OR FEDERAL
REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS. FURTHERMORE, THE DIVISION AND LPL AGREED THAT NOTHING IN THE ORDER IS
INTENDED TO FORM THE BASIS FOR DISQUALIFICATION UNDER FINRA OR OTHER SRO RULES PROHIBITING CONTINUANCE IN MEMBERSHIP. FINALLY,
THE ORDER IS NOT INTENDED TO BE A FINAL ORDER BASED UPON VIOLATIONS OF ANY MISSISSIPPI STATUTE, RULE, OR REGULATION THAT PROHIBITS
FRAUDULENT, MANIPULATIVE OR DECEPTIVE CONDUCT.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
VERMONT DEPARTMENT OF FINANCIAL REGULATION

2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
CIVIL AND ADMINISTRATIVE PENALTY; OFFERS OF RESTITUTION; UNDERTAKINGS
3.
Date Initiated (MM/DD/YYYY): 
11/20/2018
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
18-032-S
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL LLC
6.
Principal Product Type:
Other
Other Product Types: 
NON-REGISTERED, NON-EXEMPT SECURITIES
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG MEMBERS OF THE NORTH AMERICAN
SECURITIES ADMINISTRATORS ASSOCIATION INC. (NASAA), THE VERMONT DEPARTMENT OF FINANCIAL REGULATION (DEPARTMENT) ALLEGED THAT
DURING THE PERIOD OF APPROXIMATELY OCTOBER 1, 2006 THROUGH MAY 1, 2018 (RELEVANT PERIOD), LPL FINANCIAL LLC (LPL) SOLD
UNREGISTERED, NON-EXEMPT SECURITIES IN VERMONT; FAILED TO REASONABLY SUPERVISE AND MAINTAIN ADEQUATE SYSTEMS TO PREVENT THE
SALE OF UNREGISTERED, NON-EXEMPT SECURITIES BY LPL TO VERMONT RESIDENTS, INCLUDING WITH RESPECT TO LPL'S RETENTION, USE, AND
SUBSEQUENT CANCELLATION OF CERTAIN THIRD-PARTY SERVICES UTILIZED FOR COMPLIANCE WITH STATE SECURITIES REGISTRATION
REQUIREMENTS; CERTAIN OTHER DEFICIENCIES WITHIN LPL'S COMPLIANCE STRUCTURE RELATED TO LPL'S CONTROLS, MONITORING AND REPORTING
TOOLS, AND ESCALATION PROTOCOLS IN RELATION TO LPL'S RESPONSE TO COMPLIANCE ISSUES RESULTING FROM SUCH FAILURE; AND LPL'S FAILURE
TO MAINTAIN CERTAIN BOOKS AND RECORDS TO ENSURE FULL AND PROPER COMPLIANCE FOR STATE SECURITIES REGISTRATION REQUIREMENTS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
11/20/2018
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 499,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
OFFERS OF RESTITUTION; UNDERTAKINGS
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE ADMINISTRATIVE CONSENT ORDER
(ORDER), AND CONSENTED TO THE ENTRY OF THE ORDER BY THE DEPARTMENT. LPL ALSO AGREED TO (1) OFFER TO REPURCHASE AFFECTED
SECURITIES OR REMEDIATE CUSTOMER LOSSES FOR CERTAIN SECURITIES SOLD TO VERMONT RESIDENTS IN VIOLATION OF VERMONT'S
SECURITIES REGISTRATION REQUIREMENTS PURSUANT TO THE TERMS SET FORTH IN THE ORDER, (2) CERTAIN ADDITIONAL UNDERTAKINGS, AND
(3) PAY THE DEPARTMENT A SUM IN THE AMOUNT OF $499,000.00 WHICH WAS REMITTED ON OR ABOUT NOVEMBER 20, 2018.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response

must fit within the space provided).
THIS ACTION IS PART OF A SETTLEMENT REGARDING THE SALE OF UNREGISTERED, NON-EXEMPT SECURITIES BY LPL DURING THE RELEVANT PERIOD
RESULTING FROM AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COMPOSED OF MEMBERS OF NASAA. IN CONNECTION WITH THE
RESOLUTION, EACH OF THE PARTICIPATING INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS AGAINST LPL, IN WHICH LPL NEITHER ADMITS
NOR DENIES THE ALLEGATIONS. IN THIS INSTANCE, WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO THE ABOVE DESCRIBED
SANCTIONS. IN ADDITION, THE DEPARTMENT AND LPL AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE
LAWS OF THE UNITED STATES, ANY STATE, OR THE UNITED STATES TERRITORIES, AND INCLUDING WITHOUT LIMITATION, ANY DISQUALIFICATION FROM
RELYING UPON THE STATE OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH WAS ALSO PART OF THE AGREEMENT WITH
NASAA. FURTHERMORE, THE DEPARTMENT AND LPL AGREED THAT NOTHING IN THE ORDER IS INTENDED TO FORM THE BASIS FOR DISQUALIFICATION
UNDER FINRA OR OTHER SRO RULES PROHIBITING CONTINUANCE IN MEMBERSHIP. FINALLY, THE ORDER IS NOT INTENDED TO BE A FINAL ORDER
BASED UPON VIOLATIONS OF ANY VERMONT STATUTE, RULE, OR REGULATION THAT PROHIBITS FRAUDULENT, MANIPULATIVE OR DECEPTIVE CONDUCT.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 

ARIZONA CORPORATION COMMISSION
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
CIVIL AND ADMINISTRATIVE PENALTY; OFFERS OF RESTITUTION; UNDERTAKINGS
3.
Date Initiated (MM/DD/YYYY): 
01/11/2019
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
S-21062A-18-0365
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL LLC
6.
Principal Product Type:
Other
Other Product Types: 
NON-REGISTERED, NON-EXEMPT SECURITIES
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG MEMBERS OF THE NORTH AMERICAN
SECURITIES ADMINISTRATORS ASSOCIATION INC. (NASAA), THE ARIZONA CORPORATION COMMISSION (COMMISSION) ALLEGED THAT DURING THE
PERIOD OF APPROXIMATELY OCTOBER 1, 2006 THROUGH MAY 1, 2018 (RELEVANT PERIOD), LPL FINANCIAL LLC (LPL) SOLD UNREGISTERED, NON-
EXEMPT SECURITIES IN ARIZONA; FAILED TO REASONABLY SUPERVISE AND MAINTAIN ADEQUATE SYSTEMS TO PREVENT THE SALE OF UNREGISTERED,
NON-EXEMPT SECURITIES, INCLUDING WITH RESPECT TO LPL'S RETENTION, USE, AND SUBSEQUENT CANCELLATION OF CERTAIN THIRD-PARTY
SERVICES UTILIZED FOR COMPLIANCE WITH STATE SECURITIES REGISTRATION REQUIREMENTS; CERTAIN OTHER DEFICIENCIES WITHIN LPL'S
COMPLIANCE STRUCTURE RELATED TO LPL'S CONTROLS, MONITORING AND REPORTING TOOLS, AND ESCALATION PROTOCOLS IN RELATION TO LPL'S
RESPONSE TO COMPLIANCE ISSUES RESULTING FROM SUCH FAILURE; AND LPL'S FAILURE TO MAINTAIN CERTAIN BOOKS AND RECORDS TO ENSURE
FULL AND PROPER COMPLIANCE FOR STATE SECURITIES REGISTRATION REQUIREMENTS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
01/11/2019
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 499,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
OFFERS OF RESTITUTION; UNDERTAKINGS
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE ORDER TO CEASE AND DESIST,
ORDER FOR ADMINISTRATIVE PENALTIES, AND CONSENT TO SAME (ORDER), AND CONSENTED TO THE ENTRY OF THE ORDER BY THE COMMISSION.
LPL ALSO AGREED TO (1) OFFER TO REPURCHASE AFFECTED SECURITIES OR REMEDIATE CUSTOMER LOSSES FOR CERTAIN SECURITIES SOLD TO
ARIZONA RESIDENTS IN VIOLATION OF ARIZONA'S SECURITIES REGISTRATION REQUIREMENTS PURSUANT TO THE TERMS SET FORTH IN THE
ORDER, (2) CERTAIN ADDITIONAL UNDERTAKINGS, AND (3) PAY THE COMMISSION A SUM IN THE AMOUNT OF $499,000.00 WHICH WAS REMITTED
ON OR ABOUT JANUARY 16, 2019.

13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A SETTLEMENT REGARDING THE SALE OF UNREGISTERED, NON-EXEMPT SECURITIES BY LPL DURING THE RELEVANT PERIOD
RESULTING FROM AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COMPOSED OF MEMBERS OF NASAA. IN CONNECTION WITH THE
RESOLUTION, EACH OF THE PARTICIPATING INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS AGAINST LPL, IN WHICH LPL NEITHER ADMITS
NOR DENIES THE ALLEGATIONS. IN THIS INSTANCE, WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO THE ABOVE DESCRIBED
SANCTIONS. IN ADDITION, THE COMMISSION AND LPL AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE
LAWS OF THE UNITED STATES, ANY STATE, OR THE UNITED STATES TERRITORIES, AND INCLUDING WITHOUT LIMITATION, ANY DISQUALIFICATION FROM
RELYING UPON THE STATE OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH WAS ALSO PART OF THE AGREEMENT WITH
NASAA. FURTHERMORE, THE COMMISSION AND LPL AGREED THAT NOTHING IN THE ORDER IS INTENDED TO FORM THE BASIS FOR DISQUALIFICATION
UNDER FINRA OR OTHER SRO RULES PROHIBITING CONTINUANCE IN MEMBERSHIP. FINALLY, THE ORDER IS NOT INTENDED TO BE A FINAL ORDER
BASED UPON VIOLATIONS OF ANY ARIZONA STATUTE, RULE, OR REGULATION THAT PROHIBITS FRAUDULENT, MANIPULATIVE OR DECEPTIVE CONDUCT.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:

SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
IDAHO DEPARTMENT OF FINANCE
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
CIVIL AND ADMINISTRATIVE PENALTY; OFFERS OF RESTITUTION; UNDERTAKINGS
3.
Date Initiated (MM/DD/YYYY): 
12/31/2018
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
2018-7-03
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL LLC
6.
Principal Product Type:
Other
Other Product Types: 
NON-REGISTERED, NON-EXEMPT SECURITIES
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG MEMBERS OF THE NORTH AMERICAN
SECURITIES ADMINISTRATORS ASSOCIATION INC. (NASAA), THE IDAHO DEPARTMENT OF FINANCE (DEPARTMENT) ALLEGED THAT DURING THE PERIOD
OF APPROXIMATELY OCTOBER 1, 2006 THROUGH MAY 1, 2018 (RELEVANT PERIOD), LPL FINANCIAL LLC (LPL) SOLD UNREGISTERED, NON-EXEMPT
SECURITIES IN IDAHO; FAILED TO REASONABLY SUPERVISE AND MAINTAIN ADEQUATE SYSTEMS TO PREVENT THE SALE OF UNREGISTERED, NON-
EXEMPT SECURITIES, INCLUDING WITH RESPECT TO LPL'S RETENTION, USE, AND SUBSEQUENT CANCELLATION OF CERTAIN THIRD-PARTY SERVICES
UTILIZED FOR COMPLIANCE WITH STATE SECURITIES REGISTRATION REQUIREMENTS; CERTAIN OTHER DEFICIENCIES WITHIN LPL'S COMPLIANCE
STRUCTURE RELATED TO LPL'S CONTROLS, MONITORING AND REPORTING TOOLS, AND ESCALATION PROTOCOLS IN RELATION TO LPL'S RESPONSE TO
COMPLIANCE ISSUES RESULTING FROM SUCH FAILURE; AND LPL'S FAILURE TO MAINTAIN CERTAIN BOOKS AND RECORDS TO ENSURE FULL AND PROPER
COMPLIANCE FOR STATE SECURITIES REGISTRATION REQUIREMENTS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
12/31/2018
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 499,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
OFFERS OF RESTITUTION; UNDERTAKINGS
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE CONSENT ORDER (ORDER), AND
CONSENTED TO THE ENTRY OF THE ORDER BY THE DEPARTMENT. LPL ALSO AGREED TO (1) OFFER TO REPURCHASE AFFECTED SECURITIES OR
REMEDIATE CUSTOMER LOSSES FOR CERTAIN SECURITIES SOLD TO IDAHO RESIDENTS IN VIOLATION OF IDAHO'S SECURITIES REGISTRATION

REQUIREMENTS PURSUANT TO THE TERMS SET FORTH IN THE ORDER, (2) CERTAIN ADDITIONAL UNDERTAKINGS, AND (3) PAY THE DEPARTMENT A
SUM IN THE AMOUNT OF $499,000.00 WHICH WAS REMITTED ON OR ABOUT JANUARY 3, 2019.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A SETTLEMENT REGARDING THE SALE OF UNREGISTERED, NON-EXEMPT SECURITIES BY LPL DURING THE RELEVANT PERIOD
RESULTING FROM AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COMPOSED OF MEMBERS OF NASAA. IN CONNECTION WITH THE
RESOLUTION, EACH OF THE PARTICIPATING INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS AGAINST LPL, IN WHICH LPL NEITHER ADMITS
NOR DENIES THE ALLEGATIONS. IN THIS INSTANCE, WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO THE ABOVE DESCRIBED
SANCTIONS. IN ADDITION, THE DEPARTMENT AND LPL AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE
LAWS OF THE UNITED STATES, ANY STATE, OR THE UNITED STATES TERRITORIES, AND INCLUDING WITHOUT LIMITATION, ANY DISQUALIFICATION FROM
RELYING UPON THE STATE OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH WAS ALSO PART OF THE AGREEMENT WITH
NASAA. FURTHERMORE, THE DEPARTMENT AND LPL AGREED THAT NOTHING IN THE ORDER IS INTENDED TO FORM THE BASIS FOR DISQUALIFICATION
UNDER FINRA OR OTHER SRO RULES PROHIBITING CONTINUANCE IN MEMBERSHIP. FINALLY, THE ORDER IS NOT INTENDED TO BE A FINAL ORDER
BASED UPON VIOLATIONS OF ANY IDAHO STATUTE, RULE, OR REGULATION THAT PROHIBITS FRAUDULENT, MANIPULATIVE OR DECEPTIVE CONDUCT.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.

PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
COLORADO DIVISION OF SECURITIES
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
CIVIL AND ADMINISTRATIVE PENALTY; OFFERS OF RESTITUTION; UNDERTAKINGS
3.
Date Initiated (MM/DD/YYYY): 
01/10/2019
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
2018-CDS-062
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL LLC
6.
Principal Product Type:
Other
Other Product Types: 
NON-REGISTERED, NON-EXEMPT SECURITIES
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG MEMBERS OF THE NORTH AMERICAN
SECURITIES ADMINISTRATORS ASSOCIATION INC. (NASAA), THE COLORADO DIVISION OF SECURITIES (DIVISION) ALLEGED THAT DURING THE PERIOD
OF APPROXIMATELY OCTOBER 1, 2006 THROUGH MAY 1, 2018 (RELEVANT PERIOD), LPL FINANCIAL LLC (LPL) SOLD UNREGISTERED, NON-EXEMPT
SECURITIES IN COLORADO; FAILED TO REASONABLY SUPERVISE AND MAINTAIN ADEQUATE SYSTEMS TO PREVENT THE SALE OF UNREGISTERED, NON-
EXEMPT SECURITIES, INCLUDING WITH RESPECT TO LPL'S RETENTION, USE, AND SUBSEQUENT CANCELLATION OF CERTAIN THIRD-PARTY SERVICES
UTILIZED FOR COMPLIANCE WITH STATE SECURITIES REGISTRATION REQUIREMENTS; CERTAIN OTHER DEFICIENCIES WITHIN LPL'S COMPLIANCE
STRUCTURE RELATED TO LPL'S CONTROLS, MONITORING AND REPORTING TOOLS, AND ESCALATION PROTOCOLS IN RELATION TO LPL'S RESPONSE TO
COMPLIANCE ISSUES RESULTING FROM SUCH FAILURE; AND LPL'S FAILURE TO MAINTAIN CERTAIN BOOKS AND RECORDS TO ENSURE FULL AND PROPER
COMPLIANCE FOR STATE SECURITIES REGISTRATION REQUIREMENTS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
01/10/2019
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 499,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
OFFERS OF RESTITUTION; UNDERTAKINGS
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE CONSENT ORDER (ORDER), AND

CONSENTED TO THE ENTRY OF THE ORDER BY THE DIVISION. LPL ALSO AGREED TO (1) OFFER TO REPURCHASE AFFECTED SECURITIES OR
REMEDIATE CUSTOMER LOSSES FOR CERTAIN SECURITIES SOLD TO COLORADO RESIDENTS IN VIOLATION OF COLORADO'S SECURITIES
REGISTRATION REQUIREMENTS PURSUANT TO THE TERMS SET FORTH IN THE ORDER, (2) CERTAIN ADDITIONAL UNDERTAKINGS, AND (3) PAY THE
DIVISION A SUM IN THE AMOUNT OF $499,000.00 WHICH WAS REMITTED ON OR ABOUT JANUARY 16, 2019.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A SETTLEMENT REGARDING THE SALE OF UNREGISTERED, NON-EXEMPT SECURITIES BY LPL DURING THE RELEVANT PERIOD
RESULTING FROM AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COMPOSED OF MEMBERS OF NASAA. IN CONNECTION WITH THE
RESOLUTION, EACH OF THE PARTICIPATING INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS AGAINST LPL, IN WHICH LPL NEITHER ADMITS
NOR DENIES THE ALLEGATIONS. IN THIS INSTANCE, WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO THE ABOVE DESCRIBED
SANCTIONS. IN ADDITION, THE DIVISION AND LPL AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE LAWS
OF THE UNITED STATES, ANY STATE, OR THE UNITED STATES TERRITORIES, AND INCLUDING WITHOUT LIMITATION, ANY DISQUALIFICATION FROM
RELYING UPON THE STATE OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH WAS ALSO PART OF THE AGREEMENT WITH
NASAA. FURTHERMORE, THE DIVISION AND LPL AGREED THAT NOTHING IN THE ORDER IS INTENDED TO FORM THE BASIS FOR DISQUALIFICATION
UNDER FINRA OR OTHER SRO RULES PROHIBITING CONTINUANCE IN MEMBERSHIP. FINALLY, THE ORDER IS NOT INTENDED TO BE A FINAL ORDER
BASED UPON VIOLATIONS OF ANY COLORADO STATUTE, RULE, OR REGULATION THAT PROHIBITS FRAUDULENT, MANIPULATIVE OR DECEPTIVE
CONDUCT.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No

NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
GOVERNMENT OF THE DISTRICT OF COLUMBIA, DEPARTMENT OF INSURANCE, SECURITIES AND BANKING
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
CIVIL AND ADMINISTRATIVE PENALTY; OFFERS OF RESTITUTION; UNDERTAKINGS
3.
Date Initiated (MM/DD/YYYY): 
02/01/2019
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
SB-CO-10-18
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Other
Other Product Types: 
NON-REGISTERED, NON-EXEMPT SECURITIES
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG MEMBERS OF THE NORTH AMERICAN
SECURITIES ADMINISTRATORS ASSOCIATION INC. (NASAA), THE GOVERNMENT OF THE DISTRICT OF COLUMBIA, DEPARTMENT OF INSURANCE,
SECURITIES AND BANKING (DEPARTMENT) ALLEGED THAT DURING THE PERIOD OF APPROXIMATELY OCTOBER 1, 2006 THROUGH MAY 1, 2018
(RELEVANT PERIOD), LPL FINANCIAL LLC (LPL) SOLD UNREGISTERED, NON-EXEMPT SECURITIES IN THE DISTRICT OF COLUMBIA; FAILED TO
REASONABLY SUPERVISE AND MAINTAIN ADEQUATE SYSTEMS TO PREVENT THE SALE OF UNREGISTERED, NON-EXEMPT SECURITIES, INCLUDING WITH
RESPECT TO LPL'S RETENTION, USE, AND SUBSEQUENT CANCELLATION OF CERTAIN THIRD-PARTY SERVICES UTILIZED FOR COMPLIANCE WITH STATE
SECURITIES REGISTRATION REQUIREMENTS; CERTAIN OTHER DEFICIENCIES WITHIN LPL'S COMPLIANCE STRUCTURE RELATED TO LPL'S CONTROLS,
MONITORING AND REPORTING TOOLS, AND ESCALATION PROTOCOLS IN RELATION TO LPL'S RESPONSE TO COMPLIANCE ISSUES RESULTING FROM
SUCH FAILURE; AND LPL'S FAILURE TO MAINTAIN CERTAIN BOOKS AND RECORDS TO ENSURE FULL AND PROPER COMPLIANCE FOR STATE SECURITIES
REGISTRATION REQUIREMENTS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
02/01/2019
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 499,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
OFFERS OF RESTITUTION; UNDERTAKINGS
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,

disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE ADMINISTRATIVE CONSENT ORDER
(ORDER), AND CONSENTED TO THE ENTRY OF THE ORDER BY THE DEPARTMENT. LPL ALSO AGREED TO (1) OFFER TO REPURCHASE AFFECTED
SECURITIES OR REMEDIATE CUSTOMER LOSSES FOR CERTAIN SECURITIES SOLD TO RESIDENTS OF THE DISTRICT OF COLUMBIA IN VIOLATION
OF THE DISTRICT OF COLUMBIA'S SECURITIES REGISTRATION REQUIREMENTS PURSUANT TO THE TERMS SET FORTH IN THE ORDER, (2) CERTAIN
ADDITIONAL UNDERTAKINGS, AND (3) PAY THE DEPARTMENT A SUM IN THE AMOUNT OF $499,000.00 WHICH WAS REMITTED ON OR ABOUT
FEBRUARY 11, 2019.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A SETTLEMENT REGARDING THE SALE OF UNREGISTERED, NON-EXEMPT SECURITIES BY LPL DURING THE RELEVANT PERIOD
RESULTING FROM AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COMPOSED OF MEMBERS OF NASAA. IN CONNECTION WITH THE
RESOLUTION, EACH OF THE PARTICIPATING INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS AGAINST LPL, IN WHICH LPL NEITHER ADMITS
NOR DENIES THE ALLEGATIONS. IN THIS INSTANCE, WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO THE ABOVE DESCRIBED
SANCTIONS. IN ADDITION, THE DEPARTMENT AND LPL AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE
LAWS OF THE UNITED STATES, ANY STATE, OR THE UNITED STATES TERRITORIES, AND INCLUDING WITHOUT LIMITATION, ANY DISQUALIFICATION FROM
RELYING UPON THE STATE OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH WAS ALSO PART OF THE AGREEMENT WITH
NASAA. FURTHERMORE, THE DEPARTMENT AND LPL AGREED THAT NOTHING IN THE ORDER IS INTENDED TO FORM THE BASIS FOR DISQUALIFICATION
UNDER FINRA OR OTHER SRO RULES PROHIBITING CONTINUANCE IN MEMBERSHIP. FINALLY, THE ORDER IS NOT INTENDED TO BE A FINAL ORDER
BASED UPON VIOLATIONS OF ANY DISTRICT OF COLUMBIA STATUTE, RULE, OR REGULATION THAT PROHIBITS FRAUDULENT, MANIPULATIVE OR
DECEPTIVE CONDUCT.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 

B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
NORTH DAKOTA SECURITIES DEPARTMENT
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
CIVIL AND ADMINISTRATIVE PENALTY; OFFERS OF RESTITUTION; UNDERTAKINGS
3.
Date Initiated (MM/DD/YYYY): 
02/01/2019
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
N/A
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Other
Other Product Types: 
NON-REGISTERED, NON-EXEMPT SECURITIES
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG MEMBERS OF THE NORTH AMERICAN
SECURITIES ADMINISTRATORS ASSOCIATION INC. (NASAA), THE NORTH DAKOTA SECURITIES DEPARTMENT (DEPARTMENT) ALLEGED THAT DURING THE
PERIOD OF APPROXIMATELY OCTOBER 1, 2006 THROUGH MAY 1, 2018 (RELEVANT PERIOD), LPL FINANCIAL LLC (LPL) SOLD UNREGISTERED, NON-
EXEMPT SECURITIES IN NORTH DAKOTA; FAILED TO REASONABLY SUPERVISE AND MAINTAIN ADEQUATE SYSTEMS TO PREVENT THE SALE OF
UNREGISTERED, NON-EXEMPT SECURITIES, INCLUDING WITH RESPECT TO LPL'S RETENTION, USE, AND SUBSEQUENT CANCELLATION OF CERTAIN
THIRD-PARTY SERVICES UTILIZED FOR COMPLIANCE WITH STATE SECURITIES REGISTRATION REQUIREMENTS; CERTAIN OTHER DEFICIENCIES WITHIN
LPL'S COMPLIANCE STRUCTURE RELATED TO LPL'S CONTROLS, MONITORING AND REPORTING TOOLS, AND ESCALATION PROTOCOLS IN RELATION TO
LPL'S RESPONSE TO COMPLIANCE ISSUES RESULTING FROM SUCH FAILURE; AND LPL'S FAILURE TO MAINTAIN CERTAIN BOOKS AND RECORDS TO
ENSURE FULL AND PROPER COMPLIANCE FOR STATE SECURITIES REGISTRATION REQUIREMENTS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
02/01/2019
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 499,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
OFFERS OF RESTITUTION; UNDERTAKINGS

Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE ADMINISTRATIVE CONSENT ORDER
(ORDER), AND CONSENTED TO THE ENTRY OF THE ORDER BY THE DEPARTMENT. LPL ALSO AGREED TO (1) OFFER TO REPURCHASE AFFECTED
SECURITIES OR REMEDIATE CUSTOMER LOSSES FOR CERTAIN SECURITIES SOLD TO NORTH DAKOTA RESIDENTS IN VIOLATION OF NORTH
DAKOTA'S SECURITIES REGISTRATION REQUIREMENTS PURSUANT TO THE TERMS SET FORTH IN THE ORDER, (2) CERTAIN ADDITIONAL
UNDERTAKINGS, AND (3) PAY THE DEPARTMENT A SUM IN THE AMOUNT OF $499,000.00 WHICH WAS REMITTED ON OR ABOUT FEBRUARY 6, 2019.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A SETTLEMENT REGARDING THE SALE OF UNREGISTERED, NON-EXEMPT SECURITIES BY LPL DURING THE RELEVANT PERIOD
RESULTING FROM AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COMPOSED OF MEMBERS OF NASAA. IN CONNECTION WITH THE
RESOLUTION, EACH OF THE PARTICIPATING INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS AGAINST LPL, IN WHICH LPL NEITHER ADMITS
NOR DENIES THE ALLEGATIONS. IN THIS INSTANCE, WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO THE ABOVE DESCRIBED
SANCTIONS. IN ADDITION, THE DEPARTMENT AND LPL AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE
LAWS OF THE UNITED STATES, ANY STATE, OR THE UNITED STATES TERRITORIES, AND INCLUDING WITHOUT LIMITATION, ANY DISQUALIFICATION FROM
RELYING UPON THE STATE OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH WAS ALSO PART OF THE AGREEMENT WITH
NASAA. FURTHERMORE, THE DEPARTMENT AND LPL AGREED THAT NOTHING IN THE ORDER IS INTENDED TO FORM THE BASIS FOR DISQUALIFICATION
UNDER FINRA OR OTHER SRO RULES PROHIBITING CONTINUANCE IN MEMBERSHIP. FINALLY, THE ORDER IS NOT INTENDED TO BE A FINAL ORDER
BASED UPON VIOLATIONS OF ANY NORTH DAKOTA STATUTE, RULE, OR REGULATION THAT PROHIBITS FRAUDULENT, MANIPULATIVE OR DECEPTIVE
CONDUCT.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 

B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
HAWAII DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
CIVIL AND ADMINISTRATIVE PENALTY; OFFERS OF RESTITUTION; UNDERTAKINGS
3.
Date Initiated (MM/DD/YYYY): 
02/01/2019
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
SEU-2018-014
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Other
Other Product Types: 
NON-REGISTERED, NON-EXEMPT SECURITIES
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG MEMBERS OF THE NORTH AMERICAN
SECURITIES ADMINISTRATORS ASSOCIATION INC. (NASAA), THE HAWAII DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS (DEPARTMENT)
ALLEGED THAT DURING THE PERIOD OF APPROXIMATELY OCTOBER 1, 2006 THROUGH MAY 1, 2018 (RELEVANT PERIOD), LPL FINANCIAL LLC (LPL) SOLD
UNREGISTERED, NON-EXEMPT SECURITIES IN HAWAII; FAILED TO REASONABLY SUPERVISE AND MAINTAIN ADEQUATE SYSTEMS TO PREVENT THE SALE
OF UNREGISTERED, NON-EXEMPT SECURITIES, INCLUDING WITH RESPECT TO LPL'S RETENTION, USE, AND SUBSEQUENT CANCELLATION OF CERTAIN
THIRD-PARTY SERVICES UTILIZED FOR COMPLIANCE WITH STATE SECURITIES REGISTRATION REQUIREMENTS; CERTAIN OTHER DEFICIENCIES WITHIN
LPL'S COMPLIANCE STRUCTURE RELATED TO LPL'S CONTROLS, MONITORING AND REPORTING TOOLS, AND ESCALATION PROTOCOLS IN RELATION TO
LPL'S RESPONSE TO COMPLIANCE ISSUES RESULTING FROM SUCH FAILURE; AND LPL'S FAILURE TO MAINTAIN CERTAIN BOOKS AND RECORDS TO
ENSURE FULL AND PROPER COMPLIANCE FOR STATE SECURITIES REGISTRATION REQUIREMENTS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
02/01/2019
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 499,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension

B.
Other Sanctions Ordered:
OFFERS OF RESTITUTION; UNDERTAKINGS
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE CONSENT ORDER (ORDER), AND
CONSENTED TO THE ENTRY OF THE ORDER BY THE DEPARTMENT. LPL ALSO AGREED TO (1) OFFER TO REPURCHASE AFFECTED SECURITIES OR
REMEDIATE CUSTOMER LOSSES FOR CERTAIN SECURITIES SOLD TO HAWAII RESIDENTS IN VIOLATION OF HAWAII'S SECURITIES REGISTRATION
REQUIREMENTS PURSUANT TO THE TERMS SET FORTH IN THE ORDER, (2) CERTAIN ADDITIONAL UNDERTAKINGS, AND (3) PAY THE DEPARTMENT A
SUM IN THE AMOUNT OF $499,000.00 WHICH WAS REMITTED ON OR ABOUT FEBRUARY 6, 2019.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A SETTLEMENT REGARDING THE SALE OF UNREGISTERED, NON-EXEMPT SECURITIES BY LPL DURING THE RELEVANT PERIOD
RESULTING FROM AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COMPOSED OF MEMBERS OF NASAA. IN CONNECTION WITH THE
RESOLUTION, EACH OF THE PARTICIPATING INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS AGAINST LPL, IN WHICH LPL NEITHER ADMITS
NOR DENIES THE ALLEGATIONS. IN THIS INSTANCE, WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO THE ABOVE DESCRIBED
SANCTIONS. IN ADDITION, THE DEPARTMENT AND LPL AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE
LAWS OF THE UNITED STATES, ANY STATE, OR THE UNITED STATES TERRITORIES, AND INCLUDING WITHOUT LIMITATION, ANY DISQUALIFICATION FROM
RELYING UPON THE STATE OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH WAS ALSO PART OF THE AGREEMENT WITH
NASAA. FURTHERMORE, THE DEPARTMENT AND LPL AGREED THAT NOTHING IN THE ORDER IS INTENDED TO FORM THE BASIS FOR DISQUALIFICATION
UNDER FINRA OR OTHER SRO RULES PROHIBITING CONTINUANCE IN MEMBERSHIP. FINALLY, THE ORDER IS NOT INTENDED TO BE A FINAL ORDER
BASED UPON VIOLATIONS OF ANY HAWAII STATUTE, RULE, OR REGULATION THAT PROHIBITS FRAUDULENT, MANIPULATIVE OR DECEPTIVE CONDUCT.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the

circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
MARYLAND DIVISION OF SECURITIES
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
CIVIL AND ADMINISTRATIVE PENALTY; OFFERS OF RESTITUTION; UNDERTAKINGS
3.
Date Initiated (MM/DD/YYYY): 
01/31/2019
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
2017-0591
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Other
Other Product Types: 
NON-REGISTERED, NON-EXEMPT SECURITIES
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG MEMBERS OF THE NORTH AMERICAN
SECURITIES ADMINISTRATORS ASSOCIATION INC. (NASAA), THE MARYLAND DIVISION OF SECURITIES (DIVISION) ALLEGED THAT DURING THE PERIOD
OF APPROXIMATELY OCTOBER 1, 2006 THROUGH MAY 1, 2018 (RELEVANT PERIOD), LPL FINANCIAL LLC (LPL) SOLD UNREGISTERED, NON-EXEMPT
SECURITIES IN MARYLAND; FAILED TO REASONABLY SUPERVISE AND MAINTAIN ADEQUATE SYSTEMS TO PREVENT THE SALE OF UNREGISTERED, NON-
EXEMPT SECURITIES, INCLUDING WITH RESPECT TO LPL'S RETENTION, USE, AND SUBSEQUENT CANCELLATION OF CERTAIN THIRD-PARTY SERVICES
UTILIZED FOR COMPLIANCE WITH STATE SECURITIES REGISTRATION REQUIREMENTS; CERTAIN OTHER DEFICIENCIES WITHIN LPL'S COMPLIANCE
STRUCTURE RELATED TO LPL'S CONTROLS, MONITORING AND REPORTING TOOLS, AND ESCALATION PROTOCOLS IN RELATION TO LPL'S RESPONSE TO
COMPLIANCE ISSUES RESULTING FROM SUCH FAILURE; AND LPL'S FAILURE TO MAINTAIN CERTAIN BOOKS AND RECORDS TO ENSURE FULL AND PROPER
COMPLIANCE FOR STATE SECURITIES REGISTRATION REQUIREMENTS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
01/31/2019
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 499,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension

B.
Other Sanctions Ordered:
OFFERS OF RESTITUTION; UNDERTAKINGS
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE CONSENT ORDER (ORDER), AND
CONSENTED TO THE ENTRY OF THE ORDER BY THE DIVISION. LPL ALSO AGREED TO (1) OFFER TO REPURCHASE AFFECTED SECURITIES OR
REMEDIATE CUSTOMER LOSSES FOR CERTAIN SECURITIES SOLD TO MARYLAND RESIDENTS IN VIOLATION OF MARYLAND'S SECURITIES
REGISTRATION REQUIREMENTS PURSUANT TO THE TERMS SET FORTH IN THE ORDER, (2) CERTAIN ADDITIONAL UNDERTAKINGS, AND (3) PAY THE
DIVISION A SUM IN THE AMOUNT OF $499,000.00 WHICH WAS REMITTED ON OR ABOUT FEBRUARY 1, 2019.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A SETTLEMENT REGARDING THE SALE OF UNREGISTERED, NON-EXEMPT SECURITIES BY LPL DURING THE RELEVANT PERIOD
RESULTING FROM AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COMPOSED OF MEMBERS OF NASAA. IN CONNECTION WITH THE
RESOLUTION, EACH OF THE PARTICIPATING INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS AGAINST LPL, IN WHICH LPL NEITHER ADMITS
NOR DENIES THE ALLEGATIONS. IN THIS INSTANCE, WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO THE ABOVE DESCRIBED
SANCTIONS. IN ADDITION, THE DIVISION AND LPL AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE LAWS
OF THE UNITED STATES, ANY STATE, OR THE UNITED STATES TERRITORIES, AND INCLUDING WITHOUT LIMITATION, ANY DISQUALIFICATION FROM
RELYING UPON THE STATE OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH WAS ALSO PART OF THE AGREEMENT WITH
NASAA. FURTHERMORE, THE DIVISION AND LPL AGREED THAT NOTHING IN THE ORDER IS INTENDED TO FORM THE BASIS FOR DISQUALIFICATION
UNDER FINRA OR OTHER SRO RULES PROHIBITING CONTINUANCE IN MEMBERSHIP. FINALLY, THE ORDER IS NOT INTENDED TO BE A FINAL ORDER
BASED UPON VIOLATIONS OF ANY MARYLAND STATUTE, RULE, OR REGULATION THAT PROHIBITS FRAUDULENT, MANIPULATIVE OR DECEPTIVE CONDUCT.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.

This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
U.S. VIRGIN ISLANDS DIVISION OF BANKING, INSURANCE AND FINANCIAL REGULATION
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
CIVIL AND ADMINISTRATIVE PENALTY; OFFERS OF RESTITUTION; UNDERTAKINGS
3.
Date Initiated (MM/DD/YYYY): 
01/28/2019
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
N/A
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Other
Other Product Types: 
NON-REGISTERED, NON-EXEMPT SECURITIES
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG MEMBERS OF THE NORTH AMERICAN
SECURITIES ADMINISTRATORS ASSOCIATION INC. (NASAA), THE U.S. VIRGIN ISLANDS DIVISION OF BANKING, INSURANCE AND FINANCIAL REGULATION
(DIVISION) ALLEGED THAT DURING THE PERIOD OF APPROXIMATELY OCTOBER 1, 2006 THROUGH MAY 1, 2018 (RELEVANT PERIOD), LPL FINANCIAL LLC
(LPL) SOLD UNREGISTERED, NON-EXEMPT SECURITIES IN THE U.S. VIRGIN ISLANDS; FAILED TO REASONABLY SUPERVISE AND MAINTAIN ADEQUATE
SYSTEMS TO PREVENT THE SALE OF UNREGISTERED, NON-EXEMPT SECURITIES, INCLUDING WITH RESPECT TO LPL'S RETENTION, USE, AND
SUBSEQUENT CANCELLATION OF CERTAIN THIRD-PARTY SERVICES UTILIZED FOR COMPLIANCE WITH STATE SECURITIES REGISTRATION
REQUIREMENTS; CERTAIN OTHER DEFICIENCIES WITHIN LPL'S COMPLIANCE STRUCTURE RELATED TO LPL'S CONTROLS, MONITORING AND REPORTING
TOOLS, AND ESCALATION PROTOCOLS IN RELATION TO LPL'S RESPONSE TO COMPLIANCE ISSUES RESULTING FROM SUCH FAILURE; AND LPL'S FAILURE
TO MAINTAIN CERTAIN BOOKS AND RECORDS TO ENSURE FULL AND PROPER COMPLIANCE FOR STATE SECURITIES REGISTRATION REQUIREMENTS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
01/28/2019
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 499,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction

 Bar
 Suspension
B.
Other Sanctions Ordered:
OFFERS OF RESTITUTION; UNDERTAKINGS
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE CONSENT ORDER (ORDER), AND
CONSENTED TO THE ENTRY OF THE ORDER BY THE DIVISION. LPL ALSO AGREED TO (1) OFFER TO REPURCHASE AFFECTED SECURITIES OR
REMEDIATE CUSTOMER LOSSES FOR CERTAIN SECURITIES SOLD TO U.S. VIRGIN ISLANDS RESIDENTS IN VIOLATION OF U.S. VIRGIN ISLANDS'
SECURITIES REGISTRATION REQUIREMENTS PURSUANT TO THE TERMS SET FORTH IN THE ORDER, (2) CERTAIN ADDITIONAL UNDERTAKINGS, AND
(3) PAY THE DIVISION A SUM IN THE AMOUNT OF $499,000.00 WHICH WAS REMITTED ON OR ABOUT JANUARY 30, 2019.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A SETTLEMENT REGARDING THE SALE OF UNREGISTERED, NON-EXEMPT SECURITIES BY LPL DURING THE RELEVANT PERIOD
RESULTING FROM AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COMPOSED OF MEMBERS OF NASAA. IN CONNECTION WITH THE
RESOLUTION, EACH OF THE PARTICIPATING INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS AGAINST LPL, IN WHICH LPL NEITHER ADMITS
NOR DENIES THE ALLEGATIONS. IN THIS INSTANCE, WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO THE ABOVE DESCRIBED
SANCTIONS. IN ADDITION, THE DIVISION AND LPL AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE LAWS
OF THE UNITED STATES, ANY STATE, OR THE UNITED STATES TERRITORIES, AND INCLUDING WITHOUT LIMITATION, ANY DISQUALIFICATION FROM
RELYING UPON THE STATE OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH WAS ALSO PART OF THE AGREEMENT WITH
NASAA. FURTHERMORE, THE DIVISION AND LPL AGREED THAT NOTHING IN THE ORDER IS INTENDED TO FORM THE BASIS FOR DISQUALIFICATION
UNDER FINRA OR OTHER SRO RULES PROHIBITING CONTINUANCE IN MEMBERSHIP. FINALLY, THE ORDER IS NOT INTENDED TO BE A FINAL ORDER
BASED UPON VIOLATIONS OF ANY U.S. VIRGIN ISLANDS STATUTE, RULE, OR REGULATION THAT PROHIBITS FRAUDULENT, MANIPULATIVE OR DECEPTIVE
CONDUCT.

DRP Pages

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
UTAH DIVISION OF SECURITIES
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
CIVIL AND ADMINISTRATIVE PENALTY; OFFERS OF RESTITUTION; UNDERTAKINGS
3.
Date Initiated (MM/DD/YYYY): 

01/24/2019
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
SD-18-0041
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Other
Other Product Types: 
NON-REGISTERED, NON-EXEMPT SECURITIES
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG MEMBERS OF THE NORTH AMERICAN
SECURITIES ADMINISTRATORS ASSOCIATION INC. (NASAA), THE UTAH DIVISION OF SECURITIES (DIVISION) ALLEGED THAT DURING THE PERIOD OF
APPROXIMATELY OCTOBER 1, 2006 THROUGH MAY 1, 2018 (RELEVANT PERIOD), LPL FINANCIAL LLC (LPL) SOLD UNREGISTERED, NON-EXEMPT
SECURITIES IN UTAH; FAILED TO REASONABLY SUPERVISE AND MAINTAIN ADEQUATE SYSTEMS TO PREVENT THE SALE OF UNREGISTERED, NON-EXEMPT
SECURITIES, INCLUDING WITH RESPECT TO LPL'S RETENTION, USE, AND SUBSEQUENT CANCELLATION OF CERTAIN THIRD-PARTY SERVICES UTILIZED
FOR COMPLIANCE WITH STATE SECURITIES REGISTRATION REQUIREMENTS; CERTAIN OTHER DEFICIENCIES WITHIN LPL'S COMPLIANCE STRUCTURE
RELATED TO LPL'S CONTROLS, MONITORING AND REPORTING TOOLS, AND ESCALATION PROTOCOLS IN RELATION TO LPL'S RESPONSE TO COMPLIANCE
ISSUES RESULTING FROM SUCH FAILURE; AND LPL'S FAILURE TO MAINTAIN CERTAIN BOOKS AND RECORDS TO ENSURE FULL AND PROPER COMPLIANCE
FOR STATE SECURITIES REGISTRATION REQUIREMENTS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
01/24/2019
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 499,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
OFFERS OF RESTITUTION; UNDERTAKINGS
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE STIPULATION AND CONSENT
ORDER (ORDER), AND CONSENTED TO THE ENTRY OF THE ORDER BY THE DIVISION. LPL ALSO AGREED TO (1) OFFER TO REPURCHASE AFFECTED
SECURITIES OR REMEDIATE CUSTOMER LOSSES FOR CERTAIN SECURITIES SOLD TO UTAH RESIDENTS IN VIOLATION OF UTAH'S SECURITIES
REGISTRATION REQUIREMENTS PURSUANT TO THE TERMS SET FORTH IN THE ORDER, (2) CERTAIN ADDITIONAL UNDERTAKINGS, AND (3) PAY THE
DIVISION A SUM IN THE AMOUNT OF $499,000.00 WHICH WAS REMITTED ON OR ABOUT JANUARY 28, 2019.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A SETTLEMENT REGARDING THE SALE OF UNREGISTERED, NON-EXEMPT SECURITIES BY LPL DURING THE RELEVANT PERIOD
RESULTING FROM AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COMPOSED OF MEMBERS OF NASAA. IN CONNECTION WITH THE
RESOLUTION, EACH OF THE PARTICIPATING INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS AGAINST LPL, IN WHICH LPL NEITHER ADMITS
NOR DENIES THE ALLEGATIONS. IN THIS INSTANCE, WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO THE ABOVE DESCRIBED
SANCTIONS. IN ADDITION, THE DIVISION AND LPL AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE LAWS
OF THE UNITED STATES, ANY STATE, OR THE UNITED STATES TERRITORIES, AND INCLUDING WITHOUT LIMITATION, ANY DISQUALIFICATION FROM
RELYING UPON THE STATE OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH WAS ALSO PART OF THE AGREEMENT WITH

NASAA. FURTHERMORE, THE DIVISION AND LPL AGREED THAT NOTHING IN THE ORDER IS INTENDED TO FORM THE BASIS FOR DISQUALIFICATION
UNDER FINRA OR OTHER SRO RULES PROHIBITING CONTINUANCE IN MEMBERSHIP. FINALLY, THE ORDER IS NOT INTENDED TO BE A FINAL ORDER
BASED UPON VIOLATIONS OF ANY UTAH STATUTE, RULE, OR REGULATION THAT PROHIBITS FRAUDULENT, MANIPULATIVE OR DECEPTIVE CONDUCT.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
WISCONSIN DIVISION OF SECURITIES
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
CIVIL AND ADMINISTRATIVE PENALTY; OFFERS OF RESTITUTION; UNDERTAKINGS

3.
Date Initiated (MM/DD/YYYY): 
01/22/2019
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
S-238691(LX)
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Other
Other Product Types: 
NON-REGISTERED, NON-EXEMPT SECURITIES
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG MEMBERS OF THE NORTH AMERICAN
SECURITIES ADMINISTRATORS ASSOCIATION INC. (NASAA), THE WISCONSIN DIVISION OF SECURITIES (DIVISION) ALLEGED THAT DURING THE PERIOD
OF APPROXIMATELY OCTOBER 1, 2006 THROUGH MAY 1, 2018 (RELEVANT PERIOD), LPL FINANCIAL LLC (LPL) SOLD UNREGISTERED, NON-EXEMPT
SECURITIES IN WISCONSIN; FAILED TO REASONABLY SUPERVISE AND MAINTAIN ADEQUATE SYSTEMS TO PREVENT THE SALE OF UNREGISTERED, NON-
EXEMPT SECURITIES, INCLUDING WITH RESPECT TO LPL'S RETENTION, USE, AND SUBSEQUENT CANCELLATION OF CERTAIN THIRD-PARTY SERVICES
UTILIZED FOR COMPLIANCE WITH STATE SECURITIES REGISTRATION REQUIREMENTS; CERTAIN OTHER DEFICIENCIES WITHIN LPL'S COMPLIANCE
STRUCTURE RELATED TO LPL'S CONTROLS, MONITORING AND REPORTING TOOLS, AND ESCALATION PROTOCOLS IN RELATION TO LPL'S RESPONSE TO
COMPLIANCE ISSUES RESULTING FROM SUCH FAILURE; AND LPL'S FAILURE TO MAINTAIN CERTAIN BOOKS AND RECORDS TO ENSURE FULL AND PROPER
COMPLIANCE FOR STATE SECURITIES REGISTRATION REQUIREMENTS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
01/22/2019
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 499,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
OFFERS OF RESTITUTION; UNDERTAKINGS
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE ADMINISTRATIVE CONSENT ORDER
(ORDER), AND CONSENTED TO THE ENTRY OF THE ORDER BY THE DIVISION. LPL ALSO AGREED TO (1) OFFER TO REPURCHASE AFFECTED
SECURITIES OR REMEDIATE CUSTOMER LOSSES FOR CERTAIN SECURITIES SOLD TO WISCONSIN RESIDENTS IN VIOLATION OF WISCONSIN'S
SECURITIES REGISTRATION REQUIREMENTS PURSUANT TO THE TERMS SET FORTH IN THE ORDER, (2) CERTAIN ADDITIONAL UNDERTAKINGS, AND
(3) PAY THE DIVISION A SUM IN THE AMOUNT OF $499,000.00 WHICH WAS REMITTED ON OR ABOUT JANUARY 28, 2019.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A SETTLEMENT REGARDING THE SALE OF UNREGISTERED, NON-EXEMPT SECURITIES BY LPL DURING THE RELEVANT PERIOD
RESULTING FROM AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COMPOSED OF MEMBERS OF NASAA. IN CONNECTION WITH THE
RESOLUTION, EACH OF THE PARTICIPATING INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS AGAINST LPL, IN WHICH LPL NEITHER ADMITS
NOR DENIES THE ALLEGATIONS. IN THIS INSTANCE, WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO THE ABOVE DESCRIBED
SANCTIONS. IN ADDITION, THE DIVISION AND LPL AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE LAWS
OF THE UNITED STATES, ANY STATE, OR THE UNITED STATES TERRITORIES, AND INCLUDING WITHOUT LIMITATION, ANY DISQUALIFICATION FROM

RELYING UPON THE STATE OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH WAS ALSO PART OF THE AGREEMENT WITH
NASAA. FURTHERMORE, THE DIVISION AND LPL AGREED THAT NOTHING IN THE ORDER IS INTENDED TO FORM THE BASIS FOR DISQUALIFICATION
UNDER FINRA OR OTHER SRO RULES PROHIBITING CONTINUANCE IN MEMBERSHIP. FINALLY, THE ORDER IS NOT INTENDED TO BE A FINAL ORDER
BASED UPON VIOLATIONS OF ANY WISCONSIN STATUTE, RULE, OR REGULATION THAT PROHIBITS FRAUDULENT, MANIPULATIVE OR DECEPTIVE
CONDUCT.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
ARKANSAS SECURITIES DEPARTMENT
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 

3.
Date Initiated (MM/DD/YYYY): 
01/22/2019
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
S-16-0069-OR02
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Other
Other Product Types: 
NON-TRADED REAL ESTATE INVESTMENT TRUSTS; NON-TRADED BUSINESS DEVELOPMENT COMPANIES
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE ARKANSAS SECURITIES DEPARTMENT (DEPARTMENT) ALLEGED THAT DURING THE PERIOD APPROXIMATELY JANUARY 2012 TO MARCH 2016
(RELEVANT PERIOD), CERTAIN NON-TRADED REAL ESTATE INVESTMENT TRUSTS AND NON-TRADED BUSINESS DEVELOPMENT COMPANIES WERE
INACCURATELY CLASSIFIED AS EQUITIES ON CERTAIN CLIENT ACCOUNT STATEMENTS, IN VIOLATION OF RULE 306.01 OF THE ARKANSAS SECURITIES
COMMISSIONER.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
01/22/2019
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 40,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE ADMINISTRATIVE CONSENT ORDER
(ORDER), AND CONSENTED TO THE ENTRY OF THE ORDER BY THE DEPARTMENT. LPL ALSO AGREED TO PAY THE DEPARTMENT A SUM IN THE
AMOUNT OF $40,000.00, WHICH WAS REMITTED ON OR ABOUT JANUARY 16, 2019.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO THE ABOVE DESCRIBED SANCTIONS. IN ADDITION, THE DEPARTMENT AND LPL
AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE LAWS OF THE UNITED STATES, ANY STATE, OR THE
UNITED STATES TERRITORIES, AND INCLUDING WITHOUT LIMITATION, ANY DISQUALIFICATION FROM RELYING UPON THE STATE OR FEDERAL
REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS. FURTHERMORE, THE DEPARTMENT AND LPL AGREED THAT NOTHING IN THE ORDER IS
INTENDED TO FORM THE BASIS FOR DISQUALIFICATION UNDER FINRA OR OTHER SRO RULES PROHIBITING CONTINUANCE IN MEMBERSHIP. FINALLY,
THE ORDER IS NOT INTENDED TO BE A FINAL ORDER BASED UPON VIOLATIONS OF ANY ARKANSAS STATUTE, RULE, OR REGULATION THAT PROHIBITS
FRAUDULENT, MANIPULATIVE OR DECEPTIVE CONDUCT.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS

This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
RHODE ISLAND DIVISION OF BUSINESS REGULATION SECURITIES DIVISION
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
CIVIL AND ADMINISTRATIVE PENALTY; OFFERS OF RESTITUTION; UNDERTAKINGS
3.
Date Initiated (MM/DD/YYYY): 
02/18/2019
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
18-SC-002

5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Other
Other Product Types: 
NON-REGISTERED, NON-EXEMPT SECURITIES
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG MEMBERS OF THE NORTH AMERICAN
SECURITIES ADMINISTRATORS ASSOCIATION INC. (NASAA), THE RHODE ISLAND DIVISION OF BUSINESS REGULATION SECURITIES DIVISION (DIVISION)
ALLEGED THAT DURING THE PERIOD OF APPROXIMATELY OCTOBER 1, 2006 THROUGH MAY 1, 2018 (RELEVANT PERIOD), LPL FINANCIAL LLC (LPL) SOLD
UNREGISTERED, NON-EXEMPT SECURITIES IN RHODE ISLAND; FAILED TO REASONABLY SUPERVISE AND MAINTAIN ADEQUATE SYSTEMS TO PREVENT
THE SALE OF UNREGISTERED, NON-EXEMPT SECURITIES, INCLUDING WITH RESPECT TO LPL'S RETENTION, USE, AND SUBSEQUENT CANCELLATION OF
CERTAIN THIRD-PARTY SERVICES UTILIZED FOR COMPLIANCE WITH STATE SECURITIES REGISTRATION REQUIREMENTS; CERTAIN OTHER DEFICIENCIES
WITHIN LPL'S COMPLIANCE STRUCTURE RELATED TO LPL'S CONTROLS, MONITORING AND REPORTING TOOLS, AND ESCALATION PROTOCOLS IN
RELATION TO LPL'S RESPONSE TO COMPLIANCE ISSUES RESULTING FROM SUCH FAILURE; AND LPL'S FAILURE TO MAINTAIN CERTAIN BOOKS AND
RECORDS TO ENSURE FULL AND PROPER COMPLIANCE FOR STATE SECURITIES REGISTRATION REQUIREMENTS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
02/18/2019
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 499,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
OFFERS OF RESTITUTION; UNDERTAKINGS
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE ADMINISTRATIVE CONSENT ORDER
(ORDER), AND CONSENTED TO THE ENTRY OF THE ORDER BY THE DIVISION. LPL ALSO AGREED TO (1) OFFER TO REPURCHASE AFFECTED
SECURITIES OR REMEDIATE CUSTOMER LOSSES FOR CERTAIN SECURITIES SOLD TO RESIDENTS OF RHODE ISLAND IN VIOLATION OF RHODE
ISLAND'S SECURITIES REGISTRATION REQUIREMENTS PURSUANT TO THE TERMS SET FORTH IN THE ORDER, (2) CERTAIN ADDITIONAL
UNDERTAKINGS, AND (3) PAY THE DIVISION A SUM IN THE AMOUNT OF $499,000.00 WHICH WAS REMITTED ON OR ABOUT FEBRUARY 22, 2019.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A SETTLEMENT REGARDING THE SALE OF UNREGISTERED, NON-EXEMPT SECURITIES BY LPL DURING THE RELEVANT PERIOD
RESULTING FROM AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COMPOSED OF MEMBERS OF NASAA. IN CONNECTION WITH THE
RESOLUTION, EACH OF THE PARTICIPATING INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS AGAINST LPL, IN WHICH LPL NEITHER ADMITS
NOR DENIES THE ALLEGATIONS. IN THIS INSTANCE, WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO THE ABOVE DESCRIBED
SANCTIONS. IN ADDITION, THE DIVISION AND LPL AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE LAWS
OF THE UNITED STATES, ANY STATE, OR THE UNITED STATES TERRITORIES, AND INCLUDING WITHOUT LIMITATION, ANY DISQUALIFICATION FROM
RELYING UPON THE STATE OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH WAS ALSO PART OF THE AGREEMENT WITH
NASAA. FURTHERMORE, THE DIVISION AND LPL AGREED THAT NOTHING IN THE ORDER IS INTENDED TO FORM THE BASIS FOR DISQUALIFICATION
UNDER FINRA OR OTHER SRO RULES PROHIBITING CONTINUANCE IN MEMBERSHIP. FINALLY, THE ORDER IS NOT INTENDED TO BE A FINAL ORDER
BASED UPON VIOLATIONS OF ANY RHODE ISLAND STATUTE, RULE, OR REGULATION THAT PROHIBITS FRAUDULENT, MANIPULATIVE OR DECEPTIVE
CONDUCT.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
SECURITIES DIVISION OF THE OFFICE OF THE ATTORNEY GENERAL OF SOUTH CAROLINA
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
02/14/2019
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
20167652

5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Other
Other Product Types: 
NON-TRADED REAL ESTATE INVESTMENT TRUSTS; NON-TRADED BUSINESS DEVELOPMENT COMPANIES
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE SECURITIES DIVISION OF THE OFFICE OF THE ATTORNEY GENERAL OF SOUTH CAROLINA (DIVISION) ALLEGED THAT DURING THE PERIOD
APPROXIMATELY JANUARY 2012 TO MARCH 2016 (RELEVANT PERIOD), CERTAIN NON-TRADED REAL ESTATE INVESTMENT TRUSTS AND NON-TRADED
BUSINESS DEVELOPMENT COMPANIES WERE INACCURATELY CLASSIFIED AS EQUITIES ON CERTAIN CLIENT ACCOUNT STATEMENTS IN VIOLATION OF
S.C. CODE ANN. SECTION 35-1-411(C)(1) AND S.C. CODE OF REGULATIONS SECTION 13-405(A)(1).
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
02/14/2019
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 40,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE CONSENT ORDER (ORDER), AND
CONSENTED TO THE ENTRY OF THE ORDER BY THE DIVISION. LPL ALSO AGREED TO PAY THE DIVISION A SUM IN THE AMOUNT OF $40,000.00,
WHICH WAS REMITTED ON OR ABOUT FEBRUARY 15, 2019.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO THE ABOVE DESCRIBED SANCTIONS. IN ADDITION, THE DIVISION AND LPL
AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE LAWS OF THE UNITED STATES, ANY STATE, OR THE
UNITED STATES TERRITORIES, AND INCLUDING WITHOUT LIMITATION, ANY DISQUALIFICATION FROM RELYING UPON THE STATE OR FEDERAL
REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS. FURTHERMORE, THE DIVISION AND LPL AGREED THAT NOTHING IN THE ORDER IS
INTENDED TO FORM THE BASIS FOR DISQUALIFICATION UNDER FINRA OR OTHER SRO RULES PROHIBITING CONTINUANCE IN MEMBERSHIP. FINALLY,
THE ORDER IS NOT INTENDED TO BE A FINAL ORDER BASED UPON VIOLATIONS OF ANY SOUTH CAROLINA STATUTE, RULE, OR REGULATION THAT
PROHIBITS FRAUDULENT, MANIPULATIVE OR DECEPTIVE CONDUCT.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)

11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
WASHINGTON STATE DEPARTMENT OF FINANCIAL INSTITUTIONS, SECURITIES DIVISION
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
CIVIL AND ADMINISTRATIVE PENALTY; OFFERS OF RESTITUTION; UNDERTAKINGS
3.
Date Initiated (MM/DD/YYYY): 
03/04/2019
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
S-18-2474-18-CO01
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Other
Other Product Types: 
NON-REGISTERED, NON-EXEMPT SECURITIES
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):

IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG MEMBERS OF THE NORTH AMERICAN
SECURITIES ADMINISTRATORS ASSOCIATION INC. (NASAA), THE WASHINGTON STATE DEPARTMENT OF FINANCIAL INSTITUTIONS, SECURITIES DIVISION
(DIVISION) ALLEGED THAT DURING THE PERIOD OF APPROXIMATELY OCTOBER 1, 2006 THROUGH MAY 1, 2018 (RELEVANT PERIOD), LPL FINANCIAL LLC
(LPL) SOLD UNREGISTERED, NON-EXEMPT SECURITIES IN WASHINGTON; FAILED TO REASONABLY SUPERVISE AND MAINTAIN ADEQUATE SYSTEMS TO
PREVENT THE SALE OF UNREGISTERED, NON-EXEMPT SECURITIES, INCLUDING WITH RESPECT TO LPL'S RETENTION, USE, AND SUBSEQUENT
CANCELLATION OF CERTAIN THIRD-PARTY SERVICES UTILIZED FOR COMPLIANCE WITH STATE SECURITIES REGISTRATION REQUIREMENTS; CERTAIN
OTHER DEFICIENCIES WITHIN LPL'S COMPLIANCE STRUCTURE RELATED TO LPL'S CONTROLS, MONITORING AND REPORTING TOOLS, AND ESCALATION
PROTOCOLS IN RELATION TO LPL'S RESPONSE TO COMPLIANCE ISSUES RESULTING FROM SUCH FAILURE; AND LPL'S FAILURE TO MAINTAIN CERTAIN
BOOKS AND RECORDS TO ENSURE FULL AND PROPER COMPLIANCE FOR STATE SECURITIES REGISTRATION REQUIREMENTS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
03/04/2019
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 499,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
OFFERS OF RESTITUTION; UNDERTAKINGS
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE CONSENT ORDER (ORDER), AND
CONSENTED TO THE ENTRY OF THE ORDER BY THE DIVISION. LPL ALSO AGREED TO (1) OFFER TO REPURCHASE AFFECTED SECURITIES OR
REMEDIATE CUSTOMER LOSSES FOR CERTAIN SECURITIES SOLD TO RESIDENTS OF WASHINGTON IN VIOLATION OF WASHINGTON'S SECURITIES
REGISTRATION REQUIREMENTS PURSUANT TO THE TERMS SET FORTH IN THE ORDER, (2) CERTAIN ADDITIONAL UNDERTAKINGS, AND (3) PAY THE
DIVISION A SUM IN THE AMOUNT OF $499,000.00 WHICH WAS REMITTED ON OR ABOUT MARCH 4, 2019.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A SETTLEMENT REGARDING THE SALE OF UNREGISTERED, NON-EXEMPT SECURITIES BY LPL DURING THE RELEVANT PERIOD
RESULTING FROM AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COMPOSED OF MEMBERS OF NASAA. IN CONNECTION WITH THE
RESOLUTION, EACH OF THE PARTICIPATING INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS AGAINST LPL, IN WHICH LPL NEITHER ADMITS
NOR DENIES THE ALLEGATIONS. IN THIS INSTANCE, WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO THE ABOVE DESCRIBED
SANCTIONS. IN ADDITION, THE DIVISION AND LPL AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE LAWS
OF THE UNITED STATES, ANY STATE, OR THE UNITED STATES TERRITORIES, AND INCLUDING WITHOUT LIMITATION, ANY DISQUALIFICATION FROM
RELYING UPON THE STATE OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH WAS ALSO PART OF THE AGREEMENT WITH
NASAA. FURTHERMORE, THE DIVISION AND LPL AGREED THAT NOTHING IN THE ORDER IS INTENDED TO FORM THE BASIS FOR DISQUALIFICATION
UNDER FINRA OR OTHER SRO RULES PROHIBITING CONTINUANCE IN MEMBERSHIP. FINALLY, THE ORDER IS NOT INTENDED TO BE A FINAL ORDER
BASED UPON VIOLATIONS OF ANY WASHINGTON STATUTE, RULE, OR REGULATION THAT PROHIBITS FRAUDULENT, MANIPULATIVE OR DECEPTIVE
CONDUCT.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)

11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
NEW HAMPSHIRE BUREAU OF SECURITIES REGULATION
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
CIVIL AND ADMINISTRATIVE PENALTY; OFFERS OF RESTITUTION; UNDERTAKINGS
3.
Date Initiated (MM/DD/YYYY): 
03/04/2019
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
INV2018-000222
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Other
Other Product Types: 
NON-REGISTERED, NON-EXEMPT SECURITIES

7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG MEMBERS OF THE NORTH AMERICAN
SECURITIES ADMINISTRATORS ASSOCIATION INC. (NASAA), THE NEW HAMPSHIRE BUREAU OF SECURITIES REGULATION (BUREAU) ALLEGED THAT
DURING THE PERIOD OF APPROXIMATELY OCTOBER 1, 2006 THROUGH MAY 1, 2018 (RELEVANT PERIOD), LPL FINANCIAL LLC (LPL) SOLD
UNREGISTERED, NON-EXEMPT SECURITIES IN NEW HAMPSHIRE; FAILED TO REASONABLY SUPERVISE AND MAINTAIN ADEQUATE SYSTEMS TO PREVENT
THE SALE OF UNREGISTERED, NON-EXEMPT SECURITIES, INCLUDING WITH RESPECT TO LPL'S RETENTION, USE, AND SUBSEQUENT CANCELLATION OF
CERTAIN THIRD-PARTY SERVICES UTILIZED FOR COMPLIANCE WITH STATE SECURITIES REGISTRATION REQUIREMENTS; CERTAIN OTHER DEFICIENCIES
WITHIN LPL'S COMPLIANCE STRUCTURE RELATED TO LPL'S CONTROLS, MONITORING AND REPORTING TOOLS, AND ESCALATION PROTOCOLS IN
RELATION TO LPL'S RESPONSE TO COMPLIANCE ISSUES RESULTING FROM SUCH FAILURE; AND LPL'S FAILURE TO MAINTAIN CERTAIN BOOKS AND
RECORDS TO ENSURE FULL AND PROPER COMPLIANCE FOR STATE SECURITIES REGISTRATION REQUIREMENTS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
03/04/2019
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 499,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
OFFERS OF RESTITUTION; UNDERTAKINGS
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE CONSENT ORDER (ORDER), AND
CONSENTED TO THE ENTRY OF THE ORDER BY THE BUREAU. LPL ALSO AGREED TO (1) OFFER TO REPURCHASE AFFECTED SECURITIES OR
REMEDIATE CUSTOMER LOSSES FOR CERTAIN SECURITIES SOLD TO RESIDENTS OF NEW HAMPSHIRE IN VIOLATION OF NEW HAMPSHIRE'S
SECURITIES REGISTRATION REQUIREMENTS PURSUANT TO THE TERMS SET FORTH IN THE ORDER, (2) CERTAIN ADDITIONAL UNDERTAKINGS, AND
(3) PAY THE BUREAU A SUM IN THE AMOUNT OF $499,000.00 WHICH WAS REMITTED ON OR ABOUT MARCH 6, 2019.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A SETTLEMENT REGARDING THE SALE OF UNREGISTERED, NON-EXEMPT SECURITIES BY LPL DURING THE RELEVANT PERIOD
RESULTING FROM AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COMPOSED OF MEMBERS OF NASAA. IN CONNECTION WITH THE
RESOLUTION, EACH OF THE PARTICIPATING INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS AGAINST LPL, IN WHICH LPL NEITHER ADMITS
NOR DENIES THE ALLEGATIONS. IN THIS INSTANCE, WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO THE ABOVE DESCRIBED
SANCTIONS. IN ADDITION, THE BUREAU AND LPL AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE LAWS
OF THE UNITED STATES, ANY STATE, OR THE UNITED STATES TERRITORIES, AND INCLUDING WITHOUT LIMITATION, ANY DISQUALIFICATION FROM
RELYING UPON THE STATE OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH WAS ALSO PART OF THE AGREEMENT WITH
NASAA. FURTHERMORE, THE BUREAU AND LPL AGREED THAT NOTHING IN THE ORDER IS INTENDED TO FORM THE BASIS FOR DISQUALIFICATION UNDER
FINRA OR OTHER SRO RULES PROHIBITING CONTINUANCE IN MEMBERSHIP. FINALLY, THE ORDER IS NOT INTENDED TO BE A FINAL ORDER BASED UPON
VIOLATIONS OF ANY NEW HAMPSHIRE STATUTE, RULE, OR REGULATION THAT PROHIBITS FRAUDULENT, MANIPULATIVE OR DECEPTIVE CONDUCT.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)

11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
2.
Principal Sanction:
Other
Other Sanctions: 
N/A
3.
Date Initiated (MM/DD/YYYY): 
03/11/2019
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
3-19039
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Mutual Fund(s)
Other Product Types: 

7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE SECURITIES EXCHANGE COMMISSION ("COMMISSION") FOUND THAT AT TIMES DURING THE RELEVANT PERIOD, LPL FINANCIAL LLC ("LPL")
PURCHASED, RECOMMENDED, OR HELD FOR ADVISORY CLIENTS MUTUAL FUND SHARE CLASSES THAT CHARGED 12B-1 FEES INSTEAD OF LOWER-COST
SHARE CLASSES OF THE SAME FUNDS FOR WHICH THE CLIENTS WERE ELIGIBLE. LPL ALSO FAILED TO DISCLOSE IN ITS FORM ADV OR OTHERWISE THE
CONFLICTS OF INTEREST RELATED TO (A) ITS RECEIPT OF 12B-1 FEES, AND/OR (B) ITS SELECTION OF MUTUAL FUND SHARE CLASSES THAT PAY SUCH
FEES. AS A RESULT OF THIS AFOREMENTIONED CONDUCT, IT WAS DETERMINED LPL WILLFULLY VIOLATED SECTIONS 206(2) AND 207 OF THE ADVISERS
ACT.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Order
11. Resolution Date (MM/DD/YYYY):
03/11/2019
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKINGS AND PREJUDGMENT INTEREST
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL WAS ORDERED TO CEASE AND DESIST FROM COMMITTING OR CAUSING ANY VIOLATIONS AND ANY FUTURE VIOLATIONS OF SECTIONS 206(2)
AND 207 OF THE ADVISERS ACT. LPL RECEIVED A CENSURE, SHALL PAY DISGORGEMENT OF $8,115,290.79 AND PREJUDGMENT INTEREST OF
$1,218,225.48, AND SHALL COMPLY WITH THE UNDERTAKINGS ENUMERATED IN THE OFFER OF SETTLEMENT.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
LPL SUBMITTED AN OFFER OF SETTLEMENT WHICH THE COMMISSION ACCEPTED. IN VIEW OF THE FOREGOING, THE COMMISSION DEEMED IT
APPROPRIATE IN THE PUBLIC INTEREST TO IMPOSE THE SANCTIONS AGREED TO IN LPL'S OFFER. LPL SELF-REPORTED TO THE COMMISSION THE
VIOLATIONS DISCUSSED IN THIS ORDER PURSUANT TO THE DIVISION OF ENFORCEMENT'S SHARE CLASS SELECTION DISCLOSURE INITIATIVE ("SCSD
INITIATIVE"). ACCORDINGLY, THE ORDER AND LPL'S OFFER ARE BASED ON THE INFORMATION LPL SELF-REPORTED.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.

PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
SECURITIES DIVISION OF THE OFFICE OF THE ATTORNEY GENERAL OF SOUTH CAROLINA
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
CIVIL AND ADMINISTRATIVE PENALTY; OFFERS OF RESTITUTION; UNDERTAKINGS
3.
Date Initiated (MM/DD/YYYY): 
03/21/2019
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
MATTER NO. 20181123
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Other
Other Product Types: 
NON-REGISTERED, NON-EXEMPT SECURITIES
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG MEMBERS OF THE NORTH AMERICAN
SECURITIES ADMINISTRATORS ASSOCIATION INC. (NASAA), THE SECURITIES DIVISION OF THE OFFICE OF THE ATTORNEY GENERAL OF SOUTH
CAROLINA (DIVISION) ALLEGED THAT DURING THE PERIOD OF APPROXIMATELY OCTOBER 1, 2006 THROUGH MAY 1, 2018 (RELEVANT PERIOD), LPL
FINANCIAL LLC (LPL) SOLD UNREGISTERED, NON-EXEMPT SECURITIES IN SOUTH CAROLINA; FAILED TO REASONABLY SUPERVISE AND MAINTAIN
ADEQUATE SYSTEMS TO PREVENT THE SALE OF UNREGISTERED, NON-EXEMPT SECURITIES, INCLUDING WITH RESPECT TO LPL'S RETENTION, USE, AND
SUBSEQUENT CANCELLATION OF CERTAIN THIRD-PARTY SERVICES UTILIZED FOR COMPLIANCE WITH STATE SECURITIES REGISTRATION
REQUIREMENTS; CERTAIN OTHER DEFICIENCIES WITHIN LPL'S COMPLIANCE STRUCTURE RELATED TO LPL'S CONTROLS, MONITORING AND REPORTING
TOOLS, AND ESCALATION PROTOCOLS IN RELATION TO LPL'S RESPONSE TO COMPLIANCE ISSUES RESULTING FROM SUCH FAILURE; AND LPL'S FAILURE
TO MAINTAIN CERTAIN BOOKS AND RECORDS TO ENSURE FULL AND PROPER COMPLIANCE FOR STATE SECURITIES REGISTRATION REQUIREMENTS.

8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
03/21/2019
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 499,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
OFFERS OF RESTITUTION; UNDERTAKINGS
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE CONSENT ORDER (ORDER), AND
CONSENTED TO THE ENTRY OF THE ORDER BY THE DIVISION. LPL ALSO AGREED TO (1) OFFER TO REPURCHASE AFFECTED SECURITIES OR
REMEDIATE CUSTOMER LOSSES FOR CERTAIN SECURITIES SOLD TO RESIDENTS OF SOUTH CAROLINA IN VIOLATION OF SOUTH CAROLINA'S
SECURITIES REGISTRATION REQUIREMENTS PURSUANT TO THE TERMS SET FORTH IN THE ORDER, (2) CERTAIN ADDITIONAL UNDERTAKINGS, AND
(3) PAY THE DIVISION A SUM IN THE AMOUNT OF $499,000.00 WHICH WAS REMITTED ON OR ABOUT MARCH 21, 2019.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A SETTLEMENT REGARDING THE SALE OF UNREGISTERED, NON-EXEMPT SECURITIES BY LPL DURING THE RELEVANT PERIOD
RESULTING FROM AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COMPOSED OF MEMBERS OF NASAA. IN CONNECTION WITH THE
RESOLUTION, EACH OF THE PARTICIPATING INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS AGAINST LPL, IN WHICH LPL NEITHER ADMITS
NOR DENIES THE ALLEGATIONS. IN THIS INSTANCE, WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO THE ABOVE DESCRIBED
SANCTIONS. IN ADDITION, THE DIVISION AND LPL AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE LAWS
OF THE UNITED STATES, ANY STATE, OR THE UNITED STATES TERRITORIES, AND INCLUDING WITHOUT LIMITATION, ANY DISQUALIFICATION FROM
RELYING UPON THE STATE OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH WAS ALSO PART OF THE AGREEMENT WITH
NASAA. FURTHERMORE, THE DIVISION AND LPL AGREED THAT NOTHING IN THE ORDER IS INTENDED TO FORM THE BASIS FOR DISQUALIFICATION
UNDER FINRA OR OTHER SRO RULES PROHIBITING CONTINUANCE IN MEMBERSHIP. FINALLY, THE ORDER IS NOT INTENDED TO BE A FINAL ORDER
BASED UPON VIOLATIONS OF ANY SOUTH CAROLINA STATUTE, RULE, OR REGULATION THAT PROHIBITS FRAUDULENT, MANIPULATIVE OR DECEPTIVE
CONDUCT.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the

same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
OREGON DIVISION OF FINANCIAL REGULATION
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
CIVIL AND ADMINISTRATIVE PENALTY; OFFERS OF RESTITUTION; UNDERTAKINGS
3.
Date Initiated (MM/DD/YYYY): 
01/31/2019
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
CASE NO. S-18-0034
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Other
Other Product Types: 
NON-REGISTERED, NON-EXEMPT SECURITIES
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG MEMBERS OF THE NORTH AMERICAN
SECURITIES ADMINISTRATORS ASSOCIATION INC. (NASAA), THE OREGON DIVISION OF FINANCIAL REGULATION (DIVISION) ALLEGED THAT DURING THE
PERIOD OF APPROXIMATELY OCTOBER 1, 2006 THROUGH MAY 1, 2018 (RELEVANT PERIOD), LPL FINANCIAL LLC (LPL) SOLD UNREGISTERED, NON-
EXEMPT SECURITIES IN OREGON; FAILED TO REASONABLY SUPERVISE AND MAINTAIN ADEQUATE SYSTEMS TO PREVENT THE SALE OF UNREGISTERED,
NON-EXEMPT SECURITIES, INCLUDING WITH RESPECT TO LPL'S RETENTION, USE, AND SUBSEQUENT CANCELLATION OF CERTAIN THIRD-PARTY
SERVICES UTILIZED FOR COMPLIANCE WITH STATE SECURITIES REGISTRATION REQUIREMENTS; CERTAIN OTHER DEFICIENCIES WITHIN LPL'S
COMPLIANCE STRUCTURE RELATED TO LPL'S CONTROLS, MONITORING AND REPORTING TOOLS, AND ESCALATION PROTOCOLS IN RELATION TO LPL'S

RESPONSE TO COMPLIANCE ISSUES RESULTING FROM SUCH FAILURE; AND LPL'S FAILURE TO MAINTAIN CERTAIN BOOKS AND RECORDS TO ENSURE
FULL AND PROPER COMPLIANCE FOR STATE SECURITIES REGISTRATION REQUIREMENTS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
03/20/2019
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 499,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
OFFERS OF RESTITUTION; UNDERTAKINGS
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE FINAL ORDER TO CEASE AND
DESIST, FINAL ORDER ASSESSING CIVIL PENALTY, AND CONSENT TO ENTRY OF ORDER (ORDER), AND CONSENTED TO THE ENTRY OF THE ORDER
BY THE DIVISION. LPL ALSO AGREED TO (1) OFFER TO REPURCHASE AFFECTED SECURITIES OR REMEDIATE CUSTOMER LOSSES FOR CERTAIN
SECURITIES SOLD TO RESIDENTS OF OREGON IN VIOLATION OF OREGON'S SECURITIES REGISTRATION REQUIREMENTS PURSUANT TO THE TERMS
SET FORTH IN THE ORDER, (2) CERTAIN ADDITIONAL UNDERTAKINGS, AND (3) PAY THE DIVISION A SUM IN THE AMOUNT OF $499,000.00 WHICH
WAS REMITTED ON OR ABOUT MARCH 13, 2019.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A SETTLEMENT REGARDING THE SALE OF UNREGISTERED, NON-EXEMPT SECURITIES BY LPL DURING THE RELEVANT PERIOD
RESULTING FROM AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COMPOSED OF MEMBERS OF NASAA. IN CONNECTION WITH THE
RESOLUTION, EACH OF THE PARTICIPATING INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS AGAINST LPL, IN WHICH LPL NEITHER ADMITS
NOR DENIES THE ALLEGATIONS. IN THIS INSTANCE, WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO THE ABOVE DESCRIBED
SANCTIONS. IN ADDITION, THE DIVISION AND LPL AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE LAWS
OF THE UNITED STATES, ANY STATE, OR THE UNITED STATES TERRITORIES, AND INCLUDING WITHOUT LIMITATION, ANY DISQUALIFICATION FROM
RELYING UPON THE STATE OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH WAS ALSO PART OF THE AGREEMENT WITH
NASAA. FURTHERMORE, THE DIVISION AND LPL AGREED THAT NOTHING IN THE ORDER IS INTENDED TO FORM THE BASIS FOR DISQUALIFICATION
UNDER FINRA OR OTHER SRO RULES PROHIBITING CONTINUANCE IN MEMBERSHIP. FINALLY, THE ORDER IS NOT INTENDED TO BE A FINAL ORDER
BASED UPON VIOLATIONS OF ANY OREGON STATUTE, RULE, OR REGULATION THAT PROHIBITS FRAUDULENT, MANIPULATIVE OR DECEPTIVE CONDUCT.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 

One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
OKLAHOMA DEPARTMENT OF SECURITIES
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
CIVIL AND ADMINISTRATIVE PENALTY; OFFERS OF RESTITUTION; UNDERTAKINGS
3.
Date Initiated (MM/DD/YYYY): 
03/18/2019
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
ODS FILE NO. 18-094
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Other
Other Product Types: 
NON-REGISTERED, NON-EXEMPT SECURITIES
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG MEMBERS OF THE NORTH AMERICAN
SECURITIES ADMINISTRATORS ASSOCIATION INC. (NASAA), THE OKLAHOMA DEPARTMENT OF SECURITIES (DEPARTMENT) ALLEGED THAT DURING THE
PERIOD OF APPROXIMATELY OCTOBER 1, 2006 THROUGH MAY 1, 2018 (RELEVANT PERIOD), LPL FINANCIAL LLC (LPL) SOLD UNREGISTERED, NON-
EXEMPT SECURITIES IN OKLAHOMA; FAILED TO REASONABLY SUPERVISE AND MAINTAIN ADEQUATE SYSTEMS TO PREVENT THE SALE OF UNREGISTERED,
NON-EXEMPT SECURITIES, INCLUDING WITH RESPECT TO LPL'S RETENTION, USE, AND SUBSEQUENT CANCELLATION OF CERTAIN THIRD-PARTY

SERVICES UTILIZED FOR COMPLIANCE WITH STATE SECURITIES REGISTRATION REQUIREMENTS; CERTAIN OTHER DEFICIENCIES WITHIN LPL'S
COMPLIANCE STRUCTURE RELATED TO LPL'S CONTROLS, MONITORING AND REPORTING TOOLS, AND ESCALATION PROTOCOLS IN RELATION TO LPL'S
RESPONSE TO COMPLIANCE ISSUES RESULTING FROM SUCH FAILURE; AND LPL'S FAILURE TO MAINTAIN CERTAIN BOOKS AND RECORDS TO ENSURE
FULL AND PROPER COMPLIANCE FOR STATE SECURITIES REGISTRATION REQUIREMENTS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
03/18/2019
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 499,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
OFFERS OF RESTITUTION; UNDERTAKINGS
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE ADMINISTRATIVE CONSENT ORDER
(ORDER), AND CONSENTED TO THE ENTRY OF THE ORDER BY THE DEPARTMENT. LPL ALSO AGREED TO (1) OFFER TO REPURCHASE AFFECTED
SECURITIES OR REMEDIATE CUSTOMER LOSSES FOR CERTAIN SECURITIES SOLD TO RESIDENTS OF OKLAHOMA IN VIOLATION OF OKLAHOMA'S
SECURITIES REGISTRATION REQUIREMENTS PURSUANT TO THE TERMS SET FORTH IN THE ORDER, (2) CERTAIN ADDITIONAL UNDERTAKINGS, AND
(3) PAY THE DEPARTMENT A SUM IN THE AMOUNT OF $499,000.00 WHICH WAS REMITTED IN OR ABOUT APRIL 2019.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A SETTLEMENT REGARDING THE SALE OF UNREGISTERED, NON-EXEMPT SECURITIES BY LPL DURING THE RELEVANT PERIOD
RESULTING FROM AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COMPOSED OF MEMBERS OF NASAA. IN CONNECTION WITH THE
RESOLUTION, EACH OF THE PARTICIPATING INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS AGAINST LPL, IN WHICH LPL NEITHER ADMITS
NOR DENIES THE ALLEGATIONS. IN THIS INSTANCE, WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO THE ABOVE DESCRIBED
SANCTIONS. IN ADDITION, THE DEPARTMENT AND LPL AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE
LAWS OF THE UNITED STATES, ANY STATE, OR THE UNITED STATES TERRITORIES, AND INCLUDING WITHOUT LIMITATION, ANY DISQUALIFICATION FROM
RELYING UPON THE STATE OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH WAS ALSO PART OF THE AGREEMENT WITH
NASAA. FURTHERMORE, THE DEPARTMENT AND LPL AGREED THAT NOTHING IN THE ORDER IS INTENDED TO FORM THE BASIS FOR DISQUALIFICATION
UNDER FINRA OR OTHER SRO RULES PROHIBITING CONTINUANCE IN MEMBERSHIP. FINALLY, THE ORDER IS NOT INTENDED TO BE A FINAL ORDER
BASED UPON VIOLATIONS OF ANY OKLAHOMA STATUTE, RULE, OR REGULATION THAT PROHIBITS FRAUDULENT, MANIPULATIVE OR DECEPTIVE
CONDUCT.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.

Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
MINNESOTA DEPARTMENT OF COMMERCE
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
CIVIL AND ADMINISTRATIVE PENALTY; OFFERS OF RESTITUTION; UNDERTAKINGS
3.
Date Initiated (MM/DD/YYYY): 
03/11/2019
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
FILE NO. 52367
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Other
Other Product Types: 
NON-REGISTERED, NON-EXEMPT SECURITIES
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG MEMBERS OF THE NORTH AMERICAN
SECURITIES ADMINISTRATORS ASSOCIATION INC. (NASAA), THE MINNESOTA DEPARTMENT OF COMMERCE (DEPARTMENT) ALLEGED THAT DURING THE
PERIOD OF APPROXIMATELY OCTOBER 1, 2006 THROUGH MAY 1, 2018 (RELEVANT PERIOD), LPL FINANCIAL LLC (LPL) SOLD UNREGISTERED, NON-

EXEMPT SECURITIES IN MINNESOTA; FAILED TO REASONABLY SUPERVISE AND MAINTAIN ADEQUATE SYSTEMS TO PREVENT THE SALE OF
UNREGISTERED, NON-EXEMPT SECURITIES, INCLUDING WITH RESPECT TO LPL'S RETENTION, USE, AND SUBSEQUENT CANCELLATION OF CERTAIN
THIRD-PARTY SERVICES UTILIZED FOR COMPLIANCE WITH STATE SECURITIES REGISTRATION REQUIREMENTS; CERTAIN OTHER DEFICIENCIES WITHIN
LPL'S COMPLIANCE STRUCTURE RELATED TO LPL'S CONTROLS, MONITORING AND REPORTING TOOLS, AND ESCALATION PROTOCOLS IN RELATION TO
LPL'S RESPONSE TO COMPLIANCE ISSUES RESULTING FROM SUCH FAILURE; AND LPL'S FAILURE TO MAINTAIN CERTAIN BOOKS AND RECORDS TO
ENSURE FULL AND PROPER COMPLIANCE FOR STATE SECURITIES REGISTRATION REQUIREMENTS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
03/11/2019
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 499,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
OFFERS OF RESTITUTION; UNDERTAKINGS
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE ADMINISTRATIVE CONSENT ORDER
(ORDER), AND CONSENTED TO THE ENTRY OF THE ORDER BY THE DEPARTMENT. LPL ALSO AGREED TO (1) OFFER TO REPURCHASE AFFECTED
SECURITIES OR REMEDIATE CUSTOMER LOSSES FOR CERTAIN SECURITIES SOLD TO RESIDENTS OF MINNESOTA IN VIOLATION OF MINNESOTA'S
SECURITIES REGISTRATION REQUIREMENTS PURSUANT TO THE TERMS SET FORTH IN THE ORDER, (2) CERTAIN ADDITIONAL UNDERTAKINGS, AND
(3) PAY THE DEPARTMENT A SUM IN THE AMOUNT OF $499,000.00 WHICH WAS REMITTED IN OR ABOUT APRIL 2019.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A SETTLEMENT REGARDING THE SALE OF UNREGISTERED, NON-EXEMPT SECURITIES BY LPL DURING THE RELEVANT PERIOD
RESULTING FROM AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COMPOSED OF MEMBERS OF NASAA. IN CONNECTION WITH THE
RESOLUTION, EACH OF THE PARTICIPATING INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS AGAINST LPL, IN WHICH LPL NEITHER ADMITS
NOR DENIES THE ALLEGATIONS. IN THIS INSTANCE, WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO THE ABOVE DESCRIBED
SANCTIONS. IN ADDITION, THE DEPARTMENT AND LPL AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE
LAWS OF THE UNITED STATES, ANY STATE, OR THE UNITED STATES TERRITORIES, AND INCLUDING WITHOUT LIMITATION, ANY DISQUALIFICATION FROM
RELYING UPON THE STATE OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH WAS ALSO PART OF THE AGREEMENT WITH
NASAA. FURTHERMORE, THE DEPARTMENT AND LPL AGREED THAT NOTHING IN THE ORDER IS INTENDED TO FORM THE BASIS FOR DISQUALIFICATION
UNDER FINRA OR OTHER SRO RULES PROHIBITING CONTINUANCE IN MEMBERSHIP. FINALLY, THE ORDER IS NOT INTENDED TO BE A FINAL ORDER
BASED UPON VIOLATIONS OF ANY MINNESOTA STATUTE, RULE, OR REGULATION THAT PROHIBITS FRAUDULENT, MANIPULATIVE OR DECEPTIVE
CONDUCT.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.

Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
OFFICE OF THE KANSAS SECURITIES COMMISSIONER
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
CIVIL AND ADMINISTRATIVE PENALTY; OFFERS OF RESTITUTION; UNDERTAKINGS
3.
Date Initiated (MM/DD/YYYY): 
04/02/2019
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
19E079/2018-6509
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Other
Other Product Types: 
NON-REGISTERED, NON-EXEMPT SECURITIES
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG MEMBERS OF THE NORTH AMERICAN

SECURITIES ADMINISTRATORS ASSOCIATION INC. (NASAA), THE OFFICE OF THE KANSAS SECURITIES COMMISSIONER (KSC) ALLEGED THAT DURING THE
PERIOD OF APPROXIMATELY OCTOBER 1, 2006 THROUGH MAY 1, 2018 (RELEVANT PERIOD), LPL FINANCIAL LLC (LPL) SOLD UNREGISTERED, NON-
EXEMPT SECURITIES IN KANSAS; FAILED TO REASONABLY SUPERVISE AND MAINTAIN ADEQUATE SYSTEMS TO PREVENT THE SALE OF UNREGISTERED,
NON-EXEMPT SECURITIES, INCLUDING WITH RESPECT TO LPL'S RETENTION, USE, AND SUBSEQUENT CANCELLATION OF CERTAIN THIRD-PARTY
SERVICES UTILIZED FOR COMPLIANCE WITH STATE SECURITIES REGISTRATION REQUIREMENTS; CERTAIN OTHER DEFICIENCIES WITHIN LPL'S
COMPLIANCE STRUCTURE RELATED TO LPL'S CONTROLS, MONITORING AND REPORTING TOOLS, AND ESCALATION PROTOCOLS IN RELATION TO LPL'S
RESPONSE TO COMPLIANCE ISSUES RESULTING FROM SUCH FAILURE; AND LPL'S FAILURE TO MAINTAIN CERTAIN BOOKS AND RECORDS TO ENSURE
FULL AND PROPER COMPLIANCE FOR STATE SECURITIES REGISTRATION REQUIREMENTS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
04/02/2019
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 499,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
OFFERS OF RESTITUTION; UNDERTAKINGS
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE CONSENT ORDER (ORDER), AND
CONSENTED TO THE ENTRY OF THE ORDER BY THE KSC. LPL ALSO AGREED TO (1) OFFER TO REPURCHASE AFFECTED SECURITIES OR REMEDIATE
CUSTOMER LOSSES FOR CERTAIN SECURITIES SOLD TO RESIDENTS OF KANSAS IN VIOLATION OF KANSAS'S SECURITIES REGISTRATION
REQUIREMENTS PURSUANT TO THE TERMS SET FORTH IN THE ORDER, (2) CERTAIN ADDITIONAL UNDERTAKINGS, AND (3) PAY THE KSC A SUM IN
THE AMOUNT OF $499,000.00 WHICH WAS REMITTED IN OR ABOUT APRIL 2019.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A SETTLEMENT REGARDING THE SALE OF UNREGISTERED, NON-EXEMPT SECURITIES BY LPL DURING THE RELEVANT PERIOD
RESULTING FROM AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COMPOSED OF MEMBERS OF NASAA. IN CONNECTION WITH THE
RESOLUTION, EACH OF THE PARTICIPATING INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS AGAINST LPL, IN WHICH LPL NEITHER ADMITS
NOR DENIES THE ALLEGATIONS. IN THIS INSTANCE, WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO THE ABOVE DESCRIBED
SANCTIONS. IN ADDITION, THE KSC AND LPL AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE LAWS OF
THE UNITED STATES, ANY STATE, OR THE UNITED STATES TERRITORIES, AND INCLUDING WITHOUT LIMITATION, ANY DISQUALIFICATION FROM RELYING
UPON THE STATE OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH WAS ALSO PART OF THE AGREEMENT WITH NASAA.
FURTHERMORE, THE KSC AND LPL AGREED THAT NOTHING IN THE ORDER IS INTENDED TO FORM THE BASIS FOR DISQUALIFICATION UNDER FINRA OR
OTHER SRO RULES PROHIBITING CONTINUANCE IN MEMBERSHIP. FINALLY, THE ORDER IS NOT INTENDED TO BE A FINAL ORDER BASED UPON
VIOLATIONS OF ANY KANSAS STATUTE, RULE, OR REGULATION THAT PROHIBITS FRAUDULENT, MANIPULATIVE OR DECEPTIVE CONDUCT.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)

11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
MAINE OFFICE OF SECURITIES
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
CIVIL AND ADMINISTRATIVE PENALTY; OFFERS OF RESTITUTION; UNDERTAKINGS
3.
Date Initiated (MM/DD/YYYY): 
04/08/2019
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
2019-10/19-15384
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Other
Other Product Types: 
NON-REGISTERED, NON-EXEMPT SECURITIES
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):

IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG MEMBERS OF THE NORTH AMERICAN
SECURITIES ADMINISTRATORS ASSOCIATION INC. (NASAA), THE MAINE OFFICE OF SECURITIES (OFFICE) ALLEGED THAT DURING THE PERIOD OF
APPROXIMATELY OCTOBER 1, 2006 THROUGH MAY 1, 2018 (RELEVANT PERIOD), LPL FINANCIAL LLC (LPL) SOLD UNREGISTERED, NON-EXEMPT
SECURITIES IN MAINE; FAILED TO REASONABLY SUPERVISE AND MAINTAIN ADEQUATE SYSTEMS TO PREVENT THE SALE OF UNREGISTERED, NON-
EXEMPT SECURITIES, INCLUDING WITH RESPECT TO LPL'S RETENTION, USE, AND SUBSEQUENT CANCELLATION OF CERTAIN THIRD-PARTY SERVICES
UTILIZED FOR COMPLIANCE WITH STATE SECURITIES REGISTRATION REQUIREMENTS; CERTAIN OTHER DEFICIENCIES WITHIN LPL'S COMPLIANCE
STRUCTURE RELATED TO LPL'S CONTROLS, MONITORING AND REPORTING TOOLS, AND ESCALATION PROTOCOLS IN RELATION TO LPL'S RESPONSE TO
COMPLIANCE ISSUES RESULTING FROM SUCH FAILURE; AND LPL'S FAILURE TO MAINTAIN CERTAIN BOOKS AND RECORDS TO ENSURE FULL AND PROPER
COMPLIANCE FOR STATE SECURITIES REGISTRATION REQUIREMENTS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
04/08/2019
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 499,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
OFFERS OF RESTITUTION; UNDERTAKINGS
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE ADMINISTRATIVE CONSENT ORDER
(ORDER), AND CONSENTED TO THE ENTRY OF THE ORDER BY THE OFFICE. LPL ALSO AGREED TO (1) OFFER TO REPURCHASE AFFECTED
SECURITIES OR REMEDIATE CUSTOMER LOSSES FOR CERTAIN SECURITIES SOLD TO RESIDENTS OF MAINE IN VIOLATION OF MAINE'S SECURITIES
REGISTRATION REQUIREMENTS PURSUANT TO THE TERMS SET FORTH IN THE ORDER, (2) CERTAIN ADDITIONAL UNDERTAKINGS, AND (3) PAY THE
OFFICE A SUM IN THE AMOUNT OF $499,000.00 WHICH WAS REMITTED IN OR ABOUT APRIL 2019.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A SETTLEMENT REGARDING THE SALE OF UNREGISTERED, NON-EXEMPT SECURITIES BY LPL DURING THE RELEVANT PERIOD
RESULTING FROM AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COMPOSED OF MEMBERS OF NASAA. IN CONNECTION WITH THE
RESOLUTION, EACH OF THE PARTICIPATING INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS AGAINST LPL, IN WHICH LPL NEITHER ADMITS
NOR DENIES THE ALLEGATIONS. IN THIS INSTANCE, WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO THE ABOVE DESCRIBED
SANCTIONS. IN ADDITION, THE OFFICE AND LPL AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE LAWS OF
THE UNITED STATES, ANY STATE, OR THE UNITED STATES TERRITORIES, AND INCLUDING WITHOUT LIMITATION, ANY DISQUALIFICATION FROM RELYING
UPON THE STATE OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH WAS ALSO PART OF THE AGREEMENT WITH NASAA.
FURTHERMORE, THE OFFICE AND LPL AGREED THAT NOTHING IN THE ORDER IS INTENDED TO FORM THE BASIS FOR DISQUALIFICATION UNDER FINRA
OR OTHER SRO RULES PROHIBITING CONTINUANCE IN MEMBERSHIP. FINALLY, THE ORDER IS NOT INTENDED TO BE A FINAL ORDER BASED UPON
VIOLATIONS OF ANY MAINE STATUTE, RULE, OR REGULATION THAT PROHIBITS FRAUDULENT, MANIPULATIVE OR DECEPTIVE CONDUCT.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)

11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
OFFICE OF THE COMMISSIONER OF SECURITIES AND INSURANCE, MONTANA STATE AUDITOR
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
CIVIL AND ADMINISTRATIVE PENALTY; OFFERS OF RESTITUTION; UNDERTAKINGS
3.
Date Initiated (MM/DD/YYYY): 
04/05/2019
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
SEC-2018-147
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Other
Other Product Types: 
NON-REGISTERED, NON-EXEMPT SECURITIES

7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG MEMBERS OF THE NORTH AMERICAN
SECURITIES ADMINISTRATORS ASSOCIATION INC. (NASAA), THE OFFICE OF THE COMMISSIONER OF SECURITIES AND INSURANCE, MONTANA STATE
AUDITOR (CSI) ALLEGED THAT DURING THE PERIOD OF APPROXIMATELY OCTOBER 1, 2006 THROUGH MAY 1, 2018 (RELEVANT PERIOD), LPL FINANCIAL
LLC (LPL) SOLD UNREGISTERED, NON-EXEMPT SECURITIES IN MONTANA; FAILED TO REASONABLY SUPERVISE AND MAINTAIN ADEQUATE SYSTEMS TO
PREVENT THE SALE OF UNREGISTERED, NON-EXEMPT SECURITIES, INCLUDING WITH RESPECT TO LPL'S RETENTION, USE, AND SUBSEQUENT
CANCELLATION OF CERTAIN THIRD-PARTY SERVICES UTILIZED FOR COMPLIANCE WITH STATE SECURITIES REGISTRATION REQUIREMENTS; CERTAIN
OTHER DEFICIENCIES WITHIN LPL'S COMPLIANCE STRUCTURE RELATED TO LPL'S CONTROLS, MONITORING AND REPORTING TOOLS, AND ESCALATION
PROTOCOLS IN RELATION TO LPL'S RESPONSE TO COMPLIANCE ISSUES RESULTING FROM SUCH FAILURE; AND LPL'S FAILURE TO MAINTAIN CERTAIN
BOOKS AND RECORDS TO ENSURE FULL AND PROPER COMPLIANCE FOR STATE SECURITIES REGISTRATION REQUIREMENTS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
04/05/2019
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 499,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
OFFERS OF RESTITUTION; UNDERTAKINGS
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE CONSENT AGREEMENT AND FINAL
ORGER (ORDER), AND CONSENTED TO THE ENTRY OF THE ORDER BY THE CSI. LPL ALSO AGREED TO (1) OFFER TO REPURCHASE AFFECTED
SECURITIES OR REMEDIATE CUSTOMER LOSSES FOR CERTAIN SECURITIES SOLD TO RESIDENTS OF MONTANA IN VIOLATION OF MONTANA'S
SECURITIES REGISTRATION REQUIREMENTS PURSUANT TO THE TERMS SET FORTH IN THE ORDER, (2) CERTAIN ADDITIONAL UNDERTAKINGS, AND
(3) PAY THE CSI A SUM IN THE AMOUNT OF $499,000.00 WHICH WAS REMITTED IN OR ABOUT APRIL 2019.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A SETTLEMENT REGARDING THE SALE OF UNREGISTERED, NON-EXEMPT SECURITIES BY LPL DURING THE RELEVANT PERIOD
RESULTING FROM AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COMPOSED OF MEMBERS OF NASAA. IN CONNECTION WITH THE
RESOLUTION, EACH OF THE PARTICIPATING INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS AGAINST LPL, IN WHICH LPL NEITHER ADMITS
NOR DENIES THE ALLEGATIONS. IN THIS INSTANCE, WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO THE ABOVE DESCRIBED
SANCTIONS. IN ADDITION, THE CSI AND LPL AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE LAWS OF
THE UNITED STATES, ANY STATE, OR THE UNITED STATES TERRITORIES, AND INCLUDING WITHOUT LIMITATION, ANY DISQUALIFICATION FROM RELYING
UPON THE STATE OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH WAS ALSO PART OF THE AGREEMENT WITH NASAA.
FURTHERMORE, THE CSI AND LPL AGREED THAT NOTHING IN THE ORDER IS INTENDED TO FORM THE BASIS FOR DISQUALIFICATION UNDER FINRA OR
OTHER SRO RULES PROHIBITING CONTINUANCE IN MEMBERSHIP. FINALLY, THE ORDER IS NOT INTENDED TO BE A FINAL ORDER BASED UPON
VIOLATIONS OF ANY MONTANA STATUTE, RULE, OR REGULATION THAT PROHIBITS FRAUDULENT, MANIPULATIVE OR DECEPTIVE CONDUCT.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)

11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
NORTH CAROLINA SECURITIES DIVISION
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
CIVIL AND ADMINISTRATIVE PENALTY; OFFERS OF RESTITUTION; UNDERTAKINGS
3.
Date Initiated (MM/DD/YYYY): 
04/08/2019
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
17 SEC 053
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Other
Other Product Types: 
NON-REGISTERED, NON-EXEMPT SECURITIES

7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG MEMBERS OF THE NORTH AMERICAN
SECURITIES ADMINISTRATORS ASSOCIATION INC. (NASAA), THE NORTH CAROLINA SECURITIES DIVISION (DIVISION) ALLEGED THAT DURING THE
PERIOD OF APPROXIMATELY OCTOBER 1, 2006 THROUGH MAY 1, 2018 (RELEVANT PERIOD), LPL FINANCIAL LLC (LPL) SOLD UNREGISTERED, NON-
EXEMPT SECURITIES IN NORTH CAROLINA; FAILED TO REASONABLY SUPERVISE AND MAINTAIN ADEQUATE SYSTEMS TO PREVENT THE SALE OF
UNREGISTERED, NON-EXEMPT SECURITIES, INCLUDING WITH RESPECT TO LPL'S RETENTION, USE, AND SUBSEQUENT CANCELLATION OF CERTAIN
THIRD-PARTY SERVICES UTILIZED FOR COMPLIANCE WITH STATE SECURITIES REGISTRATION REQUIREMENTS; CERTAIN OTHER DEFICIENCIES WITHIN
LPL'S COMPLIANCE STRUCTURE RELATED TO LPL'S CONTROLS, MONITORING AND REPORTING TOOLS, AND ESCALATION PROTOCOLS IN RELATION TO
LPL'S RESPONSE TO COMPLIANCE ISSUES RESULTING FROM SUCH FAILURE; AND LPL'S FAILURE TO MAINTAIN CERTAIN BOOKS AND RECORDS TO
ENSURE FULL AND PROPER COMPLIANCE FOR STATE SECURITIES REGISTRATION REQUIREMENTS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
04/08/2019
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 499,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
OFFERS OF RESTITUTION; UNDERTAKINGS
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE CONSENT ORDER (ORDER), AND
CONSENTED TO THE ENTRY OF THE ORDER BY THE DIVISION. LPL ALSO AGREED TO (1) OFFER TO REPURCHASE AFFECTED SECURITIES OR
REMEDIATE CUSTOMER LOSSES FOR CERTAIN SECURITIES SOLD TO RESIDENTS OF NORTH CAROLINA IN VIOLATION OF NORTH CAROLINA'S
SECURITIES REGISTRATION REQUIREMENTS PURSUANT TO THE TERMS SET FORTH IN THE ORDER, (2) CERTAIN ADDITIONAL UNDERTAKINGS, AND
(3) PAY THE DIVISION A SUM IN THE AMOUNT OF $499,000.00 WHICH WAS REMITTED IN OR ABOUT APRIL 2019.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A SETTLEMENT REGARDING THE SALE OF UNREGISTERED, NON-EXEMPT SECURITIES BY LPL DURING THE RELEVANT PERIOD
RESULTING FROM AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COMPOSED OF MEMBERS OF NASAA. IN CONNECTION WITH THE
RESOLUTION, EACH OF THE PARTICIPATING INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS AGAINST LPL, IN WHICH LPL NEITHER ADMITS
NOR DENIES THE ALLEGATIONS. IN THIS INSTANCE, WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO THE ABOVE DESCRIBED
SANCTIONS. IN ADDITION, THE DIVISION AND LPL AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE LAWS
OF THE UNITED STATES, ANY STATE, OR THE UNITED STATES TERRITORIES, AND INCLUDING WITHOUT LIMITATION, ANY DISQUALIFICATION FROM
RELYING UPON THE STATE OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH WAS ALSO PART OF THE AGREEMENT WITH
NASAA. FURTHERMORE, THE DIVISION AND LPL AGREED THAT NOTHING IN THE ORDER IS INTENDED TO FORM THE BASIS FOR DISQUALIFICATION
UNDER FINRA OR OTHER SRO RULES PROHIBITING CONTINUANCE IN MEMBERSHIP. FINALLY, THE ORDER IS NOT INTENDED TO BE A FINAL ORDER
BASED UPON VIOLATIONS OF ANY NORTH CAROLINA STATUTE, RULE, OR REGULATION THAT PROHIBITS FRAUDULENT, MANIPULATIVE OR DECEPTIVE
CONDUCT.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)

( )
( )
( )
( )
( )
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
NEBRASKA DEPARTMENT OF BANKING & FINANCE
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
CIVIL AND ADMINISTRATIVE PENALTY; OFFERS OF RESTITUTION; UNDERTAKINGS
3.
Date Initiated (MM/DD/YYYY): 
04/10/2019
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
N/A
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Other
Other Product Types: 

NON-REGISTERED, NON-EXEMPT SECURITIES
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG MEMBERS OF THE NORTH AMERICAN
SECURITIES ADMINISTRATORS ASSOCIATION INC. (NASAA), THE NEBRASKA DEPARTMENT OF BANKING & FINANCE (DEPARTMENT) ALLEGED THAT
DURING THE PERIOD OF APPROXIMATELY OCTOBER 1, 2006 THROUGH MAY 1, 2018 (RELEVANT PERIOD), LPL FINANCIAL LLC (LPL) SOLD
UNREGISTERED, NON-EXEMPT SECURITIES IN NEBRASKA; FAILED TO REASONABLY SUPERVISE AND MAINTAIN ADEQUATE SYSTEMS TO PREVENT THE
SALE OF UNREGISTERED, NON-EXEMPT SECURITIES, INCLUDING WITH RESPECT TO LPL'S RETENTION, USE, AND SUBSEQUENT CANCELLATION OF
CERTAIN THIRD-PARTY SERVICES UTILIZED FOR COMPLIANCE WITH STATE SECURITIES REGISTRATION REQUIREMENTS; CERTAIN OTHER DEFICIENCIES
WITHIN LPL'S COMPLIANCE STRUCTURE RELATED TO LPL'S CONTROLS, MONITORING AND REPORTING TOOLS, AND ESCALATION PROTOCOLS IN
RELATION TO LPL'S RESPONSE TO COMPLIANCE ISSUES RESULTING FROM SUCH FAILURE; AND LPL'S FAILURE TO MAINTAIN CERTAIN BOOKS AND
RECORDS TO ENSURE FULL AND PROPER COMPLIANCE FOR STATE SECURITIES REGISTRATION REQUIREMENTS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
04/10/2019
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 499,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
OFFERS OF RESTITUTION; UNDERTAKINGS
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE CONSENT ORDER (ORDER), AND
CONSENTED TO THE ENTRY OF THE ORDER BY THE DEPARTMENT. LPL ALSO AGREED TO (1) OFFER TO REPURCHASE AFFECTED SECURITIES OR
REMEDIATE CUSTOMER LOSSES FOR CERTAIN SECURITIES SOLD TO RESIDENTS OF NEBRASKA IN VIOLATION OF NEBRASKA'S SECURITIES
REGISTRATION REQUIREMENTS PURSUANT TO THE TERMS SET FORTH IN THE ORDER, (2) CERTAIN ADDITIONAL UNDERTAKINGS, AND (3) PAY THE
DEPARTMENT A SUM IN THE AMOUNT OF $499,000.00 WHICH WAS REMITTED IN OR ABOUT APRIL 2019.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A SETTLEMENT REGARDING THE SALE OF UNREGISTERED, NON-EXEMPT SECURITIES BY LPL DURING THE RELEVANT PERIOD
RESULTING FROM AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COMPOSED OF MEMBERS OF NASAA. IN CONNECTION WITH THE
RESOLUTION, EACH OF THE PARTICIPATING INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS AGAINST LPL, IN WHICH LPL NEITHER ADMITS
NOR DENIES THE ALLEGATIONS. IN THIS INSTANCE, WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO THE ABOVE DESCRIBED
SANCTIONS. IN ADDITION, THE DEPARTMENT AND LPL AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE
LAWS OF THE UNITED STATES, ANY STATE, OR THE UNITED STATES TERRITORIES, AND INCLUDING WITHOUT LIMITATION, ANY DISQUALIFICATION FROM
RELYING UPON THE STATE OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH WAS ALSO PART OF THE AGREEMENT WITH
NASAA. FURTHERMORE, THE DEPARTMENT AND LPL AGREED THAT NOTHING IN THE ORDER IS INTENDED TO FORM THE BASIS FOR DISQUALIFICATION
UNDER FINRA OR OTHER SRO RULES PROHIBITING CONTINUANCE IN MEMBERSHIP. FINALLY, THE ORDER IS NOT INTENDED TO BE A FINAL ORDER
BASED UPON VIOLATIONS OF ANY NEBRASKA STATUTE, RULE, OR REGULATION THAT PROHIBITS FRAUDULENT, MANIPULATIVE OR DECEPTIVE CONDUCT.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:

11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
NEW JERSEY BUREAU OF SECURITIES
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
CIVIL AND ADMINISTRATIVE PENALTY; OFFERS OF RESTITUTION; UNDERTAKINGS
3.
Date Initiated (MM/DD/YYYY): 
04/30/2019
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
N/A
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Other

Other Product Types: 
NON-REGISTERED, NON-EXEMPT SECURITIES
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG MEMBERS OF THE NORTH AMERICAN
SECURITIES ADMINISTRATORS ASSOCIATION INC. (NASAA), THE NEW JERSEY BUREAU OF SECURITIES (BUREAU) ALLEGED THAT DURING THE PERIOD OF
APPROXIMATELY OCTOBER 1, 2006 THROUGH MAY 1, 2018 (RELEVANT PERIOD), LPL FINANCIAL LLC (LPL) SOLD UNREGISTERED, NON-EXEMPT
SECURITIES IN NEW JERSEY; FAILED TO REASONABLY SUPERVISE AND MAINTAIN ADEQUATE SYSTEMS TO PREVENT THE SALE OF UNREGISTERED, NON-
EXEMPT SECURITIES, INCLUDING WITH RESPECT TO LPL'S RETENTION, USE, AND SUBSEQUENT CANCELLATION OF CERTAIN THIRD-PARTY SERVICES
UTILIZED FOR COMPLIANCE WITH STATE SECURITIES REGISTRATION REQUIREMENTS; CERTAIN OTHER DEFICIENCIES WITHIN LPL'S COMPLIANCE
STRUCTURE RELATED TO LPL'S CONTROLS, MONITORING AND REPORTING TOOLS, AND ESCALATION PROTOCOLS IN RELATION TO LPL'S RESPONSE TO
COMPLIANCE ISSUES RESULTING FROM SUCH FAILURE; AND LPL'S FAILURE TO MAINTAIN CERTAIN BOOKS AND RECORDS TO ENSURE FULL AND PROPER
COMPLIANCE FOR STATE SECURITIES REGISTRATION REQUIREMENTS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
04/30/2019
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 499,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
OFFERS OF RESTITUTION; UNDERTAKINGS
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE ADMINISTRATIVE CONSENT ORDER
(ORDER), AND CONSENTED TO THE ENTRY OF THE ORDER BY THE BUREAU. LPL ALSO AGREED TO (1) OFFER TO REPURCHASE AFFECTED
SECURITIES OR REMEDIATE CUSTOMER LOSSES FOR CERTAIN SECURITIES SOLD TO RESIDENTS OF NEW JERSEY IN VIOLATION OF NEW JERSEY'S
SECURITIES REGISTRATION REQUIREMENTS PURSUANT TO THE TERMS SET FORTH IN THE ORDER, (2) CERTAIN ADDITIONAL UNDERTAKINGS, AND
(3) PAY THE BUREAU A SUM IN THE AMOUNT OF $499,000.00 WHICH WAS REMITTED IN OR ABOUT APRIL 2019.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A SETTLEMENT REGARDING THE SALE OF UNREGISTERED, NON-EXEMPT SECURITIES BY LPL DURING THE RELEVANT PERIOD
RESULTING FROM AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COMPOSED OF MEMBERS OF NASAA. IN CONNECTION WITH THE
RESOLUTION, EACH OF THE PARTICIPATING INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS AGAINST LPL, IN WHICH LPL NEITHER ADMITS
NOR DENIES THE ALLEGATIONS. IN THIS INSTANCE, WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO THE ABOVE DESCRIBED
SANCTIONS. IN ADDITION, THE BUREAU AND LPL AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE LAWS
OF THE UNITED STATES, ANY STATE, OR THE UNITED STATES TERRITORIES, AND INCLUDING WITHOUT LIMITATION, ANY DISQUALIFICATION FROM
RELYING UPON THE STATE OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH WAS ALSO PART OF THE AGREEMENT WITH
NASAA. FURTHERMORE, THE BUREAU AND LPL AGREED THAT NOTHING IN THE ORDER IS INTENDED TO FORM THE BASIS FOR DISQUALIFICATION UNDER
FINRA OR OTHER SRO RULES PROHIBITING CONTINUANCE IN MEMBERSHIP. FINALLY, THE ORDER IS NOT INTENDED TO BE A FINAL ORDER BASED UPON
VIOLATIONS OF ANY NEW JERSEY STATUTE, RULE, OR REGULATION THAT PROHIBITS FRAUDULENT, MANIPULATIVE OR DECEPTIVE CONDUCT.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action

Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
ALASKA DIVISION OF BANKING AND SECURITIES
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
CIVIL AND ADMINISTRATIVE PENALTY; OFFERS OF RESTITUTION; UNDERTAKINGS
3.
Date Initiated (MM/DD/YYYY): 
04/16/2019
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
17-170-S
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:

Other
Other Product Types: 
NON-REGISTERED, NON-EXEMPT SECURITIES
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG MEMBERS OF THE NORTH AMERICAN
SECURITIES ADMINISTRATORS ASSOCIATION INC. (NASAA), THE ALASKA DIVISION OF BANKING AND SECURITIES (DIVISION) ALLEGED THAT DURING
THE PERIOD OF APPROXIMATELY OCTOBER 1, 2006 THROUGH MAY 1, 2018 (RELEVANT PERIOD), LPL FINANCIAL LLC (LPL) FAILED TO REASONABLY
SUPERVISE AND MAINTAIN ADEQUATE SYSTEMS TO PREVENT THE SALE OF UNREGISTERED, NON-EXEMPT SECURITIES, INCLUDING WITH RESPECT TO
LPL'S RETENTION, USE, AND SUBSEQUENT CANCELLATION OF CERTAIN THIRD-PARTY SERVICES UTILIZED FOR COMPLIANCE WITH STATE SECURITIES
REGISTRATION REQUIREMENTS; CERTAIN OTHER DEFICIENCIES WITHIN LPL'S COMPLIANCE STRUCTURE RELATED TO LPL'S CONTROLS, MONITORING
AND REPORTING TOOLS, AND ESCALATION PROTOCOLS IN RELATION TO LPL'S RESPONSE TO COMPLIANCE ISSUES RESULTING FROM SUCH FAILURE;
AND LPL'S FAILURE TO MAINTAIN CERTAIN BOOKS AND RECORDS TO ENSURE FULL AND PROPER COMPLIANCE FOR STATE SECURITIES REGISTRATION
REQUIREMENTS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
04/16/2019
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 499,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
OFFERS OF RESTITUTION; UNDERTAKINGS
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE ADMINISTRATIVE CONSENT ORDER
(ORDER), AND CONSENTED TO THE ENTRY OF THE ORDER BY THE DIVISION. LPL ALSO AGREED TO (1) OFFER TO REPURCHASE AFFECTED
SECURITIES OR REMEDIATE CUSTOMER LOSSES FOR CERTAIN SECURITIES SOLD IN ALASKA PURSUANT TO THE TERMS SET FORTH IN THE ORDER,
(2) CERTAIN ADDITIONAL UNDERTAKINGS, AND (3) PAY THE DIVISION A SUM IN THE AMOUNT OF $499,000.00 WHICH WAS REMITTED IN OR
ABOUT APRIL 2019.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A SETTLEMENT REGARDING THE SALE OF UNREGISTERED, NON-EXEMPT SECURITIES BY LPL DURING THE RELEVANT PERIOD
RESULTING FROM AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COMPOSED OF MEMBERS OF NASAA. IN CONNECTION WITH THE
RESOLUTION, EACH OF THE PARTICIPATING INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS AGAINST LPL, IN WHICH LPL NEITHER ADMITS
NOR DENIES THE ALLEGATIONS. IN THIS INSTANCE, WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO THE ABOVE DESCRIBED
SANCTIONS. IN ADDITION, THE DIVISION AND LPL AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE LAWS
OF THE UNITED STATES, ANY STATE, OR THE UNITED STATES TERRITORIES, AND INCLUDING WITHOUT LIMITATION, ANY DISQUALIFICATION FROM
RELYING UPON THE STATE OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH WAS ALSO PART OF THE AGREEMENT WITH
NASAA. FURTHERMORE, THE DIVISION AND LPL AGREED THAT NOTHING IN THE ORDER IS INTENDED TO FORM THE BASIS FOR DISQUALIFICATION
UNDER FINRA OR OTHER SRO RULES PROHIBITING CONTINUANCE IN MEMBERSHIP. FINALLY, THE ORDER IS NOT INTENDED TO BE A FINAL ORDER
BASED UPON VIOLATIONS OF ANY ALASKA STATUTE, RULE, OR REGULATION THAT PROHIBITS FRAUDULENT, MANIPULATIVE OR DECEPTIVE CONDUCT.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.

Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
TEXAS STATE SECURITIES BOARD
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
CIVIL AND ADMINISTRATIVE PENALTY; OFFERS OF RESTITUTION; UNDERTAKINGS
3.
Date Initiated (MM/DD/YYYY): 
04/10/2019
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
IC19-CAF-01
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):

6.
Principal Product Type:
Other
Other Product Types: 
NON-REGISTERED, NON-EXEMPT SECURITIES
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG MEMBERS OF THE NORTH AMERICAN
SECURITIES ADMINISTRATORS ASSOCIATION INC. (NASAA), THE TEXAS STATE SECURITIES BOARD (BOARD) ALLEGED THAT DURING THE PERIOD OF
APPROXIMATELY OCTOBER 1, 2006 THROUGH MAY 1, 2018 (RELEVANT PERIOD), LPL FINANCIAL LLC (LPL) SOLD UNREGISTERED, NON-EXEMPT
SECURITIES IN TEXAS; FAILED TO REASONABLY SUPERVISE AND MAINTAIN ADEQUATE SYSTEMS TO PREVENT THE SALE OF UNREGISTERED, NON-
EXEMPT SECURITIES, INCLUDING WITH RESPECT TO LPL'S RETENTION, USE, AND SUBSEQUENT CANCELLATION OF CERTAIN THIRD-PARTY SERVICES
UTILIZED FOR COMPLIANCE WITH STATE SECURITIES REGISTRATION REQUIREMENTS; CERTAIN OTHER DEFICIENCIES WITHIN LPL'S COMPLIANCE
STRUCTURE RELATED TO LPL'S CONTROLS, MONITORING AND REPORTING TOOLS, AND ESCALATION PROTOCOLS IN RELATION TO LPL'S RESPONSE TO
COMPLIANCE ISSUES RESULTING FROM SUCH FAILURE; AND LPL'S FAILURE TO MAINTAIN CERTAIN BOOKS AND RECORDS TO ENSURE FULL AND PROPER
COMPLIANCE FOR STATE SECURITIES REGISTRATION REQUIREMENTS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
04/10/2019
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 499,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
OFFERS OF RESTITUTION; UNDERTAKINGS
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE CONSENT ORDER (ORDER), AND
CONSENTED TO THE ENTRY OF THE ORDER BY THE BOARD. LPL ALSO AGREED TO (1) OFFER TO REPURCHASE AFFECTED SECURITIES OR
REMEDIATE CUSTOMER LOSSES FOR CERTAIN SECURITIES SOLD TO RESIDENTS OF TEXAS IN VIOLATION OF TEXAS'S SECURITIES REGISTRATION
REQUIREMENTS PURSUANT TO THE TERMS SET FORTH IN THE ORDER, (2) CERTAIN ADDITIONAL UNDERTAKINGS, AND (3) PAY THE BOARD A SUM
IN THE AMOUNT OF $499,000.00 WHICH WAS REMITTED IN OR ABOUT APRIL 2019.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A SETTLEMENT REGARDING THE SALE OF UNREGISTERED, NON-EXEMPT SECURITIES BY LPL DURING THE RELEVANT PERIOD
RESULTING FROM AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COMPOSED OF MEMBERS OF NASAA. IN CONNECTION WITH THE
RESOLUTION, EACH OF THE PARTICIPATING INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS AGAINST LPL, IN WHICH LPL NEITHER ADMITS
NOR DENIES THE ALLEGATIONS. IN THIS INSTANCE, WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO THE ABOVE DESCRIBED
SANCTIONS. IN ADDITION, THE BOARD AND LPL AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE LAWS OF
THE UNITED STATES, ANY STATE, OR THE UNITED STATES TERRITORIES, AND INCLUDING WITHOUT LIMITATION, ANY DISQUALIFICATION FROM RELYING
UPON THE STATE OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH WAS ALSO PART OF THE AGREEMENT WITH NASAA.
FURTHERMORE, THE BOARD AND LPL AGREED THAT NOTHING IN THE ORDER IS INTENDED TO FORM THE BASIS FOR DISQUALIFICATION UNDER FINRA
OR OTHER SRO RULES PROHIBITING CONTINUANCE IN MEMBERSHIP. FINALLY, THE ORDER IS NOT INTENDED TO BE A FINAL ORDER BASED UPON
VIOLATIONS OF ANY TEXAS STATUTE, RULE, OR REGULATION THAT PROHIBITS FRAUDULENT, MANIPULATIVE OR DECEPTIVE CONDUCT.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.

Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
OHIO DIVISION OF SECURITIES
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
CIVIL AND ADMINISTRATIVE PENALTY; OFFERS OF RESTITUTION; UNDERTAKINGS
3.
Date Initiated (MM/DD/YYYY): 
05/23/2019
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
19-014
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):

6.
Principal Product Type:
Other
Other Product Types: 
NON-REGISTERED, NON-EXEMPT SECURITIES
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG MEMBERS OF THE NORTH AMERICAN
SECURITIES ADMINISTRATORS ASSOCIATION INC. (NASAA), THE OHIO DIVISION OF SECURITIES (DIVISION) ALLEGED THAT DURING THE PERIOD OF
APPROXIMATELY OCTOBER 1, 2006 THROUGH MAY 1, 2018 (RELEVANT PERIOD), LPL FINANCIAL LLC (LPL) SOLD UNREGISTERED, NON-EXEMPT
SECURITIES IN OHIO; FAILED TO REASONABLY SUPERVISE AND MAINTAIN ADEQUATE SYSTEMS TO PREVENT THE SALE OF UNREGISTERED, NON-EXEMPT
SECURITIES, INCLUDING WITH RESPECT TO LPL'S RETENTION, USE, AND SUBSEQUENT CANCELLATION OF CERTAIN THIRD-PARTY SERVICES UTILIZED
FOR COMPLIANCE WITH STATE SECURITIES REGISTRATION REQUIREMENTS; CERTAIN OTHER DEFICIENCIES WITHIN LPL'S COMPLIANCE STRUCTURE
RELATED TO LPL'S CONTROLS, MONITORING AND REPORTING TOOLS, AND ESCALATION PROTOCOLS IN RELATION TO LPL'S RESPONSE TO COMPLIANCE
ISSUES RESULTING FROM SUCH FAILURE; AND LPL'S FAILURE TO MAINTAIN CERTAIN BOOKS AND RECORDS TO ENSURE FULL AND PROPER COMPLIANCE
FOR STATE SECURITIES REGISTRATION REQUIREMENTS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
05/23/2019
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 499,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
OFFERS OF RESTITUTION; UNDERTAKINGS
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE ADMINISTRATIVE CONSENT ORDER
(ORDER), AND CONSENTED TO THE ENTRY OF THE ORDER BY THE DIVISION. LPL ALSO AGREED TO (1) OFFER TO REPURCHASE AFFECTED
SECURITIES OR REMEDIATE CUSTOMER LOSSES FOR CERTAIN SECURITIES SOLD TO RESIDENTS OF OHIO IN VIOLATION OF OHIO'S SECURITIES
REGISTRATION REQUIREMENTS PURSUANT TO THE TERMS SET FORTH IN THE ORDER, (2) CERTAIN ADDITIONAL UNDERTAKINGS, AND (3) PAY THE
DIVISION A SUM IN THE AMOUNT OF $499,000.00 WHICH WAS REMITTED IN OR ABOUT JUNE 2019.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A SETTLEMENT REGARDING THE SALE OF UNREGISTERED, NON-EXEMPT SECURITIES BY LPL DURING THE RELEVANT PERIOD
RESULTING FROM AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COMPOSED OF MEMBERS OF NASAA. IN CONNECTION WITH THE
RESOLUTION, EACH OF THE PARTICIPATING INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS AGAINST LPL, IN WHICH LPL NEITHER ADMITS
NOR DENIES THE ALLEGATIONS. IN THIS INSTANCE, WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO THE ABOVE DESCRIBED
SANCTIONS. IN ADDITION, THE DIVISION AND LPL AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE LAWS
OF THE UNITED STATES, ANY STATE, OR THE UNITED STATES TERRITORIES, AND INCLUDING WITHOUT LIMITATION, ANY DISQUALIFICATION FROM
RELYING UPON THE STATE OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH WAS ALSO PART OF THE AGREEMENT WITH
NASAA. FURTHERMORE, THE DIVISION AND LPL AGREED THAT NOTHING IN THE ORDER IS INTENDED TO FORM THE BASIS FOR DISQUALIFICATION
UNDER FINRA OR OTHER SRO RULES PROHIBITING CONTINUANCE IN MEMBERSHIP. FINALLY, THE ORDER IS NOT INTENDED TO BE A FINAL ORDER
BASED UPON VIOLATIONS OF ANY OHIO STATUTE, RULE, OR REGULATION THAT PROHIBITS FRAUDULENT, MANIPULATIVE OR DECEPTIVE CONDUCT.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,

11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
VIRGINIA STATE CORPORATION COMMISSION
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
OFFERS OF RESTITUTION; UNDERTAKINGS
3.
Date Initiated (MM/DD/YYYY): 
04/22/2019
 Exact
 Explanation
If not exact, provide explanation:
LPL INITIALLY RECEIVED A CONSENT ORDER FROM THE COMMISSION DATED APRIL 8, 2019; HOWEVER, IT WAS THE INCORRECT VERSION OF THE
CONSENT ORDER. THE COMMISSION SENT A CORRECTED VERSION OF THE CONSENT ORDER, WHICH THE FIRM LEARNED OF ON OR ABOUT JUNE 3,
2019.
4.
Docket/Case Number:

SEC-2018-00027
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Other
Other Product Types: 
NON-REGISTERED, NON-EXEMPT SECURITIES
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG MEMBERS OF THE NORTH AMERICAN
SECURITIES ADMINISTRATORS ASSOCIATION INC. (NASAA), THE VIRGINIA STATE CORPORATION COMMISSION (COMMISSION) ALLEGED THAT DURING
THE PERIOD OF APPROXIMATELY OCTOBER 1, 2006 THROUGH MAY 1, 2018 (RELEVANT PERIOD), LPL FINANCIAL LLC (LPL) SOLD UNREGISTERED, NON-
EXEMPT SECURITIES IN VIRGINIA; FAILED TO REASONABLY SUPERVISE AND MAINTAIN ADEQUATE SYSTEMS TO PREVENT THE SALE OF UNREGISTERED,
NON-EXEMPT SECURITIES, INCLUDING WITH RESPECT TO LPL'S RETENTION, USE, AND SUBSEQUENT CANCELLATION OF CERTAIN THIRD-PARTY
SERVICES UTILIZED FOR COMPLIANCE WITH STATE SECURITIES REGISTRATION REQUIREMENTS; CERTAIN OTHER DEFICIENCIES WITHIN LPL'S
COMPLIANCE STRUCTURE RELATED TO LPL'S CONTROLS, MONITORING AND REPORTING TOOLS, AND ESCALATION PROTOCOLS IN RELATION TO LPL'S
RESPONSE TO COMPLIANCE ISSUES RESULTING FROM SUCH FAILURE; AND LPL'S FAILURE TO MAINTAIN CERTAIN BOOKS AND RECORDS TO ENSURE
FULL AND PROPER COMPLIANCE FOR STATE SECURITIES REGISTRATION REQUIREMENTS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
04/22/2019
 Exact
 Explanation
If not exact, provide explanation:
LPL INITIALLY RECEIVED A CONSENT ORDER FROM THE COMMISSION DATED APRIL 8, 2019; HOWEVER, IT WAS THE INCORRECT VERSION OF THE
CONSENT ORDER. HE COMMISSION SENT A CORRECTED VERSION OF THE CONSENT ORDER, WHICH THE FIRM LEARNED OF ON OR ABOUT JUNE 3, 2019.
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 499,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
OFFERS OF RESTITUTION; UNDERTAKINGS
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE CONSENT ORDER (ORDER), AND
CONSENTED TO THE ENTRY OF THE ORDER BY THE COMMISSION. LPL ALSO AGREED TO (1) OFFER TO REPURCHASE AFFECTED SECURITIES OR
REMEDIATE CUSTOMER LOSSES FOR CERTAIN SECURITIES SOLD TO RESIDENTS OF VIRGINIA IN VIOLATION OF VIRGINIA'S SECURITIES
REGISTRATION REQUIREMENTS PURSUANT TO THE TERMS SET FORTH IN THE ORDER, (2) CERTAIN ADDITIONAL UNDERTAKINGS, AND (3) PAY THE
COMMISSION A SUM IN THE AMOUNT OF $499,000.00 WHICH WAS REMITTED IN OR ABOUT MARCH 2019.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A SETTLEMENT REGARDING THE SALE OF UNREGISTERED, NON-EXEMPT SECURITIES BY LPL DURING THE RELEVANT PERIOD
RESULTING FROM AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COMPOSED OF MEMBERS OF NASAA. IN CONNECTION WITH THE
RESOLUTION, EACH OF THE PARTICIPATING INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS AGAINST LPL, IN WHICH LPL NEITHER ADMITS
NOR DENIES THE ALLEGATIONS. IN THIS INSTANCE, WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO THE ABOVE DESCRIBED
SANCTIONS. IN ADDITION, THE COMMISSION AND LPL AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE
LAWS OF THE UNITED STATES, ANY STATE, OR THE UNITED STATES TERRITORIES, AND INCLUDING WITHOUT LIMITATION, ANY DISQUALIFICATION FROM
RELYING UPON THE STATE OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH WAS ALSO PART OF THE AGREEMENT WITH
NASAA. FURTHERMORE, THE COMMISSION AND LPL AGREED THAT NOTHING IN THE ORDER IS INTENDED TO FORM THE BASIS FOR DISQUALIFICATION
UNDER FINRA OR OTHER SRO RULES PROHIBITING CONTINUANCE IN MEMBERSHIP. FINALLY, THE ORDER IS NOT INTENDED TO BE A FINAL ORDER
BASED UPON VIOLATIONS OF ANY VIRGINIA STATUTE, RULE, OR REGULATION THAT PROHIBITS FRAUDULENT, MANIPULATIVE OR DECEPTIVE CONDUCT.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
WYOMING SECRETARY OF STATE
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
CIVIL AND ADMINISTRATIVE PENALTY; OFFERS OF RESTITUTION; UNDERTAKINGS
3.
Date Initiated (MM/DD/YYYY): 
05/20/2019
 Exact
 Explanation
If not exact, provide explanation:

4.
Docket/Case Number:
18-04
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Other
Other Product Types: 
NON-REGISTERED, NON-EXEMPT SECURITIES
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG MEMBERS OF THE NORTH AMERICAN
SECURITIES ADMINISTRATORS ASSOCIATION INC. (NASAA), THE WYOMING SECRETARY OF STATE ALLEGED THAT DURING THE PERIOD OF
APPROXIMATELY OCTOBER 1, 2006 THROUGH MAY 1, 2018 (RELEVANT PERIOD), LPL FINANCIAL LLC (LPL) SOLD UNREGISTERED, NON-EXEMPT
SECURITIES IN WYOMING; FAILED TO REASONABLY SUPERVISE AND MAINTAIN ADEQUATE SYSTEMS TO PREVENT THE SALE OF UNREGISTERED, NON-
EXEMPT SECURITIES, INCLUDING WITH RESPECT TO LPL'S RETENTION, USE, AND SUBSEQUENT CANCELLATION OF CERTAIN THIRD-PARTY SERVICES
UTILIZED FOR COMPLIANCE WITH STATE SECURITIES REGISTRATION REQUIREMENTS; CERTAIN OTHER DEFICIENCIES WITHIN LPL'S COMPLIANCE
STRUCTURE RELATED TO LPL'S CONTROLS, MONITORING AND REPORTING TOOLS, AND ESCALATION PROTOCOLS IN RELATION TO LPL'S RESPONSE TO
COMPLIANCE ISSUES RESULTING FROM SUCH FAILURE; AND LPL'S FAILURE TO MAINTAIN CERTAIN BOOKS AND RECORDS TO ENSURE FULL AND PROPER
COMPLIANCE FOR STATE SECURITIES REGISTRATION REQUIREMENTS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
05/20/2019
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 499,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
OFFERS OF RESTITUTION; UNDERTAKINGS
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE ADMINISTRATIVE ORDER ON
CONSENT (ORDER), AND CONSENTED TO THE ENTRY OF THE ORDER BY THE WYOMING SECRETARY OF STATE. LPL ALSO AGREED TO (1) OFFER TO
REPURCHASE AFFECTED SECURITIES OR REMEDIATE CUSTOMER LOSSES FOR CERTAIN SECURITIES SOLD TO RESIDENTS OF WYOMING IN
VIOLATION OF WYOMING'S SECURITIES REGISTRATION REQUIREMENTS PURSUANT TO THE TERMS SET FORTH IN THE ORDER, (2) CERTAIN
ADDITIONAL UNDERTAKINGS, AND (3) PAY THE WYOMING SECRETARY OF STATE A SUM IN THE AMOUNT OF $499,000.00 WHICH WAS REMITTED
IN OR ABOUT JUNE 2019.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A SETTLEMENT REGARDING THE SALE OF UNREGISTERED, NON-EXEMPT SECURITIES BY LPL DURING THE RELEVANT PERIOD
RESULTING FROM AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COMPOSED OF MEMBERS OF NASAA. IN CONNECTION WITH THE
RESOLUTION, EACH OF THE PARTICIPATING INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS AGAINST LPL, IN WHICH LPL NEITHER ADMITS
NOR DENIES THE ALLEGATIONS. IN THIS INSTANCE, WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO THE ABOVE DESCRIBED
SANCTIONS. IN ADDITION, THE WYOMING SECRETARY OF STATE AND LPL AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY
DISQUALIFICATIONS UNDER THE LAWS OF THE UNITED STATES, ANY STATE, OR THE UNITED STATES TERRITORIES, AND INCLUDING WITHOUT
LIMITATION, ANY DISQUALIFICATION FROM RELYING UPON THE STATE OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH
WAS ALSO PART OF THE AGREEMENT WITH NASAA. FURTHERMORE, THE WYOMING SECRETARY OF STATE AND LPL AGREED THAT NOTHING IN THE

ORDER IS INTENDED TO FORM THE BASIS FOR DISQUALIFICATION UNDER FINRA OR OTHER SRO RULES PROHIBITING CONTINUANCE IN MEMBERSHIP.
FINALLY, THE ORDER IS NOT INTENDED TO BE A FINAL ORDER BASED UPON VIOLATIONS OF ANY WYOMING STATUTE, RULE, OR REGULATION THAT
PROHIBITS FRAUDULENT, MANIPULATIVE OR DECEPTIVE CONDUCT.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
IOWA INSURANCE DIVISION
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
CIVIL AND ADMINISTRATIVE PENALTY; OFFERS OF RESTITUTION; UNDERTAKINGS

3.
Date Initiated (MM/DD/YYYY): 
06/13/2019
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
98196
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Other
Other Product Types: 
NON-REGISTERED, NON-EXEMPT SECURITIES
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG MEMBERS OF THE NORTH AMERICAN
SECURITIES ADMINISTRATORS ASSOCIATION INC. (NASAA), THE IOWA INSURANCE DIVISION (DIVISION) ALLEGED THAT DURING THE PERIOD OF
APPROXIMATELY OCTOBER 1, 2006 THROUGH MAY 1, 2018 (RELEVANT PERIOD), LPL FINANCIAL LLC (LPL) SOLD UNREGISTERED, NON-EXEMPT
SECURITIES IN IOWA; FAILED TO REASONABLY SUPERVISE AND MAINTAIN ADEQUATE SYSTEMS TO PREVENT THE SALE OF UNREGISTERED, NON-EXEMPT
SECURITIES, INCLUDING WITH RESPECT TO LPL'S RETENTION, USE, AND SUBSEQUENT CANCELLATION OF CERTAIN THIRD-PARTY SERVICES UTILIZED
FOR COMPLIANCE WITH STATE SECURITIES REGISTRATION REQUIREMENTS; CERTAIN OTHER DEFICIENCIES WITHIN LPL'S COMPLIANCE STRUCTURE
RELATED TO LPL'S CONTROLS, MONITORING AND REPORTING TOOLS, AND ESCALATION PROTOCOLS IN RELATION TO LPL'S RESPONSE TO COMPLIANCE
ISSUES RESULTING FROM SUCH FAILURE; AND LPL'S FAILURE TO MAINTAIN CERTAIN BOOKS AND RECORDS TO ENSURE FULL AND PROPER COMPLIANCE
FOR STATE SECURITIES REGISTRATION REQUIREMENTS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
06/13/2019
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 499,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
OFFERS OF RESTITUTION; UNDERTAKINGS
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE CONSENT ORDER (ORDER), AND
CONSENTED TO THE ENTRY OF THE ORDER BY THE DIVISION. LPL ALSO AGREED TO (1) OFFER TO REPURCHASE AFFECTED SECURITIES OR
REMEDIATE CUSTOMER LOSSES FOR CERTAIN SECURITIES SOLD TO RESIDENTS OF IOWA IN VIOLATION OF IOWA'S SECURITIES REGISTRATION
REQUIREMENTS PURSUANT TO THE TERMS SET FORTH IN THE ORDER, (2) CERTAIN ADDITIONAL UNDERTAKINGS, AND (3) PAY THE DIVISION A SUM
IN THE AMOUNT OF $499,000.00 WHICH WAS REMITTED IN OR ABOUT JULY 2019.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A SETTLEMENT REGARDING THE SALE OF UNREGISTERED, NON-EXEMPT SECURITIES BY LPL DURING THE RELEVANT PERIOD
RESULTING FROM AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COMPOSED OF MEMBERS OF NASAA. IN CONNECTION WITH THE
RESOLUTION, EACH OF THE PARTICIPATING INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS AGAINST LPL, IN WHICH LPL NEITHER ADMITS
NOR DENIES THE ALLEGATIONS. IN THIS INSTANCE, WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO THE ABOVE DESCRIBED
SANCTIONS. IN ADDITION, THE DIVISION AND LPL AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE LAWS
OF THE UNITED STATES, ANY STATE, OR THE UNITED STATES TERRITORIES, AND INCLUDING WITHOUT LIMITATION, ANY DISQUALIFICATION FROM

RELYING UPON THE STATE OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH WAS ALSO PART OF THE AGREEMENT WITH
NASAA. FURTHERMORE, THE DIVISION AND LPL AGREED THAT NOTHING IN THE ORDER IS INTENDED TO FORM THE BASIS FOR DISQUALIFICATION
UNDER FINRA OR OTHER SRO RULES PROHIBITING CONTINUANCE IN MEMBERSHIP. FINALLY, THE ORDER IS NOT INTENDED TO BE A FINAL ORDER
BASED UPON VIOLATIONS OF ANY IOWA STATUTE, RULE, OR REGULATION THAT PROHIBITS FRAUDULENT, MANIPULATIVE OR DECEPTIVE CONDUCT.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
OFFICE OF THE ATTORNEY GENERAL OF THE STATE OF NEW YORK
2.
Principal Sanction:
Other
Other Sanctions: 
ASSURANCE OF DISCONTINUANCE; CIVIL AND ADMINISTRATIVE PENALTY; OFFERS OF RESTITUTION; UNDERTAKINGS

3.
Date Initiated (MM/DD/YYYY): 
06/28/2019
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
19-067
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Other
Other Product Types: 
NON-REGISTERED, NON-EXEMPT SECURITIES
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG MEMBERS OF THE NORTH AMERICAN
SECURITIES ADMINISTRATORS ASSOCIATION INC. (NASAA), THE OFFICE OF THE ATTORNEY GENERAL OF THE STATE OF NEW YORK (OAG) ALLEGED THAT
DURING THE PERIOD OF APPROXIMATELY OCTOBER 1, 2006 THROUGH MAY 1, 2018 (RELEVANT PERIOD), LPL FINANCIAL LLC (LPL) SOLD
UNREGISTERED, NON-EXEMPT SECURITIES; FAILED TO REASONABLY SUPERVISE AND MAINTAIN ADEQUATE SYSTEMS TO PREVENT THE SALE OF
UNREGISTERED, NON-EXEMPT SECURITIES, INCLUDING WITH RESPECT TO LPL'S RETENTION, USE, AND SUBSEQUENT CANCELLATION OF CERTAIN
THIRD-PARTY SERVICES UTILIZED FOR COMPLIANCE WITH STATE SECURITIES REGISTRATION REQUIREMENTS; AND CERTAIN OTHER DEFICIENCIES
WITHIN LPL'S COMPLIANCE STRUCTURE RELATED TO LPL'S CONTROLS, MONITORING AND REPORTING TOOLS, AND ESCALATION PROTOCOLS IN
RELATION TO LPL'S RESPONSE TO COMPLIANCE ISSUES RESULTING FROM SUCH FAILURE.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Settled
11. Resolution Date (MM/DD/YYYY):
06/28/2019
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 499,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
OFFERS OF RESTITUTION; UNDERTAKINGS
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS CONTAINED IN THE ASSURANCE OF DISCONTINUANCE (ASSURANCE), AND AGREED TO THE
ENTRY OF THE ASSURANCE BY THE OAG. LPL ALSO AGREED TO (1) OFFER TO REPURCHASE AFFECTED SECURITIES OR REMEDIATE CUSTOMER
LOSSES FOR CERTAIN SECURITIES SOLD TO RESIDENTS OF NEW YORK PURSUANT TO THE TERMS SET FORTH IN THE ASSURANCE, (2) CERTAIN
ADDITIONAL UNDERTAKINGS, AND (3) PAY THE OAG A SUM IN THE AMOUNT OF $499,000.00 WHICH WAS REMITTED IN OR ABOUT JULY 2019.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A SETTLEMENT REGARDING THE SALE OF UNREGISTERED, NON-EXEMPT SECURITIES BY LPL DURING THE RELEVANT PERIOD
RESULTING FROM AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COMPOSED OF MEMBERS OF NASAA. IN CONNECTION WITH THE
RESOLUTION, EACH OF THE PARTICIPATING INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS AGAINST LPL, IN WHICH LPL NEITHER ADMITS
NOR DENIES THE ALLEGATIONS. IN THIS INSTANCE, WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO THE ABOVE DESCRIBED
SANCTIONS. IN ADDITION, THE OAG AND LPL AGREED THAT THE ASSURANCE WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE LAWS
OF THE UNITED STATES, ANY STATE, OR THE UNITED STATES TERRITORIES, AND INCLUDING WITHOUT LIMITATION, ANY DISQUALIFICATION FROM
RELYING UPON THE STATE OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH WAS ALSO PART OF THE AGREEMENT WITH

NASAA. FURTHERMORE, THE OAG AND LPL AGREED THAT NOTHING IN THE ASSURANCE IS INTENDED TO FORM THE BASIS FOR DISQUALIFICATION
UNDER FINRA OR OTHER SRO RULES PROHIBITING CONTINUANCE IN MEMBERSHIP. FINALLY, THE ASSURANCE IS NOT INTENDED TO BE A FINAL ORDER
BASED UPON VIOLATIONS OF ANY JURISDICTION'S STATUTE, RULE, OR REGULATION THAT PROHIBITS FRAUDULENT, MANIPULATIVE OR DECEPTIVE
CONDUCT.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
TENNESSEE DEPARTMENT OF COMMERCE AND INSURANCE
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
CIVIL AND ADMINISTRATIVE PENALTY; OFFERS OF RESTITUTION; UNDERTAKINGS

3.
Date Initiated (MM/DD/YYYY): 
07/10/2019
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
19-016
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Other
Other Product Types: 
NON-REGISTERED, NON-EXEMPT SECURITIES
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG MEMBERS OF THE NORTH AMERICAN
SECURITIES ADMINISTRATORS ASSOCIATION INC. (NASAA), THE TENNESSEE DEPARTMENT OF COMMERCE AND INSURANCE (DEPARTMENT) ALLEGED
THAT DURING THE PERIOD OF APPROXIMATELY OCTOBER 1, 2006 THROUGH MAY 1, 2018 (RELEVANT PERIOD), LPL FINANCIAL LLC (LPL) SOLD
UNREGISTERED, NON-EXEMPT SECURITIES IN TENNESSEE; FAILED TO REASONABLY SUPERVISE AND MAINTAIN ADEQUATE SYSTEMS TO PREVENT THE
SALE OF UNREGISTERED, NON-EXEMPT SECURITIES, INCLUDING WITH RESPECT TO LPL'S RETENTION, USE, AND SUBSEQUENT CANCELLATION OF
CERTAIN THIRD-PARTY SERVICES UTILIZED FOR COMPLIANCE WITH STATE SECURITIES REGISTRATION REQUIREMENTS; CERTAIN OTHER DEFICIENCIES
WITHIN LPL'S COMPLIANCE STRUCTURE RELATED TO LPL'S CONTROLS, MONITORING AND REPORTING TOOLS, AND ESCALATION PROTOCOLS IN
RELATION TO LPL'S RESPONSE TO COMPLIANCE ISSUES RESULTING FROM SUCH FAILURE; AND LPL'S FAILURE TO MAINTAIN CERTAIN BOOKS AND
RECORDS TO ENSURE FULL AND PROPER COMPLIANCE FOR STATE SECURITIES REGISTRATION REQUIREMENTS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
07/10/2019
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 499,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
OFFERS OF RESTITUTION; UNDERTAKINGS
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE CONSENT ORDER (ORDER), AND
CONSENTED TO THE ENTRY OF THE ORDER BY THE DEPARTMENT. LPL ALSO AGREED TO (1) OFFER TO REPURCHASE AFFECTED SECURITIES OR
REMEDIATE CUSTOMER LOSSES FOR CERTAIN SECURITIES SOLD TO RESIDENTS OF TENNESSEE IN VIOLATION OF TENNESSEE'S SECURITIES
REGISTRATION REQUIREMENTS PURSUANT TO THE TERMS SET FORTH IN THE ORDER, (2) CERTAIN ADDITIONAL UNDERTAKINGS, AND (3) PAY THE
DEPARTMENT A SUM IN THE AMOUNT OF $499,000.00 WHICH WAS REMITTED IN OR ABOUT JULY 2019.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A SETTLEMENT REGARDING THE SALE OF UNREGISTERED, NON-EXEMPT SECURITIES BY LPL DURING THE RELEVANT PERIOD
RESULTING FROM AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COMPOSED OF MEMBERS OF NASAA. IN CONNECTION WITH THE
RESOLUTION, EACH OF THE PARTICIPATING INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS AGAINST LPL, IN WHICH LPL NEITHER ADMITS
NOR DENIES THE ALLEGATIONS. IN THIS INSTANCE, WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO THE ABOVE DESCRIBED
SANCTIONS. IN ADDITION, THE DEPARTMENT AND LPL AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE

LAWS OF THE UNITED STATES, ANY STATE, OR THE UNITED STATES TERRITORIES, AND INCLUDING WITHOUT LIMITATION, ANY DISQUALIFICATION FROM
RELYING UPON THE STATE OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH WAS ALSO PART OF THE AGREEMENT WITH
NASAA. FURTHERMORE, THE DEPARTMENT AND LPL AGREED THAT NOTHING IN THE ORDER IS INTENDED TO FORM THE BASIS FOR DISQUALIFICATION
UNDER FINRA OR OTHER SRO RULES PROHIBITING CONTINUANCE IN MEMBERSHIP. FINALLY, THE ORDER IS NOT INTENDED TO BE A FINAL ORDER
BASED UPON VIOLATIONS OF ANY TENNESSEE STATUTE, RULE, OR REGULATION THAT PROHIBITS FRAUDULENT, MANIPULATIVE OR DECEPTIVE
CONDUCT.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
WEST VIRGINIA SECURITIES DIVISION
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 

CIVIL AND ADMINISTRATIVE PENALTY; OFFERS OF RESTITUTION; UNDERTAKINGS
3.
Date Initiated (MM/DD/YYYY): 
07/22/2019
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
18-0018
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Other
Other Product Types: 
NON-REGISTERED, NON-EXEMPT SECURITIES
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG MEMBERS OF THE NORTH AMERICAN
SECURITIES ADMINISTRATORS ASSOCIATION INC. (NASAA), THE WEST VIRGINIA SECURITIES DIVISION (DIVISION) ALLEGED THAT DURING THE PERIOD
OF APPROXIMATELY OCTOBER 1, 2006 THROUGH MAY 1, 2018 (RELEVANT PERIOD), LPL FINANCIAL LLC (LPL) SOLD UNREGISTERED, NON-EXEMPT
SECURITIES IN WEST VIRGINIA; FAILED TO REASONABLY SUPERVISE AND MAINTAIN ADEQUATE SYSTEMS TO PREVENT THE SALE OF UNREGISTERED,
NON-EXEMPT SECURITIES, INCLUDING WITH RESPECT TO LPL'S RETENTION, USE, AND SUBSEQUENT CANCELLATION OF CERTAIN THIRD-PARTY
SERVICES UTILIZED FOR COMPLIANCE WITH STATE SECURITIES REGISTRATION REQUIREMENTS; CERTAIN OTHER DEFICIENCIES WITHIN LPL'S
COMPLIANCE STRUCTURE RELATED TO LPL'S CONTROLS, MONITORING AND REPORTING TOOLS, AND ESCALATION PROTOCOLS IN RELATION TO LPL'S
RESPONSE TO COMPLIANCE ISSUES RESULTING FROM SUCH FAILURE; AND LPL'S FAILURE TO MAINTAIN CERTAIN BOOKS AND RECORDS TO ENSURE
FULL AND PROPER COMPLIANCE FOR STATE SECURITIES REGISTRATION REQUIREMENTS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
07/22/2019
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 499,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
OFFERS OF RESTITUTION; UNDERTAKINGS
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE ADMINISTRATIVE CONSENT ORDER
(ORDER), AND CONSENTED TO THE ENTRY OF THE ORDER BY THE DIVISION. LPL ALSO AGREED TO (1) OFFER TO REPURCHASE AFFECTED
SECURITIES OR REMEDIATE CUSTOMER LOSSES FOR CERTAIN SECURITIES SOLD TO RESIDENTS OF WEST VIRGINIA IN VIOLATION OF WEST
VIRGINIA'S SECURITIES REGISTRATION REQUIREMENTS PURSUANT TO THE TERMS SET FORTH IN THE ORDER, (2) CERTAIN ADDITIONAL
UNDERTAKINGS, AND (3) PAY THE DIVISION A SUM IN THE AMOUNT OF $499,000.00 WHICH WAS REMITTED IN OR ABOUT JULY 2019.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A SETTLEMENT REGARDING THE SALE OF UNREGISTERED, NON-EXEMPT SECURITIES BY LPL DURING THE RELEVANT PERIOD
RESULTING FROM AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COMPOSED OF MEMBERS OF NASAA. IN CONNECTION WITH THE
RESOLUTION, EACH OF THE PARTICIPATING INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS AGAINST LPL, IN WHICH LPL NEITHER ADMITS

NOR DENIES THE ALLEGATIONS. IN THIS INSTANCE, WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO THE ABOVE DESCRIBED
SANCTIONS. IN ADDITION, THE DIVISION AND LPL AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE LAWS
OF THE UNITED STATES, ANY STATE, OR THE UNITED STATES TERRITORIES, AND INCLUDING WITHOUT LIMITATION, ANY DISQUALIFICATION FROM
RELYING UPON THE STATE OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH WAS ALSO PART OF THE AGREEMENT WITH
NASAA. FURTHERMORE, THE DIVISION AND LPL AGREED THAT NOTHING IN THE ORDER IS INTENDED TO FORM THE BASIS FOR DISQUALIFICATION
UNDER FINRA OR OTHER SRO RULES PROHIBITING CONTINUANCE IN MEMBERSHIP. FINALLY, THE ORDER IS NOT INTENDED TO BE A FINAL ORDER
BASED UPON VIOLATIONS OF ANY WEST VIRGINIA STATUTE, RULE, OR REGULATION THAT PROHIBITS FRAUDULENT, MANIPULATIVE OR DECEPTIVE
CONDUCT.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
MASSACHUSETTS SECURITIES DIVISION
2.
Principal Sanction:

Undertaking
Other Sanctions: 
CEASE AND DESIST, CENSURE, CIVIL AND ADMINISTRATIVE FINE
3.
Date Initiated (MM/DD/YYYY): 
06/26/2019
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
E-2019-0041
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
No Product
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
DURING THE RELEVANT TIME PERIOD OF MARCH 1, 2013 TO APRIL 4, 2019, THE MASSACHUSETTS SECURITIES DIVISION FOUND LPL FAILED TO TIMELY
REGISTER WITH THE DIVISION CERTAIN AGENTS REQUIRED TO BE REGISTERED IN MASSACHUSETTS. LPL ALSO FAILED TO PROPERLY AND TIMELY
AMEND FORMS U4 AND U5 FOR AGENTS WHO WERE REGISTERED IN MASSACHUSETTS THAT SUBSEQUENTLY BECAME MATERIALLY INACCURATE OR IN
COMPLETE.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Order
11. Resolution Date (MM/DD/YYYY):
06/26/2019
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 1,100,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
ADDITIONAL UNDERTAKINGS.
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED OR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE ADMINISTRATIVE CONSENT ORDER,
AND CONSENTED TO THE ENTRY OF THE ORDER BY THE DIVISION. LPL ALSO AGREED TO (1) CEASE AND DESIST, (2) CENSURED BY THE DIVISION,
(3) ADDITIONAL UNDERTAKINGS, AND (4) PAY THE DIVISION AN ADMINISTRATIVE FINE IN THE AMOUNT OF $1,100,000.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action

Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
GEORGIA SECURITIES DIVISION
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
CIVIL AND ADMINISTRATIVE PENALTY; OFFERS OF RESTITUTION; UNDERTAKINGS
3.
Date Initiated (MM/DD/YYYY): 
08/06/2019
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
ENSC-190782
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:

Other
Other Product Types: 
NON-REGISTERED, NON-EXEMPT SECURITIES
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG MEMBERS OF THE NORTH AMERICAN
SECURITIES ADMINISTRATORS ASSOCIATION INC. (NASAA), THE GEORGIA SECURITIES DIVISION (DIVISION) ALLEGED THAT DURING THE PERIOD OF
APPROXIMATELY OCTOBER 1, 2006 THROUGH MAY 1, 2018 (RELEVANT PERIOD), LPL FINANCIAL LLC (LPL) SOLD UNREGISTERED, NON-EXEMPT
SECURITIES IN GEORGIA; FAILED TO REASONABLY SUPERVISE AND MAINTAIN ADEQUATE SYSTEMS TO PREVENT THE SALE OF UNREGISTERED, NON-
EXEMPT SECURITIES, INCLUDING WITH RESPECT TO LPL'S RETENTION, USE, AND SUBSEQUENT CANCELLATION OF CERTAIN THIRD-PARTY SERVICES
UTILIZED FOR COMPLIANCE WITH STATE SECURITIES REGISTRATION REQUIREMENTS; CERTAIN OTHER DEFICIENCIES WITHIN LPL'S COMPLIANCE
STRUCTURE RELATED TO LPL'S CONTROLS, MONITORING AND REPORTING TOOLS, AND ESCALATION PROTOCOLS IN RELATION TO LPL'S RESPONSE TO
COMPLIANCE ISSUES RESULTING FROM SUCH FAILURE; AND LPL'S FAILURE TO MAINTAIN CERTAIN BOOKS AND RECORDS TO ENSURE FULL AND PROPER
COMPLIANCE FOR STATE SECURITIES REGISTRATION REQUIREMENTS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
08/06/2019
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 499,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
OFFERS OF RESTITUTION; UNDERTAKINGS
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE ADMINISTRATIVE CONSENT ORDER
(ORDER), AND CONSENTED TO THE ENTRY OF THE ORDER BY THE DIVISION. LPL ALSO AGREED TO (1) OFFER TO REPURCHASE AFFECTED
SECURITIES OR REMEDIATE CUSTOMER LOSSES FOR CERTAIN SECURITIES SOLD TO RESIDENTS OF GEORGIA IN VIOLATION OF GEORGIA'S
SECURITIES REGISTRATION REQUIREMENTS PURSUANT TO THE TERMS SET FORTH IN THE ORDER, (2) CERTAIN ADDITIONAL UNDERTAKINGS, AND
(3) PAY THE DIVISION A SUM IN THE AMOUNT OF $499,000.00 WHICH WAS REMITTED IN OR ABOUT AUGUST 2019.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS ACTION IS PART OF A SETTLEMENT REGARDING THE SALE OF UNREGISTERED, NON-EXEMPT SECURITIES BY LPL DURING THE RELEVANT PERIOD
RESULTING FROM AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COMPOSED OF MEMBERS OF NASAA. IN CONNECTION WITH THE
RESOLUTION, EACH OF THE PARTICIPATING INDIVIDUAL JURISDICTIONS MAY ENTER CONSENT ORDERS AGAINST LPL, IN WHICH LPL NEITHER ADMITS
NOR DENIES THE ALLEGATIONS. IN THIS INSTANCE, WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO THE ABOVE DESCRIBED
SANCTIONS. IN ADDITION, THE DIVISION AND LPL AGREED THAT THE ORDER WOULD NOT SUBJECT LPL TO ANY DISQUALIFICATIONS UNDER THE LAWS
OF THE UNITED STATES, ANY STATE, OR THE UNITED STATES TERRITORIES, AND INCLUDING WITHOUT LIMITATION, ANY DISQUALIFICATION FROM
RELYING UPON THE STATE OR FEDERAL REGISTRATION EXEMPTIONS OR SAFE HARBOR PROVISIONS, WHICH WAS ALSO PART OF THE AGREEMENT WITH
NASAA. FURTHERMORE, THE DIVISION AND LPL AGREED THAT NOTHING IN THE ORDER IS INTENDED TO FORM THE BASIS FOR DISQUALIFICATION
UNDER FINRA OR OTHER SRO RULES PROHIBITING CONTINUANCE IN MEMBERSHIP. FINALLY, THE ORDER IS NOT INTENDED TO BE A FINAL ORDER
BASED UPON VIOLATIONS OF ANY GEORGIA STATUTE, RULE, OR REGULATION THAT PROHIBITS FRAUDULENT, MANIPULATIVE OR DECEPTIVE CONDUCT.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.

Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
FINRA
2.
Principal Sanction:
Censure
Other Sanctions: 
UNDERTAKINGS
3.
Date Initiated (MM/DD/YYYY): 
12/26/2019
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
2018058621001
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL LLC

6.
Principal Product Type:
Other
Other Product Types: 
UNIFORM GIFTS TO MINORS ACT AND/OR UNIFORM TRANSFERS TO MINORS ACT ACCOUNTS
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
DURING THE RELEVANT TIME PERIODS OF JANUARY 1, 2014 THROUGH SEPTEMBER 30, 2018, LPL FINANCIAL LLC ("FIRM") DID NOT ESTABLISH
REASONABLE SYSTEMS OR PROCEDURES RELATED TO THE OBLIGATION TO TIMELY TRANSFER CONTROL OVER THE CUSTODIAL PROPERTY TO THE
BENEFICIARY OF UNIFORM TRANSFERS TO MINORS ACT ("UTMA") ACCOUNTS. AS A RESULT, UTMA ACCOUNT CUSTODIANS AUTHORIZED TRANSACTIONS
IN AT LEAST 5,249 UTMA ACCOUNTS HELD AT LPL IN WHICH THE BENEFICIARIES HAD REACHED THE AGE OF TRUST TERMINATION. ACCORDINGLY, THE
FIRM FAILED TO ESTABLISH AND MAINTAIN A SYSTEM, AND ESTABLISH, MAINTAIN, AND ENFORCE WRITTEN SUPERVISORY PROCEDURES WITH RESPECT
TO ITS UNIFORM GIFT TO MINORS ACT AND/OR UTMA ACCOUNTS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Acceptance, Waiver & Consent(AWC)
11. Resolution Date (MM/DD/YYYY):
12/26/2019
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 300,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKINGS
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
WITHOUT ADMITTING OR DENYING THE FINDINGS BY FINRA, THE FIRM SUBMITTED A LETTER OF ACCEPTANCE, WAIVER, AND CONSENT AGREEING
TO (1) A CENSURE, (2) A $300,000.00 FINE, AND (3) UNDERTAKINGS WHICH INCLUDES CERTIFICATION THE FIRM HAS COMPLETED A REVIEW OF
ITS POLICIES, SYSTEMS, AND PROCEDURES REGARDING THE SUPERVISION OF CUSTODIAL AND GUARDIANSHIP ACCOUNTS ESTABLISHED FOR
THE BENEFIT OF A MINOR; AND THE FIRM'S POLICIES, SYSTEMS, AND PROCEDURES ARE REASONABLY DESIGNED TO ACHIEVE COMPLIANCE WITH
APPLICABLE SECURITIES LAWS, REGULATIONS, AND FINRA RULES, INCLUDING FINRA RULE 2090.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 

One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
OHIO DEPARTMENT OF INSURANCE
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
01/08/2020
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
N/A
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL LLC
6.
Principal Product Type:
No Product
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE OHIO DEPARTMENT OF INSURANCE ("DEPARTMENT") FOUND LPL FINANCIAL LLC FAILED TO TIMELY REPORT ADMINISTRATIVE ACTIONS TO THE
DEPARTMENT, IN VIOLATION OF SECTION 3905.22(A) PURSUANT TO TITLE 39 OF THE REVISED CODE.
8.
Current Status?      
 Pending
 On Appeal
 Final

9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Order
11. Resolution Date (MM/DD/YYYY):
01/08/2020
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 3,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL ADMITTED TO THE ALLEGATIONS AND AGREED TO (1) PAY A CIVIL PENALTY IN THE AMOUNT OF $2,500.00 AND (2) PAY ADMINISTRATIVE
COSTS IN THE AMOUNT OF $500.00.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.

This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
NEW HAMPSHIRE BUREAU OF SECURITIES REGULATION
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
RESTITUTION AND COST OF INVESTIGATION.
3.
Date Initiated (MM/DD/YYYY): 
07/30/2020
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
I-2019000029
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
No Product
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE NEW HAMPSHIRE BUREAU OF SECURITIES REGULATION ("BUREAU") CONDUCTED AN INVESTIGATION AGAINST REPRESENTATIVE, DANIEL STOKES,
INVOLVING SOLICITATION OF UNSECURED PROMISSORY NOTES FROM LPL CLIENTS FOR A PURPORTED INVESTMENT OPPORTUNITY, WHICH DID NOT
OCCUR ON LPL SYSTEMS. THE BUREAU CONCLUDED MR. STOKES DEFRAUDED INVESTORS IN FURTHERANCE OF THE FALSE INVESTMENT OPPORTUNITY.
IN CONNECTION WITH THIS INVESTIGATION, THE BUREAU DETERMINED LPL FINANCIAL LLC FAILED TO REASONABLY SUPERVISE MR. STOKES, IN
VIOLATION OF N.H. RSA 421-B:4-412(D)(9).
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Order
11. Resolution Date (MM/DD/YYYY):
07/30/2020
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?

 Monetary/Fine Amount: $ 400,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKINGS OUTLINED IN THE ORDER.
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
WITHOUT ADMITTING OR DENYING THE FACTS OR ALLEGATIONS, LPL SUBMITTED AN OFFER OR SETTLEMENT TO THE BUREAU AND CONSENTED TO
THE ENTRY OF THE ORDER, UNDERTAKINGS AND SANCTIONS. LPL AGREES TO (1) CEASE AND DESIST FROM FURTHER VIOLATION OF N.H. RSA 421-
B:4-412(D)(9) AND FULLY ADHERE TO HEIGHTENED SUPERVISION PLANS OF AGENTS DOING BUSINESS WITH NEW HAMPSHIRE CLIENTS, (2) PAY
RESTITUTION TO INVESTORS IN THE AMOUNT OF $576,000.00, (3) MAKE WRITTEN OFFERS TO CLIENTS, (4) PAY THE BUREAU A FINE OF
$275,000.00, COST OF INVESTIGATION OF $75,000.00, AND DISGORGEMENT OF $50,000.00, AND (5) COMPLY WITH ALL UNDERTAKINGS
OUTLINED IN THE ORDER.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to

the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
SOUTH DAKOTA DIVISION OF INSURANCE
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
11/23/2020
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
N/A
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
No Product
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE SOUTH DAKOTA DIVISION OF INSURANCE ("DIVISION") ALLEGED LPL FINANCIAL LLC ("LPL") ESTABLISHED TWO ACCOUNTS IN RESTRICTED
STATUS WITHOUT ADEQUATE PERMISSION, IN VIOLATION OF SDCL 47-31B-412(D)(9).
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Order
11. Resolution Date (MM/DD/YYYY):
11/23/2020
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 2,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE ALLEGATIONS IN THE CONSENT ORDER. LPL AGREED TO PAY A MONETARY PENALTY IN THE AMOUNT OF
$2,000.00 IN LIEU OF CONTESTING THIS MATTER FORMALLY.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response

must fit within the space provided).

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
FINRA
2.
Principal Sanction:
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
12/31/2020
 Exact
 Explanation
If not exact, provide explanation:

4.
Docket/Case Number:
2018059192701
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
No Product
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
WITHOUT ADMITTING OR DENYING THE FINDINGS, LPL FINANCIAL LLC ("THE FIRM") CONSENTED TO THE SANCTIONS AND TO THE ENTRY OF FINDINGS
THAT IT FAILED TO ESTABLISH AND MAINTAIN A SUPERVISORY SYSTEM, INCLUDING WRITTEN PROCEDURES, REASONABLY DESIGNED TO ACHIEVE
COMPLIANCE WITH REGULATORY OBLIGATIONS INCLUDING RECORD RETENTION, FINGERPRINTING AND SCREENING OF ASSOCIATED PERSONS, AND
SUPERVISION OF CONSOLIDATED REPORTS. THE FINDINGS STATED THAT, AMONG OTHER THINGS, THE FIRM FAILED TO RETAIN ELECTRONIC RECORDS
IN THE REQUIRED FORMAT, PRESERVE CERTAIN ELECTRONIC RECORDS, AND NOTIFY FINRA PRIOR TO EMPLOYING ELECTRONIC STORAGEMEDIA, IN
VIOLATION OF SECTION 17(A) AND RULE 17A-4 OF THE SECURITIES EXCHANGE ACT OF 1934. THE FIRM'S FAILURE AFFECTED AT LEAST 87 MILLION
RECORDS AND LED TO THE PERMANENT DELETION OF OVER 1.5 MILLION CUSTOMER COMMUNICATIONS MAINTAINED BY A THIRD-PARTY DATA VENDOR.
FURTHER, THE FIRM FAILED TO SEND ACCOUNT NOTICES THAT ARE REQUIRED TO BE SENT TO CUSTOMERS AT 36-MONTH INTERVALS FOR EACH
ACCOUNT IN WHICH A SUITABILITY DETERMINATION HAD BEEN MADE. THE FINDINGS ALSO STATED THAT THE FIRM FAILED TO FINGERPRINT NON-
REGISTERED ASSOCIATED PERSONS AND THUS FAILED TO SCREEN THESE PERSONS FOR STATUTORY DISQUALIFICATION BASED ON CRIMINAL
CONVICTIONS. THIS FAILURE AROSE FROM THE FIRM'S FAILURE TO MAINTAIN A REASONABLE SUPERVISORY SYSTEM AND PROCEDURES TO IDENTIFY
AND PROPERLY SCREEN ALL PERSONS WHO BECAME ASSOCIATED WITH THE FIRM IN A NON-REGISTERED CAPACITY. THE FIRM HAS NOT CREATED OR
MAINTAINED REQUIRED FINGERPRINT RECORDS FOR THE PERSONS THAT IT FAILED TO FINGERPRINT. SEPARATELY, THE FIRM PERMITTED A NON-
REGISTERED ASSOCIATED PERSON, WHO WAS SUBJECT TO STATUTORY DISQUALIFICATION, TO REMAIN ASSOCIATED WITH THE FIRM. THE FIRM
OBTAINED FINGERPRINTS FOR THE PERSON, SUBMITTED THEM TO FINRA FOR PROCESSING AND RECEIVED A NOTICE FROM FINRA STATING THAT THE
PERSON HAD BEEN CONVICTED OF A MISDEMEANOR FOR POSSESSION OF A FORGED INSTRUMENT, AND WAS THEREFORE SUBJECT TO
DISQUALIFICATION. THE FINDINGS ALSO INCLUDED THAT THE FIRM FAILED TO ESTABLISH AND MAINTAIN A SUPERVISORY SYSTEM REASONABLY
DESIGNED TO SUPERVISE CERTAIN CONSOLIDATED REPORTS. THE FIRM WAS NOT AWARE OF, AND THEREFORE FAILED TO REASONABLY SUPERVISE,
CERTAIN TOOLS THAT ITS APPROVED THIRD-PARTY VENDORS PROVIDED TO THE FIRM'S REGISTERED REPRESENTATIVES TO CREATE AND DISSEMINATE
CONSOLIDATED REPORTS. IN PARTICULAR, THE FIRM'S VENDORS CREATED NON-FINALIZED CONSOLIDATED REPORTS, WHICH, ALTHOUGH INTENDED
FOR INTERNAL USE, COULD BE SENT TO CUSTOMERS. NONETHELESS, THE VENDORS DID NOT SEND SUCH REPORTS TO THE FIRM AND IT THEREFORE
DID NOT REVIEW THEM. THE FIRM'S VENDORS ALSO ALLOWED REPRESENTATIVES AND CUSTOMERS TO DIRECTLY ACCESS CONSOLIDATED REPORTS ON
THE VENDORS' WEBSITES, AND THE FIRM DID NOT RECEIVE OR REVIEW CONSOLIDATE DREPORTS THAT ITS REPRESENTATIVES DISSEMINATED IN THIS
MANNER. THE FIRM ALSO FAILED TO REVIEW ASSETS THAT WERE MANUALLY ENTERED BY REPRESENTATIVES ON CONSOLIDATED REPORTS WHEN THE
REPRESENTATIVES CATEGORIZED THEM AS NON-SECURITIES RELATED, EVEN WHEN THE MANUALLY ENTERED ASSETS WERE EVIDENTLY SECURITIES
RELATED. A FORMER REGISTERED REPRESENTATIVE OF THE FIRM EXPLOITED THESE SUPERVISORY DEFICIENCIES IN PERPETRATING A PONZI SCHEME
THROUGH WHICH HE CONVERTED AT LEAST $1,000,000 OF THE FIRM'S CUSTOMERS' MONEY. THE FORMER REPRESENTATIVE PROVIDED SOME OF HIS
CUSTOMERS WITH DIRECT ACCESS TO THE WEBSITE OF ONE OF THE APPROVED THIRD-PARTY VENDORS, WHERE THEY WERE ABLE TO ACCESS
CONSOLIDATED REPORTS THAT CONTAINED FICTITIOUS, MANUALLY ADDED ASSETS. THE FORMER REPRESENTATIVE ALSO DIRECTLY ACCESSED THE
WEBSITE OF THE VENDOR ON AT LEAST ONE DAY.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Acceptance, Waiver & Consent(AWC)
11. Resolution Date (MM/DD/YYYY):
12/31/2020
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 6,500,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKINGS
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,

disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
THE FIRM WAS CENSURED, FINED $6,500,000 AND REQUIRED TO CONTINUE TO RETAIN A THIRD-PARTY CONSULTANT NOT UNACCEPTABLE TO
FINRA, WITHIN 60 DAYS, TO CONDUCT A COMPREHENSIVE REVIEW OF ITS COMPLIANCE IN THE AREAS IDENTIFIED IN THE ACCEPTANCE, WAIVER
AND CONSENT.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
UNITED STATES SECURITIES AND EXCHANGE COMMISSION

2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
09/30/2021
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
3-20612
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Other
Other Product Types: 
UNSPECIFIED SECURITIES/FUNDS
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE SECURITIES AND EXCHANGE COMMISSION ("COMMISSION") DEEMS IT APPROPRIATE AND IN THE PUBLIC INTEREST THAT PUBLIC ADMINISTRATIVE
AND CEASE-AND-DESIST PROCEEDINGS BE, AND HEREBY ARE, INSTITUTED PURSUANT TO SECTION 8A OF THE SECURITIES ACT OF 1933 ("SECURITIES
ACT"), SECTIONS 15(B) AND 21C OF THE SECURITIES EXCHANGE ACT OF 1934 ("EXCHANGE ACT"), AND SECTIONS 203(E) AND 203(K) OF THE
INVESTMENT ADVISERS ACT OF 1940 ("ADVISERS ACT") AGAINST LPL FINANCIAL LLC ("RESPONDENT" OR "LPL"). THE COMMISSION FINDS THAT THESE
PROCEEDINGS ARISE OUT OF RESPONDENT'S FAILURE TO VERIFY AND RESPOND TO CONFLICTING INFORMATION WHEN IT OPENED A CUSTOMER
ACCOUNT AND PROCESSED WIRE TRANSFERS AT THE REQUEST OF EUGENIO GARCIA JIMENEZ, JR. ("GARCIA"). AS ALLEGED IN THE COMMISSION'S
DECEMBER 1, 2020 COMPLAINT AGAINST GARCIA, HE ACTED AS AN UNREGISTERED INVESTMENT ADVISER AND MISAPPROPRIATED $7.1 MILLION OF
TAXPAYER FUNDS FROM THE MUNICIPIO AUTÓNOMO DE MAYAGÜEZ, PUERTO RICO ("THE CITY") OVER THE COURSE OF SEVEN MONTHS IN 2016. THE
CITY ENTRUSTED GARCIA TO PROVIDE ADVICE AND CARRY OUT HIS PROMISED STRATEGY TO INVEST $9 MILLION OF CITY FUNDS SUCH THAT THEY HAD
PRINCIPAL PROTECTION AND 8-10% RETURNS. AFTER MISAPPROPRIATING $4.1 MILLION OF THE CITY'S FUNDS THROUGH AN ACCOUNT AT BROKERAGE
FIRM 1, GARCIA APPROACHED LPL IN APRIL 2016 TO OPEN AN INVESTMENT ACCOUNT. DURING ITS REVIEW BEFORE OPENING THE ACCOUNT, LPL
FAILED TO COMPLY WITH ITS CUSTOMER IDENTIFICATION PROGRAM PROCEDURES AND, DESPITE VARIOUS INDIVIDUALS IN DIFFERENT DEPARTMENTS
QUESTIONING THE ACCOUNT'S BENEFICIAL OWNERSHIP, SOURCE OF FUNDS, AND REASON FOR TRANSFER FROM THE BROKERAGE FIRM 1, GARCIA
OPENED AN ACCOUNT CONTROLLED BY HIM AT LPL IN JUNE 2016. LPL SUBSEQUENTLY PROCESSED WIRE TRANSFERS THAT GARCIA REQUESTED. IN THE
LESS THAN ONE MONTH BEFORE LPL FROZE (AND LATER LIQUIDATED) THE ACCOUNT, GARCIA WAS ABLE TO MISAPPROPRIATE AN ADDITIONAL $3.1
MILLION OF CITY FUNDS. THROUGH CERTAIN FAILURES, LPL WAS A CAUSE OF GARCIA'S VIOLATIONS OF SECURITIES ACT SECTIONS 17(A)(2) AND (3)
AND ADVISERS ACT SECTION 206(2), WHICH PROHIBIT FRAUDULENT CONDUCT IN THE OFFER OR SALE OF SECURITIES AND UPON ANY CLIENT OR
PROSPECTIVE INVESTMENT ADVISORY CLIENT. FURTHER, LPL WILLFULLY VIOLATED EXCHANGE ACT SECTION 17(A) AND RULE 17A-8 THEREUNDER,
WHICH REQUIRE BROKER-DEALERS TO COMPLY WITH REPORTING, RECORD KEEPING AND RECORD RETENTION REQUIREMENTS IN REGULATIONS
IMPLEMENTED UNDER THE BANK SECRECY ACT, INCLUDING THE CUSTOMER IDENTIFICATION PROGRAM RULE (31 C.F.R. § 1023.22, THE "CIP RULE").
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Order
11. Resolution Date (MM/DD/YYYY):
09/30/2021
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 750,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
PREJUDGMENT INTEREST ON DISGORGEMENT
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of

penalty was waived: 
RESPONDENT IS CENSURED; ORDERED TO CEASE AND DESIST FROM COMMITTING OR CAUSING ANY VIOLATIONS, AND ANY FUTURE VIOLATIONS,
OF SECTION 17(A) OF THE EXCHANGE ACT AND RULE 17A-8 THEREUNDER, SECTIONS 17(A)(2) AND (3) OF THE SECURITIES ACT, AND SECTION
206(2) OF THE ADVISERS ACT; AND SHALL PAY DISGORGEMENT OF $114,318, PREJUDGMENT INTEREST OF $26,884, AND A CIVIL MONEY PENALTY
OF $750,000 TO THE COMMISSION.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
RESPONDENT HAS SUBMITTED AN OFFER OF SETTLEMENT, WHICH THE COMMISSION HAS DETERMINED TO ACCEPT. RESPONDENT WILLFULLY VIOLATED
SECTION 17(A) OF THE EXCHANGE ACT AND RULE 17A-8 THEREUNDER AND WAS A CAUSE OF GARCIA'S VIOLATIONS OF SECTIONS 17(A)(2) AND (3) OF
THE SECURITIES ACT AND SECTION 206(2) OF THE ADVISERS ACT. ACCORDINGLY, IT IS HEREBY ORDERED THAT THE RESPONDENT CEASE AND DESIST
FROM COMMITTING OR CAUSING ANY VIOLATIONS, AND ANY FUTURE VIOLATIONS, OF SECTION 17(A) OF THE EXCHANGE ACT AND RULE 17A-8
THEREUNDER, SECTIONS 17(A)(2) AND (3) OF THE SECURITIES ACT, AND SECTION 206(2) OF THE ADVISERS ACT; IS CENSURED; AND SHALL PAY
DISGORGEMENT OF $114,318, PREJUDGMENT INTEREST OF $26,884, AND A CIVIL MONEY PENALTY OF $750,000 TO THE COMMISSION. LPL HAS PAID
$4.1M RESTITUTION AND HAVE COMPLETED EVERYTHING REQUIRED.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.

PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
CONNECTICUT
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
12/03/2021
 Exact
 Explanation
If not exact, provide explanation:
REFLECTS CONSENT ORDER ENTRY DATE
4.
Docket/Case Number:
CO-21-201911026-S
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
LPL FINANCIAL LLC
6.
Principal Product Type:
No Product
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE CONSENT ORDER ALLEGED THAT THE FIRM VIOLATED SECTION 36B-31-6F OF THE REGULATIONS UNDER THE CONNECTICUT UNIFORM SECURITIES
ACT BY FAILING TO ENFORCE ITS SUPERVISORY PROCEDURES WITH REGARD TO TWO FORMER AGENTS OF THE FIRM, CONNECTICUT RESIDENTS JAMES
THOMAS BOOTH (CRD NUMBER 1906145) AND MATTHEW O. CLASON (CRD NUMBER 4692266). BOOTH ALLEGEDLY MISAPPROPRIATED APPROXIMATELY
$1.1 MILLION FROM HIS LPL FINANCIAL LLC CLIENTS, AND PLEAD GUILTY TO ONE COUNT OF SECURITIES FRAUD IN FEDERAL COURT (UNITED STATES V.
JAMES T. BOOTH, CRIM. NO. 19-CR-00699-JGK (S.D.N.Y.)). ON NOVEMBER 17, 2020, BOOTH WAS SENTENCED TO A 42-MONTH PRISON TERM. BOOTH'S
CONDUCT ALSO INVOLVED GENERATING CONSOLIDATED CLIENT ACCOUNT STATEMENTS WITH FICTITIOUS INVESTMENTS AND SENDING THOSE
STATEMENTS TO CLIENTS IN AN EFFORT TO DECEIVE CLIENTS ABOUT THE VALUE OF THEIR ACCOUNTS. BOOTH HAD BEEN THE SUBJECT OF A JUNE 18,
2020 ORDER ISSUED BY THE COMMISSIONER REVOKING BOOTH'S REGISTRATION AS A BROKER-DEALER AGENT AND INVESTMENT ADVISER AGENT AND
FINING BOOTH $100,000, A PENALTY AMOUNT THAT REMAINS UNPAID. THE REVOCATION WAS UNCONTESTED. THE CONSENT ORDER ACKNOWLEDGED
THAT LPL FINANCIAL LLC HAD ENTERED INTO SETTLEMENTS WITH THOSE FIRM CLIENTS WHO WERE AFFECTED BY BOOTH'S SCHEME, AND THAT THE
FIRM HAD REPAID THOSE CLIENTS A TOTAL OF $1,636,347.07. CLASON PURPORTEDLY OPENED A JOINT BANK ACCOUNT WITH AN LPL FINANCIAL, LLC
CUSTOMER WITHOUT THE FIRM'S KNOWLEDGE, THEN TRANSFERRED APPROXIMATELY $668,000 FROM THE CUSTOMER'S INVESTMENT ACCOUNTS
(APPROX $365,000 FROM HER OUTSIDE RIA INVESTMENT ACCOUNT, AND $253,000 FROM HER BROKERAGE ANNUITY CONTRACTS) TO THE JOINT
ACCOUNT. CLASON THEN PROCEEDED TO WITHDRAW AT LEAST $620,000 FROM THE JOINT ACCOUNT FOR HIS PERSONAL USE WITHOUT THE
CUSTOMER'S KNOWLEDGE OR CONSENT. ON MAY 12, 2021, IN CONNECTION WITH THE FOREGOING CONDUCT, CLASON PLEAD GUILTY TO ONE COUNT
OF WIRE FRAUD IN FEDERAL COURT (UNITED STATES V. MATTHEW O. CLASON, CRIM. NO. 3:21-CR-00066 (D. CONN)). CLASON WAS SENTENCED ON
DECEMBER 6, 2021, TO 30 MONTHS IMPRISONMENT. THE LPL FINANCIAL LLC CUSTOMER AFFECTED BY CLASON'S CONDUCT HAS SINCE BEEN FULLY
COMPENSATED THROUGH A FEBRUARY 25, 2021 SETTLEMENT INVOLVING THE FIRM AND OTHER PARTIES. LPL FINANCIAL, LLC CONTRIBUTED $500,000
TO THAT SETTLEMENT.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
12/03/2021
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 350,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension

B.
Other Sanctions Ordered:
THE CONSENT ORDER DIRECTED LPL FINANCIAL, LLC TO CEASE AND DESIST FROM VIOLATING SECTION 36B-31-6F OF THE REGULATIONS AND TO
COMPLY WITH THE ACT, ITS REGULATIONS AND ANY ORDER UNDER THE ACT. THE CONSENT ORDER ALSO FINED THE FIRM $350,000 AND
REQUIRED THAT IT PAY (WITHIN THE NEXT 30 DAYS) AN ADDITIONAL $150,000 TO THE DEPARTMENT TO BE USED, AT THE COMMISSIONER'S
DISCRETION, FOR FINANCIAL LITERACY AND INVESTOR EDUCATION INITIATIVES, TRAINING AND RELATED MATERIALS.
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
$350,000 PAID PRIOR TO COMMISSIONER'S EXECUTION OF CONSENT ORDER ON DECEMBER 3, 2021. ADDITIONAL $150,000 DUE WITHIN 30
DAYS OF DECEMBER 3, 2021 (SEE ITEM 13.B.).
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.

PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
FINRA
2.
Principal Sanction:
Other
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
12/20/2021
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
2019062530101
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Other
Other Product Types: 
529 SAVINGS PLAN
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO THE SANCTIONS AND TO THE ENTRY OF FINDINGS THAT IT FAILED TO
ESTABLISH AND MAINTAIN A SUPERVISORY SYSTEM REASONABLY DESIGNED TO SUPERVISE REGISTERED REPRESENTATIVES' RECOMMENDATIONS TO
CUSTOMERS THAT THEY ROLLOVER 529 SAVINGS PLAN INVESTMENTS FROM ONE STATE PLAN TO ANOTHER. THE FINDINGS STATED THAT THE FIRM SOLD
529 PLANS THAT OFFERED SALES CHARGE WAIVERS OR CLASS AR SHARES WHEN A CUSTOMER HELD CLASS A SHARES IN ONE STATE-SPONSORED 529
PLAN BUT DECIDED TO ROLL OVER THE SHARES INTO ANOTHER STATE'S 529 PLAN. HOWEVER, THE FIRM DID NOT ESTABLISH AND MAINTAIN A SYSTEM
TO DETERMINE THAT THE WAIVERS WERE APPLIED TO EACH ELIGIBLE TRANSACTION OR THAT ELIGIBLE CUSTOMERS RECEIVED CLASS AR SHARES.
SPECIFICALLY, THE FIRM HAD NO POLICIES OR PROCEDURES TO IDENTIFY THOSE 529 PLANS THAT OFFERED ROLLOVER SALES CHARGE WAIVERS OR
CLASS AR SHARES. THE FIRM FAILED TO ADEQUATELY NOTIFY AND TRAIN ITS REPRESENTATIVES REGARDING THE AVAILABILITY OF SALES CHARGE
WAIVERS AND CLASS AR SHARES. LIKEWISE, THE FIRM FAILED TO ADOPT ANY CONTROLS TO DETECT INSTANCES IN WHICH IT DID NOT PROVIDE
CUSTOMERS WITH AVAILABLE WAIVERS OR CLASS AR SHARES IN CONNECTION WITH ELIGIBLE ROLLOVERS. AS A RESULT, THE FIRM FAILED TO APPLY
AVAILABLE SALES CHARGE WAIVERS OR RECOMMEND CLASS AR SHARES TO THOUSANDS OF TRANSACTIONS WITH AN AGGREGATE PRINCIPAL VALUE OF
APPROXIMATELY $28 MILLION, WHICH RESULTED IN THE FIRM OVERCHARGING CUSTOMERS $982,354 IN FRONT-END SALES CHARGES.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Acceptance, Waiver & Consent(AWC)
11. Resolution Date (MM/DD/YYYY):
12/20/2021
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 

THE FIRM WAS CENSURED AND ORDERED TO PAY $982,354, PLUS INTEREST, IN RESTITUTION TO CUSTOMERS. THE FIRM VOLUNTARILY SELF-
REPORTED POTENTIAL ISSUES WITH ITS SUPERVISORY SYSTEM TO FINRA. ACCORDINGLY, NO MONETARY SANCTION HAS BEEN IMPOSED.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
ON OCTOBER 8, 2021, WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO THE SANCTIONS AND TO THE ENTRY OF FINDINGS
THAT IT FAILED TO ESTABLISH AND MAINTAIN A SUPERVISORY SYSTEM REASONABLY DESIGNED TO SUPERVISE REGISTERED REPRESENTATIVES'
RECOMMENDATIONS TO CUSTOMERS THAT THEY ROLLOVER 529 SAVINGS PLAN INVESTMENTS FROM ONE STATE PLAN TO ANOTHER. AS A RESULT, THE
FIRM FAILED TO APPLY AVAILABLE SALES CHARGE WAIVERS OR RECOMMEND CLASS AR SHARES TO THOUSANDS OF TRANSACTIONS WITH AN
AGGREGATE PRINCIPAL VALUE OF APPROXIMATELY $28 MILLION, WHICH RESULTED IN THE FIRM OVERCHARGING CUSTOMERS $982,354 IN FRONT-END
SALES CHARGES. THE FIRM WAS CENSURED AND ORDERED TO PAY $982,354, PLUS INTEREST, IN RESTITUTION TO CUSTOMERS. THE FIRM
VOLUNTARILY SELF-REPORTED POTENTIAL ISSUES WITH ITS SUPERVISORY SYSTEM TO FINRA. ACCORDINGLY, NO MONETARY SANCTION HAS BEEN
IMPOSED.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:

SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
FINRA
2.
Principal Sanction:
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
08/11/2022
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
2020068870301
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
No Product
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO THE SANCTIONS AND TO THE ENTRY OF FINDINGS THAT IT FAILED TO
ACCURATELY CALCULATE ITS CUSTOMER RESERVE REQUIREMENT AND FAILED TO MAINTAIN A SUFFICIENT CUSTOMER RESERVE. THE FINDINGS STATED
THAT THE FIRM'S CUSTOMER RESERVE CALCULATIONS EXCLUDED CUSTOMER CHECKS THAT THE FIRM HAD RECEIVED BUT NOT YET PROCESSED FOR
DEPOSIT. AS A RESULT, THE FIRM FAILED TO MAKE SUFFICIENT DEPOSITS IN ITS CUSTOMER RESERVE ACCOUNT, CAUSING TWO HINDSIGHT
DEFICIENCIES THAT TOTALED APPROXIMATELY $162 MILLION. THE FINDINGS ALSO STATED THAT THE FIRM FAILED TO ESTABLISH AND MAINTAIN A
SUPERVISORY SYSTEM REASONABLY DESIGNED TO ACHIEVE COMPLIANCE WITH THE SECURITIES EXCHANGE ACT OF 1934 AND FINRA RULES
CONCERNING THE CUSTOMER RESERVE REQUIREMENT. FIRST, THE FIRM'S WRITTEN PROCEDURES WERE NOT REASONABLY DESIGNED TO ENSURE THAT
UNDEPOSITED CUSTOMER CHECKS WOULD BE INCLUDED IN THE FIRM'S CUSTOMER RESERVE CALCULATIONS. THE PROCEDURES FAILED TO SPECIFY
HOW TO HANDLE CUSTOMER CHECKS THAT HAD BEEN RECEIVED BUT HAD NOT YET BEEN PROCESSED FOR DEPOSIT. THEY ALSO LACKED ANY
INFORMATION ABOUT THE REQUIREMENT TO INCLUDE UNDEPOSITED CUSTOMER CHECKS IN THE RESERVE CALCULATION ON THE DATE THE CHECKS
ARE RECEIVED. SECOND, THE FIRM'S SUPERVISION OF ITS EMPLOYEES' HANDLING OF UNDEPOSITED CUSTOMER CHECKS WAS UNREASONABLY
DESIGNED TO EXCLUDE UNDEPOSITED CUSTOMER CHECKS FROM ITS CUSTOMER RESERVE CALCULATION ON THE DATE THE CHECKS WERE RECEIVED.
THE BUSINESS UNIT WITHIN THE FIRM THAT RECEIVED AND PROCESSED CUSTOMER CHECKS PREPARED A DAILY REPORT THAT THE FIRM USED TO
CALCULATE ITS CUSTOMER RESERVE REQUIREMENT. HOWEVER, THAT REPORT DID NOT INCLUDE CUSTOMER CHECKS THAT THE FIRM HAD RECEIVED
BUT NOT YET PROCESSED FOR DEPOSIT. THE FIRM DID NOT TAKE ANY OTHER STEPS TO ENSURE THAT THOSE CHECKS WERE INCLUDED IN THE
CUSTOMER RESERVE CALCULATION ON THE DATE THEY WERE RECEIVED. TWO MONTHS AFTER THE FIRM DISCOVERED THE HINDSIGHT DEFICIENCIES,
IT COMMENCED STEPS TO REVISE ITS RELEVANT SUPERVISORY PROCEDURES. THE FINDINGS ALSO INCLUDED THAT THE FIRM FAILED TO MAINTAIN
ACCURATE BOOKS AND RECORDS AND FILED INACCURATE FINANCIAL AND OPERATIONAL COMBINED UNIFORM SINGLE (FOCUS) REPORTS. BY
IMPROPERLY CALCULATING ITS CUSTOMER RESERVE REQUIREMENTS, THE FIRM CREATED AND MAINTAINED INACCURATE BOOKS AND RECORDS
CONCERNING ITS CUSTOMER RESERVE. IN ADDITION, THE FIRM FILED AT LEAST 17 MONTHLY FOCUS REPORTS THAT DID NOT ACCURATELY REFLECT
THE AMOUNT OF THE FIRM'S CUSTOMER RESERVE OBLIGATION.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Acceptance, Waiver & Consent(AWC)
11. Resolution Date (MM/DD/YYYY):
08/11/2022
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 300,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:

CERTIFICATION
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
THE FIRM WAS CENSURED, FINED $300,000, AND REQUIRED TO CERTIFY THAT IT HAS IMPLEMENTED SUPERVISORY SYSTEMS AND WRITTEN
SUPERVISORY PROCEDURES REASONABLY DESIGNED TO ACHIEVE COMPLIANCE WITH THE CUSTOMER RESERVE REQUIREMENTS OF EXCHANGE
ACT RULE 15C3-3. FINE PAID IN FULL ON AUGUST 21, 2022
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:

SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
FINRA
2.
Principal Sanction:
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
12/07/2022
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
2020067764002
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Annuity(ies) - Fixed
Other Product Types: 
ANNUITY(IES) - VARIABLE
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO THE SANCTIONS AND TO THE ENTRY OF FINDINGS THAT IT FAILED TO
INVESTIGATE RED FLAGS RELATED TO A REGISTERED REPRESENTATIVE'S UNDISCLOSED OUTSIDE BUSINESS ACTIVITIES (OBAS). THE FINDINGS STATED
THAT THE FIRM FAILED TO REASONABLY SUPERVISE TRANSFERS OF FUNDS BY THE REPRESENTATIVE'S FIRM CUSTOMERS TO THIRD PARTIES. IN TOTAL,
THE REPRESENTATIVE CAUSED FIVE FIRM CUSTOMERS TO TRANSFER OVER $650,000 TO A PURPORTED INVESTMENT ADVISORY FIRM OR TO ACCOUNTS
HELD AT A THIRD-PARTY CUSTODIAN FOR WHICH THE PURPORTED INVESTMENT ADVISORY FIRM WAS THE ADVISOR, AFTER WHICH THE FUNDS WERE
CONVERTED BY A THIRD PARTY.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Acceptance, Waiver & Consent(AWC)
11. Resolution Date (MM/DD/YYYY):
12/07/2022
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 150,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
THE FIRM WAS CENSURED AND FINED $150,000.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
PENNSYLVANIA DEPARTMENT OF BANKING AND SECURITIES
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
08/10/2023
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
230028

5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
No Product
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, THE FIRM CONSENTED TO THE SANCTIONS AND TO THE ENTRY OF FINDINGS THAT FROM JANUARY
2018 UNTIL JUNE 2023, LPL FAILED TO REGISTER AT LEAST ONE OF ITS REPRESENTATIVES AS AN INVESTMENT ADVISER REPRESENTATIVE IN
PENNSYLVANIA
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Order
11. Resolution Date (MM/DD/YYYY):
08/10/2023
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 190,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL NEITHER ADMITTED NOR DENIED THE ALLEGATIONS IN THE CONSENT ORDER. LPL AGREED TO PAY AN ADMINISTRATIVE ASSESSMENT IN THE
AMOUNT OF $190,000.00.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I

A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
8733
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
HARVEST FINANCIAL
CORPORATION
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
2.
Principal Sanction:
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:

If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
11. Resolution Date (MM/DD/YYYY):
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item

11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
FINRA
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
CENSURE, RESTITUTION, UNDERTAKING
3.
Date Initiated (MM/DD/YYYY): 
07/25/2023
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
2020067897601
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
No Product
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE FINANCIAL INDUSTRY REGULATORY AUTHORITY (FINRA) ALLEGED THAT LPL FINANCIAL LLC (THE FIRM) FAILED TO ESTABLISH AND MAINTAIN A
SYSTEM TO SUPERVISE THE ACTIVITIES OF ITS REPRESENTATIVES THAT WAS REASONABLY DESIGNED TO ACHIEVE COMPLIANCE WITH APPLICABLE
SECURITIES LAWS AND REGULATIONS, AND WITH APPLICABLE FINRA RULES, RELATED TO THE TRANSMITTAL OF CUSTOMER FUNDS BY WIRE OR CHECK
TO THIRD PARTIES, RESPONDING REASONABLY TO RED FLAGS OF POTENTIAL CONVERSION AND DETECTING POSSIBLE INSTANCES OF FORGERY OR
FALSIFICATION OF ELECTRONIC SIGNATURES, IN VIOLATION OF FINRA RULES 3110, 4511 AND 2010, SECTION 17(A) OF THE SECURITIES EXCHANGE
ACT OF 1934 (EXCHANGE ACT) AND EXCHANGE ACT RULE 17A-3.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Acceptance, Waiver & Consent(AWC)
11. Resolution Date (MM/DD/YYYY):
07/25/2023
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 3,000,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension

B.
Other Sanctions Ordered:
THE FIRM AGREED TO PAY $100,000, PLUS INTEREST, IN RESTITUTION TO CUSTOMERS AND THE IMPOSTION OF AN UNDERTAKING.
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
PAYMENT OF THE IMPOSED FINE WAS REMITTED TO FINRA IN JULY 2023.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
FROM MAY 2018 TO AUGUST 2020, FINRA ALLEGED THAT THE FIRM FAILED TO ESTABLISH AND MAINTAIN A SUPERVISORY SYSTEM REASONABLY
DESIGNED TO ACHIEVE COMPLIANCE WITH APPLICABLE SECURITIES LAWS AND REGULATIONS, AND WITH APPLICABLE FINRA RULES, RELATED TO THE
TRANSMITTAL OF CUSTOMER FUNDS BY WIRE OR CHECK TO THIRD PARTIES AND RESPONDING REASONABLY TO RED FLAGS OF POTENTIAL CONVERSION
BY TWO FORMER REPRESENTATIVES, IN VIOLATION OF FINRA RULES 3110 AND 2010. IN ADDITION, FROM JANUARY 2018 TO JANUARY 2022, THE FIRM
FAILED TO HAVE A SUPERVISORY SYSTEM REASONABLY DESIGNED TO DETECT POSSIBLE INSTANCES OF FORGERY OR FALSIFICATION BY ITS
REPRESENTATIVES RELATED TO ELECTRONIC SIGNATURES, IN VIOLATION OF FINRA RULES 3110, 4511 AND 2010, SECTION 17(A) OF THE EXCHANGE
ACT" AND EXCHANGE ACT RULE 17A-3. WITHOUT ADMITTING OR DENYING THE FINDINGS AND WITHOUT ADJUDICATION OF ANY ISSUE OF LAW OR
FACT, THE FIRM CONSENTED TO THE IMPOSITION OF A CENSURE, A MONETARY FINE IN THE AMOUNT OF $3,000,000, PAYMENT OF CUSTOMER
RESTITUTION IN THE AMOUNT OF $100,000, PLUS INTEREST, AND AN UNDERTAKING.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.

 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
MASSACHUSETTS SECURITIES DIVISION
2.
Principal Sanction:
Censure
Other Sanctions: 
COMPLIANCE; ADMINISTRATIVE FINE
3.
Date Initiated (MM/DD/YYYY): 
10/03/2023
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
E-2022-0055
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
No Product
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IMPROPER USE OF ELECTRONIC SIGNATURES AND FAILURE TO EXERCISE APPROPRIATE SUPERVISION OF AN LPL BRANCH OFFICE.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
10/03/2023
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 250,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
LPL SHALL CONDUCT A COMPREHENSIVE REVIEW OF ITS POLICIES AND WRITTEN SUPERVISORY PROCEDURES RELATED TO BRANCH REVIEWS
AND SUPERVISION OF BRANCH MANAGERS. LPL SHALL ALSO CERTIFY THAT ITS POLICIES AND PROCEDURES INCLUDE REASONABLY DESIGNED
PROCESSES AND TRAINING TO ENABLE DETECTION OF IRREGULARITIES OR ABUSES IN THE APPLICATION OF DIGITAL CUSTOMER SIGNATURES
DURING THE COURSE OF BRANCH REVIEWS AND REASONABLY DESIGNED TRAINING TO ENABLE BRANCH MANAGERS TO DETECT AND PREVENT
IRREGULARITIES OR ABUSES IN THE APPLICATION OF DIGITAL CUSTOMER SIGNATURES. LASTLY, LPL SHALL SUBMIT A REPORT TO THE DIVISION
CONTAINING THE FINDINGS OF THE COMPREHENSIVE INTERNAL REVIEW.
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
250,000 FINE

13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
FINANCIAL INDUSTRY REGULATORY AUTHORITY
2.
Principal Sanction:
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 

12/27/2023
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
2017052494701
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Equity Listed (Common & Preferred Stock)
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE FINANCIAL INDUSTRY REGULATORY AUTHORITY (FINRA) ALLEGED THAT LPL FINANCIAL LLC (THE FIRM) FAILED TO SUPERVISE THE ACTIVITIES OF
ITS REPRESENTATIVES THAT WAS REASONABLY DESIGNED TO ACHIEVE COMPLIANCE WITH APPLICABLE SECURITIES LAWS AND REGULATIONS, AND
WITH APPLICABLE FINRA RULES, RELATED TO TRANSACTIONS ITS REPRESENTATIVES PLACED DIRECTLY WITH PRODUCT SPONSORS (DIRECT BUSINESS
TRANSACTIONS) ON BEHALF OF FIRM CUSTOMERS, IN VIOLATION OF FINRA RULES 3110, 4511 AND 2010, NASD RULE 3010(A), SECTION 17(A) OF THE
SECURITIES EXCHANGE ACT OF 1934 (EXCHANGE ACT) AND EXCHANGE ACT RULES 15I-1 AND 17A-3. THE FINDINGS STATED THAT FROM JANUARY 2012
TO AUGUST 2019, THE FIRM DID NOT HAVE A REASONABLE SYSTEM TO ENSURE DIRECT BUSINESS TRANSACTIONS APPEARED ON THE DAILY TRADE
BLOTTER IN ORDER FOR THOSE TRANSACTIONS TO BE INGESTED INTO THE FIRM'S EXCEPTION REPORTS TO IDENTIFY POTENTIAL SALES PRACTICE
VIOLATIONS AND THAT ITS REPRESENTATIVES COLLECTED RELEVANT INFORMATION REGARDING DIRECT BUSINESS CUSTOMERS' INVESTMENT
PROFILES FOR MAKING SUITABILITY DETERMINATIONS. IN ADDITION, THE FINDINGS STATED THAT FROM FEBRUARY 2016 THROUGH JUNE 2020, THE
FIRM SENT TO CERTAIN CUSTOMERS SWITCH LETTERS THAT CONTAINED INACCURATE INFORMATION ABOUT SALES CHARGES ASSOCIATED WITH
SWITCHING FROM ONE SECURITY TO ANOTHER AND A CERTAIN SUPERVISORY TOOL UTILIZED IN REVIEWING THE SUITABILITY OF SWITCH
TRANSACTIONS DID NOT INCLUDE SALES CHARGE INFORMATION FOR CERTAIN PRODUCTS. THE FINDINGS ALSO STATED THAT FROM MAY 2017 TO
NOVEMBER 2022, AN ELECTRONIC TOOL UTILIZED BY SUPERVISORS IN THE REVIEW OF TRANSACTIONS IN LISTED BUSINESS DEVELOPMENT
COMPANIES (BDCS) DID NOT REASONABLY ALERT SUPERVISORS OF POTENTIALLY OVERCONCENTRATED INVESTMENTS IN LISTED BDCS TO CERTAIN
CUSTOMERS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Acceptance, Waiver & Consent(AWC)
11. Resolution Date (MM/DD/YYYY):
12/27/2023
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 5,500,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
THE FIRM AGREED TO PAY $651,374.51, PLUS INTEREST, IN RESTITUTION TO CUSTOMERS AND THE IMPOSITION OF AN UNDERTAKING.
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
PAYMENT OF THE IMPOSED FINE WAS REMITTED TO FINRA IN JANUARY 2024.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
WITHOUT ADMITTING OR DENYING THE FINDINGS AND WITHOUT ADJUDICATION OF ANY ISSUE OF LAW OR FACT, THE FIRM CONSENTED TO THE
IMPOSITION OF A CENSURE, A MONETARY FINE IN THE AMOUNT OF $5,500,000, PAYMENT OF CUSTOMER RESTITUTION IN THE AMOUNT OF
$651,374.51, PLUS INTEREST, AND AN UNDERTAKING RELATED TO THE ISSUES CONTAINED IN THE AWC INVOLVING LISTED BDCS

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
STATE OF TEXAS
2.
Principal Sanction:
Other
Other Sanctions: 
CONSENT ORDER, FINE, AND RESTITUTION OFFER
3.
Date Initiated (MM/DD/YYYY): 
09/28/2022
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:

IC22-CAF-02
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Other
Other Product Types: 
STRUCTURED NOTES
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
DURING THE PERIOD 2016 THROUGH 2019, RESPONDENT FAILED TO ENFORCE ITS WRITTEN SUPERVISORY PROCEDURES RELATING TO ITS
PROHIBITION ON RETAIL COMMUNICATIONS REGARDING STRUCTURED NOTES BECAUSE RESPONDENT'S E-MAIL SURVEILLANCE TOOL WAS NOT
DESIGNED TO FLAG E-MAILS SENT TO MORE THAN TWENTY-FIVE INDIVIDUALS IN A THIRTY-DAY PERIOD WHEN THOSE INDIVIDUALS WERE INCLUDED
ONLY BY BLIND CARBON COPY (BCC). ACCORDINGLY, A FORMER AGENT OF RESPONDENT SOLICITED SALES OF OVER $65,000,000 IN STRUCTURED
NOTES USING BLAST E-MAILS TO GENERATE INTEREST IN THE PRODUCT. RESPONDENT ALSO FAILED TO ENFORCE ITS WRITTEN SUPERVISORY
PROCEDURES THAT SALES OF PRODUCTS BE SUITABLE, SINCE CERTAIN INVESTORS HAD LIMITED INVESTMENT EXPERIENCE AND INVESTED OVER 40%
OF THEIR INVESTABLE ASSETS IN THE NOTES.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Settled
11. Resolution Date (MM/DD/YYYY):
09/28/2022
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 125,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
RESPONDENT UNDERTAKES AND AGREES TO OFFER RESTITUTION, INCLUDING AN OFFER TO REPURCHASE STRUCTURED NOTES THAT HAVE NOT
YET MATURED, TO CERTAIN CLIENTS MUTUALLY AGREED UPON BY THE STAFF OF THE TSSB ("STAFF') AND RESPONDENT.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.

Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
08/14/2024
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
3-22006
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
No Product
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE SECURITIES AND EXCHANGE COMMISSION ("COMMISSION") DEEMS IT APPROPRIATE AND IN THE PUBLIC INTEREST THAT PUBLIC ADMINISTRATIVE
AND CEASE-AND-DESIST PROCEEDINGS BE, AND HEREBY ARE, INSTITUTED AGAINST LPL FINANCIAL LLC ("LPL" OR "RESPONDENT"). IN ANTICIPATION
OF THE INSTITUTIONOF THESE PROCEEDINGS, RESPONDENT HAS SUBMITTED AN OFFER OF SETTLEMENT ("OFFER") THAT THE COMMISSION HAS
DETERMINED TO ACCEPT. THE COMMISSION FINDS THAT FROM AT LEAST JUNE 2019 (THE"RELEVANT PERIOD"), LPL PERSONNEL SENT AND RECEIVED
OFF-CHANNEL COMMUNICATIONS THAT WERE RECORDS REQUIRED TO BE MAINTAINED UNDER EXCHANGE ACT RULE 17A-4(B)(4) AND/OR ADVISERS

ACTRULE 204-2(A)(7). RESPONDENT DID NOT MAINTAIN OR PRESERVE THE SUBSTANTIAL MAJORITY OF THESE WRITTEN COMMUNICATIONS.
RESPONDENT'S FAILURES WERE FIRM-WIDE, INCLUDING FINANCIAL ADVISORS WHO, TOGETHER WITH OTHER PERSONNEL THEY SUPERVISED, WERE
RESPONSIBLE FOR GENERATING SOME OF THE HIGHEST LEVELS OF REVENUE FOR LPL DURING A TIME PERIOD WITHIN THE RELEVANT PERIOD.
LPL'SWIDESPREAD FAILURE TO IMPLEMENT A SYSTEM REASONABLY EXPECTED TO DETERMINE WHETHER PERSONNEL WERE FOLLOWING ITS POLICIES
AND PROCEDURES THAT PROHIBIT OFF-CHANNEL COMMUNICATIONS LED TO ITS FAILURE TO REASONABLY SUPERVISE ITS PERSONNEL. DURING THE
RELEVANT PERIOD, LPL RECEIVED AND RESPONDED TO COMMISSION SUBPOENAS FOR DOCUMENTS AND/OR RECORDS REQUESTS IN A NUMBER OF
COMMISSION INVESTIGATIONS. AS A RESULT, LPL'S RECORDKEEPING FAILURES LIKELY IMPACTED THE COMMISSION'S ABILITY TO CARRY OUT ITS
REGULATORY FUNCTIONS AND INVESTIGATE VIOLATIONS OF THE FEDERAL SECURITIES LAWS ACROSS THESE INVESTIGATIONS. COMMISSION STAFF
FOUND LPL'S MISCONDUCT AFTER COMMENCING A RISK-BASED INITIATIVE TO INVESTIGATE THE USE OF OFF-CHANNEL AND UNPRESERVED
COMMUNICATIONS AT INVESTMENT ADVISERS. LPL HAS INITIATED A REVIEW OF ITS RECORDKEEPING FAILURES AND BEGUN A PROGRAM OF
REMEDIATION. AS A RESULT OF ITS CONDUCT, THE FIRM WILLFULLY VIOLATED SECTION 17(A) OF THE EXCHANGE ACT AND RULE 17A-4(B)(4)
THEREUNDER AND SECTION 204 OF THE ADVISERS ACT AND RULE 204-2(A)(7) THEREUNDER; FAILED REASONABLY TO SUPERVISE ITS PERSONNEL,
WITH A VIEW TO PREVENTING OR DETECTING CERTAIN OF ITS SUPERVISED PERSONS'AIDING AND ABETTING VIOLATIONS OF SECTION 17(A) OF THE
EXCHANGE ACT AND RULE 17A-4(B)(4) THEREUNDER, WITHIN THE MEANING OF SECTION 15(B)(4)(E) OF THE EXCHANGE ACT; AND FAILED REASONABLY
TO SUPERVISE ITS PERSONNEL, WITH A VIEW TO PREVENTING OR DETECTING CERTAIN OF ITS SUPERVISED PERSONS' AIDING AND ABETTING
VIOLATIONS OF SECTION 204 OF THE ADVISERS ACT AND RULE 204-2(A)(7) THEREUNDER, WITHIN THE MEANING OF SECTION 203(E)(6) OF THE
ADVISERS ACT.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Order
11. Resolution Date (MM/DD/YYYY):
08/14/2024
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 50,000,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKINGS
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
THE FIRM WAS CENSURED, FINED $50,000,000, REQUIRED TO COMPLY WITH THE UNDERTAKINGS ENUMERATED IN THE ORDER, AND ORDERED TO
CEASE AND DESIST FROM COMMITTING OR CAUSING ANY VIOLATIONS AND ANY FUTURE VIOLATIONS OF SECTION 17(A) OF THE EXCHANGE ACT
AND RULE 17A-4 THEREUNDER AND SECTION 204 OF THE ADVISERS ACT AND RULE 204-2 THEREUNDER. THE FIRM PAID THE FINE IN FULL ON
08/27/2024.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
AS A RESULT OF ITS CONDUCT, THE FIRM WILLFULLY VIOLATED SECTION 17(A) OF THE EXCHANGE ACT AND RULE 17A-4(B)(4) THEREUNDER AND
SECTION 204 OF THE ADVISERS ACT AND RULE 204-2(A)(7)THERE UNDER; FAILED REASONABLY TO SUPERVISE ITS PERSONNEL, WITH A VIEW TO
PREVENTING OR DETECTING CERTAIN OF ITS SUPERVISED PERSONS' AIDING AND ABETTING VIOLATIONS OF SECTION 17(A) OF THE EXCHANGE ACT
AND RULE 17A-4(B)(4) THEREUNDER, WITHIN THE MEANING OF SECTION 15(B)(4)(E) OF THE EXCHANGE ACT; AND FAILED REASONABLY TO SUPERVISE
ITS PERSONNEL, WITH A VIEW TO PREVENTING OR DETECTING CERTAIN OF ITS SUPERVISED PERSONS' AIDING AND ABETTING VIOLATIONS OF
SECTION 204 OF THE ADVISERS ACT AND RULE 204-2(A)(7) THEREUNDER, WITHIN THE MEANING OF SECTION 203(E)(6) OF THE ADVISERS ACT.
ACCORDINGLY, IT IS HEREBY ORDERED THAT THE FIRM CEASE AND DESIST FROM COMMITTING OR CAUSING ANY VIOLATIONS AND ANY FUTURE
VIOLATIONS OF SECTION 17(A) OF THE EXCHANGE ACT AND RULE 17A-4 THEREUNDER AND SECTION 204 OF THE ADVISERS ACT AND RULE 204-2
THEREUNDER; IS CENSURED; SHALL COMPLY WITH THE UNDERTAKINGS ENUMERATED IN THE ORDER; AND SHALL PAY A CIVIL MONEY PENALTY IN THE
AMOUNT OF $50,000,000 TO THE SEC. THE FIRM PAID THE FINE IN FULL ON 08/27/2024.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,

11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
SECURITIES AND EXCHANGE COMMISSION
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
CEASE AND DESIST AND CENSURE
3.
Date Initiated (MM/DD/YYYY): 
12/20/2024
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
3-22374
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):

6.
Principal Product Type:
No Product
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE SECURITIES AND EXCHANGE COMMISSION ALLEGED THAT LPL (1) WILLFULLY VIOLATED SECTION 17(A)(1) OF THE SECURITIES EXCHANGE ACT OF
1934 (THE "EXCHANGE ACT") AND RULE 17A-4(J) BY FAILING TO FURNISH PROMPTLY TRUE AND COMPLETE ELECTRONIC BLUE SHEET ("EBS")
INFORMATION AS REQUESTED BY THE SEC STAFF FROM AT LEAST JULY 2018 THROUGH MAY 2021, AND (2) WILLFULLY VIOLATED EXCHANGE ACT RULE
17A-25 BY FAILING TO SUBMIT ELECTRONICALLY CERTAIN SECURITIES TRANSACTION INFORMATION TO THE SEC THROUGH THE EBS SYSTEMS IN
RESPONSE TO REQUESTS MADE BY THE SEC.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Order
11. Resolution Date (MM/DD/YYYY):
12/20/2024
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 900,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL ADMITTED TO THE FACTS SET FORTH IN THE ORDER, ACKNOWLEDGED THAT ITS CONDUCT VIOLATED THE FEDERAL SECURITIES LAWS AND
AGREED TO THE IMPOSITION OF A CENSURE, A CEASE AND DESIST FROM COMMITTING OR CAUSING ANY VIOLATIONS AND FUTURE VIOLATIONS
OF THESE RULES AND TO PAY A CIVIL MONETARY PENALTY IN THE AMOUNT OF $900,000. THE CIVIL MONETARY PENALTY WAS PAID IN
ACCORDANCE WITH THE TERMS OF THE SETTLEMENT ORDER.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
ON DECEMBER 20, 2024, LPL ENTERED INTO A SETTLEMENT ORDER WITH THE SEC SETTLING AN ADMINISTRATIVE ACTION WHICH FOUND THAT LPL (1)
WILLFULLY VIOLATED SECTION 17(A)(1) OF THE EXCHANGE ACT AND RULE 17A-4(J) BY FAILING TO FURNISH PROMPTLY TRUE AND COMPLETE
ELECTRONIC BLUE SHEET ("EBS") INFORMATION AS REQUESTED BY THE SEC STAFF FROM AT LEAST JULY 2018 THROUGH MAY 2021, AND (2) WILLFULLY
VIOLATED EXCHANGE ACT RULE 17A-25 BY FAILING TO SUBMIT ELECTRONICALLY CERTAIN SECURITIES TRANSACTION INFORMATION TO THE SEC
THROUGH THE EBS SYSTEMS IN RESPONSE TO REQUESTS MADE BY THE SEC. LPL ENGAGED IN VOLUNTARY REMEDIAL EFFORTS CONCERNING ITS EBS
SYSTEMS AND CONTROL ENVIRONMENT. IN DETERMINING TO ACCEPT LPL'S OFFER OF SETTLEMENT, THE SEC CONSIDERED REMEDIAL ACTS PROMPTLY
UNDERTAKEN BY LPL AND COOPERATION AFFORDED THE SEC STAFF. LPL ADMITTED TO THE FACTS SET FORTH IN THE ORDER, ACKNOWLEDGED THAT
ITS CONDUCT VIOLATED THE FEDERAL SECURITIES LAWS AND AGREED TO THE IMPOSITION OF A CENSURE, A CEASE AND DESIST FROM COMMITTING
OR CAUSING ANY VIOLATIONS AND FUTURE VIOLATIONS OF THESE RULES AND TO PAY A CIVIL MONETARY PENALTY IN THE AMOUNT OF $900,000. THE
CIVIL MONETARY PENALTY WAS PAID IN ACCORDANCE WITH THE TERMS OF THE SETTLEMENT ORDER.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)

11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
FINANCIAL INDUSTRY REGULATORY AUTHORITY
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
CENSURE
3.
Date Initiated (MM/DD/YYYY): 
12/20/2024
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
2020067449801
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
No Product
Other Product Types: 

7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE FINANCIAL INDUSTRY REGULATORY AUTHORITY ("FINRA") ALLEGED THAT LPL SUBMITTED CERTAIN BLUE SHEETS TO FINRA THAT INACCURATELY
REPORTED ONE OR MORE OF 12 TYPES OF TRANSACTION INFORMATION IN VIOLATION OF FINRA RULES 8211, 8213 AND 2010.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Acceptance, Waiver & Consent(AWC)
11. Resolution Date (MM/DD/YYYY):
12/20/2024
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 900,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
WITHOUT ADMITTING OR DENYING THE FINDINGS, LPL AGREED TO THE IMPOSITION OF A CENSURE AND TO PAY A FINE IN THE AMOUNT OF
$900,000. THE FINE WAS PAID IN ACCORDANCE WITH THE TERMS OF THE LETTER OF ACCEPTANCE, WAIVER AND CONSENT ("AWC").
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
ON DECEMBER 20, 2024, LPL ENTERED INTO AN AWC WITH FINRA WHICH ALLEGED THAT LPL SUBMITTED CERTAIN BLUE SHEETS TO FINRA THAT
INACCURATELY REPORTED ONE OR MORE OF 12 TYPES OF TRANSACTION INFORMATION IN VIOLATION OF FINRA RULES 8211, 8213 AND 2010.
WITHOUT ADMITTING OR DENYING THE FINDINGS, LPL AGREED TO THE IMPOSITION OF A CENSURE AND TO PAY A FINE IN THE AMOUNT OF $900,000.
THE FINE WAS PAID IN ACCORDANCE WITH THE TERMS OF THE AWC.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)

You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
SEC
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
CENSURE, MONETARY FINE, UNDERTAKING
3.
Date Initiated (MM/DD/YYYY): 
01/17/2025
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
3-22422
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
No Product
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
ON JANUARY 17, 2025, THE U.S. SECURITIES AND EXCHANGE COMMISSION ("SEC") ISSUED A SETTLED ADMINISTRATIVE ORDER IN WHICH IT FOUND
THAT LPL FINANCIAL LLC ("LPL") WILLFULLY VIOLATED SECTION 17(A) OF THE SECURITIES EXCHANGE ACT OF 1934 (THE "EXCHANGE ACT") AND RULE
17A-8 THEREUNDER. SPECIFICALLY, THE ORDER FOUND THAT FROM AT LEAST MAY 2019 TO DECEMBER 2023 (THE "RELEVANT PERIOD"), LPL DID NOT
FOLLOW ITS ANTI-MONEY LAUNDERING ("AML") POLICIES AND PROCEDURES REGARDING ITS CUSTOMER IDENTIFICATION PROGRAM ("CIP") AND
ONGOING CUSTOMER DUE DILIGENCE OBLIGATIONS BY, AMONG OTHER THINGS, NOT PROPERLY VERIFYING NEW ACCOUNTS; NOT TIMELY CLOSING
ACCOUNTS THAT DID NOT PASS ITS CIP SCREENING MEASURES; AND NOT CLOSING OR RESTRICTING CERTAIN ACCOUNTS THAT WERE PROHIBITED
UNDER LPL'S AML POLICIES. IN DETERMINING TO ACCEPT LPL'S OFFER OF SETTLEMENT, THE SEC CONSIDERED REMEDIAL ACTS PROMPTLY
UNDERTAKEN BY LPL, INCLUDING LPL'S ENGAGEMENT OF A COMPLIANCE CONSULTANT AND PROACTIVE IMPLEMENTATION OF THE CONSULTANT'S
RECOMMENDATIONS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:

pp
g
y
pp
(
)
pp
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Decision & Order of Offer of Settlement
11. Resolution Date (MM/DD/YYYY):
01/17/2025
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 18,000,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKINGS
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
WITHOUT ADMITTING OR DENYING THE FINDINGS, LPL WAS (I) CENSURED; (II) ORDERED TO CEASE AND DESIST FROM COMMITTING OR CAUSING
ANY VIOLATIONS AND ANY FUTURE VIOLATIONS OF EXCHANGE ACT SECTION 17(A) AND RULE 17A-8 THEREUNDER; (III) ORDERED TO PAY A
PENALTY OF $18 MILLION; AND (IV) ORDERED TO COMPLY WITH CERTAIN UNDERTAKINGS, INCLUDING THE CONTINUED ENGAGEMENT OF ITS
COMPLIANCE CONSULTANT TO PERFORM A POST-SETTLEMENT REVIEW OF CERTAIN COMPONENTS OF ITS AML PROGRAM. PAID FINE ON JANUARY
23, 2025.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THE ALLEGATIONS, DISPOSITION, FINDINGS, AND SANCTIONS OF THE ORDER ARE DESCRIBED IN ITEMS 7 AND 12. PAID FINE ON JANUARY 23, 2025.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE

No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
COMMONWEALTH OF PENNSYLVANIA, DEPARTMENT OF BANKING AND SECURITIES
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
03/06/2025
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
250007
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
No Product
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE PENNSYLVANIA DEPARTMENT OF BANKING AND SECURITIES (THE "DEPARTMENT") ALLEGED THAT LPL FINANCIAL LLC ("LPL") VIOLATED SECTION
301(C.1)(1)(II) OF THE PENNSYLVANIA SECURITIES ACT OF 1972 IN CONNECTION WITH ALLEGATIONS THAT FROM JUNE 2023 TO SEPTEMBER 2024, LPL
DID NOT REGISTER ONE OF ITS REPRESENTATIVES AS AN INVESTMENT ADVISER REPRESENTATIVE IN PENNSYLVANIA.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Order
11. Resolution Date (MM/DD/YYYY):
03/06/2025
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?

 Monetary/Fine Amount: $ 55,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, LPL AGREED TO (1) COMPLY WITH THE PENNSYLVANIA SECURITIES ACT OF 1972,
INCLUDING SECTION 301(C.1)(1)(II), AND (2) PAY AN ADMINISTRATIVE ASSESSMENT IN THE AMOUNT OF $55,000.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
ON MARCH 6, 2025, LPL ENTERED INTO A CONSENT AGREEMENT AND ORDER WITH THE DEPARTMENT REGARDING ALLEGATIONS THAT LPL VIOLATED
SECTION 301(C.1)(1)(II) OF THE PENNSYLVANIA SECURITIES ACT OF 1972 IN CONNECTION WITH ALLEGATIONS THAT FROM JUNE 2023 TO SEPTEMBER
2024, LPL DID NOT REGISTER ONE OF ITS REPRESENTATIVES AS AN INVESTMENT ADVISER REPRESENTATIVE IN PENNSYLVANIA. WITHOUT ADMITTING
OR DENYING THE ALLEGATIONS, LPL AGREED TO (1) COMPLY WITH THE PENNSYLVANIA SECURITIES ACT OF 1972, INCLUDING SECTION 301(C.1)(1)(II),
AND (2) PAY AN ADMINISTRATIVE ASSESSMENT IN THE AMOUNT OF $55,000.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
s
s ou d be
e
o ed
o
t e
eco d because t e ad
so y a
ate(s) s
o o ge
assoc ated
t
t e ad
se
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 

B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
STATE OF NEW HAMPSHIRE, DEPARTMENT OF STATE, BUREAU OF SECURITIES REGULATION
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
CEASE AND DESIST, UNDERTAKING, INVESTIGATION COSTS
3.
Date Initiated (MM/DD/YYYY): 
03/20/2025
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
C2024-00025
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
No Product
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE STATE OF NEW HAMPSHIRE, DEPARTMENT OF STATE, BUREAU OF SECURITIES REGULATION (THE "BUREAU") ALLEGED THAT LPL FINANCIAL LLC
("LPL") VIOLATED N.H. RSA 421-B:4-406(K) IN CONNECTION WITH ALLEGATIONS THAT FROM DECEMBER 2018 TO AUGUST 2021, A REGISTERED
REPRESENTATIVE AT LPL USED AN UNAPPROVED MESSAGING PLATFORM TO COMMUNICATE WITH CLIENTS AND PROSPECTIVE CLIENTS RELATING TO
HIS SECURITIES BUSINESS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Order
11. Resolution Date (MM/DD/YYYY):
03/20/2025
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 325,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKINGS; PAYMENT FOR THE BUREAU'S COST OF INVESTIGATION ($25,000)
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
WITHOUT ADMITTING OR DENYING THE FACTS OR ALLEGATIONS, LPL AGREED TO (1) CEASE AND DESIST FROM VIOLATING THE RULES AND LAWS

REGARDING PRESERVATION OF RECORDS OF CUSTOMER COMMUNICATIONS AS REQUIRED BY FINRA RULE 4511 AND SECURITIES AND EXCHANGE
COMMISSION ("SEC") RULE 240.17A-4, PURSUANT TO N.H. RSA 421-B:4-406(K), (2) COMPLY WITH CERTAIN UNDERTAKINGS, AND (3) PAYMENT OF
AN ADMINISTRATIVE FINE IN THE AMOUNT OF $325,000 PLUS INVESTIGATION COSTS IN THE AMOUNT OF $25,000. THE ADMINISTRATIVE FINE
AND INVESTIGATION COSTS WERE PAID IN ACCORDANCE WITH THE TERMS OF THE CONSENT ORDER.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
ON MARCH 20, 2025, LPL ENTERED INTO A CONSENT ORDER WITH THE BUREAU REGARDING ALLEGATIONS THAT IT VIOLATED N.H. RSA 421-B:4-406(K)
IN CONNECTION WITH ALLEGATIONS THAT FROM DECEMBER 2018 TO AUGUST 2021, A REGISTERED REPRESENTATIVE AT LPL USED AN UNAPPROVED
MESSAGING PLATFORM TO COMMUNICATE WITH CLIENTS AND PROSPECTIVE CLIENTS RELATING TO HIS SECURITIES BUSINESS. WITHOUT ADMITTING
OR DENYING THE FACTS OR ALLEGATIONS, LPL AGREED TO (1) CEASE AND DESIST FROM VIOLATING THE RULES AND LAWS REGARDING PRESERVATION
OF RECORDS OF CUSTOMER COMMUNICATIONS AS REQUIRED BY FINRA RULE 4511 AND SEC RULE 240.17A-4, PURSUANT TO N.H. RSA 421-B:4-406(K),
(2) COMPLY WITH CERTAIN UNDERTAKINGS, AND (3) PAYMENT OF AN ADMINISTRATIVE FINE IN THE AMOUNT OF $325,000 PLUS INVESTIGATION COSTS
IN THE AMOUNT OF $25,000. THE ADMINISTRATIVE FINE AND INVESTIGATION COSTS WERE PAID IN ACCORDANCE WITH THE TERMS OF THE CONSENT
ORDER.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.

PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
SOUTH DAKOTA DIVISION OF INSURANCE, DEPARTMENT OF LABOR AND REGULATION
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
04/29/2025
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
1019070
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
No Product
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE SOUTH DAKOTA DIVISION OF INSURANCE, DEPARTMENT OF LABOR AND REGULATION (THE "DIVISION") ALLEGED THAT LPL FINANCIAL LLC ("LPL")
VIOLATED: SDCL 47-31B-411 AND FINRA RULE 4511 IN CONNECTION WITH AN ALLEGED FAILURE BY LPL AND ITS AGENTS TO MAINTAIN ACCURATE
BOOKS AND RECORDS; ARSD 20:08:03:08 AND FINRA RULE 3110(A) AND (B) IN CONNECTION WITH ITS ALLEGED FAILURE TO ESTABLISH, MAINTAIN,
AND ENFORCE AN ADEQUATE SUPERVISORY SYSTEM; AND ARSD 20:08:03:08 AND FINRA RULE 2010 IN CONNECTION WITH ITS AGENTS' ALLEGED USE
OF THEIR OWN E-MAIL ADDRESSES IN PLACE OF THE CLIENTS' AND SIGNING CLIENT DOCUMENTS ON THE CLIENTS' BEHALF.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
04/29/2025
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 35,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
LPL AGREED TO PAYMENT OF A MONETARY PENALTY IN THE AMOUNT OF $35,000. THE MONETARY PENALTY WILL BE PAID IN ACCORDANCE WITH
THE TERMS OF THE CONSENT ORDER.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
ON APRIL 29, 2025, LPL ENTERED INTO A CONSENT ORDER WITH THE DIVISION REGARDING ALLEGATIONS THAT IT VIOLATED SDCL 47-31B-411 AND
FINRA RULE 4511 IN CONNECTION WITH AN ALLEGED FAILURE BY LPL AND ITS AGENTS TO MAINTAIN ACCURATE BOOKS AND RECORDS; ARSD

20:08:03:08 AND FINRA RULE 3110(A) AND (B) IN CONNECTION WITH ITS ALLEGED FAILURE TO ESTABLISH, MAINTAIN, AND ENFORCE AN ADEQUATE
SUPERVISORY SYSTEM; AND ARSD 20:08:03:08 AND FINRA RULE 2010 IN CONNECTION WITH ITS AGENTS' ALLEGED USE OF THEIR OWN E-MAIL
ADDRESSES IN PLACE OF THE CLIENTS' AND SIGNING CLIENT DOCUMENTS ON THE CLIENTS' BEHALF. LPL AGREED TO A MONETARY PENALTY IN THE
AMOUNT OF $35,000. THE MONETARY PENALTY WILL BE PAID IN ACCORDANCE WITH THE TERMS OF THE CONSENT ORDER.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
MASSACHUSETTS SECURITIES DIVISION
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
RESTITUTION; CENSURE; CEASE AND DESIST; AND UNDERTAKINGS.

3.
Date Initiated (MM/DD/YYYY): 
06/05/2025
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
E-2025-0189
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Equity Listed (Common & Preferred Stock)
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG CERTAIN MEMBERS OF THE NORTH
AMERICAN SECURITIES ADMINISTRATORS ASSOCIATION (NASAA), THE MASSACHUSETTS SECURITIES DIVISION (DIVISION) ALLEGED THAT, FROM APRIL
30, 2020 TO APRIL 30, 2025, LPL FINANCIAL LLC (LPL) CHARGED UNREASONABLE COMMISSIONS TO RETAIL CUSTOMERS IN EXCESS OF FIVE PERCENT
OF THE PRINCIPAL AMOUNT ON CERTAIN SMALL PRINCIPAL EQUITY TRANSACTIONS, IN VIOLATION OF MASS. GEN. LAWS C. 110A, SECTION 204(A)(2)
(J).
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
06/05/2025
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 25,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKINGS
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
WITHOUT ADMITTING OR DENYING THE STATEMENT OF FACTS OR VIOLATIONS OF LAW, LPL AGREED TO THE IMPOSITION OF A CENSURE, TO
CEASE AND DESIST FROM CONDUCT IN VIOLATION OF THE MASSACHUSETTS UNIFORM SECURITIES ACT AND THE REGULATIONS THEREUNDER, TO
PROVIDE RESTITUTION TO AFFECTED MASSACHUSETTS CUSTOMERS IN AN AMOUNT OF NO LESS THAN $47,422.32, TO PAY AN ADMINISTRATIVE
FINE IN THE AMOUNT OF $25,000 AND TO COMPLY WITH CERTAIN UNDERTAKINGS. THE ADMINISTRATIVE FINE AND RESTITUTION WILL BE PAID
IN ACCORDANCE WITH THE TERMS OF THE CONSENT ORDER.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
ON JUNE 5, 2025, IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG CERTAIN MEMBERS OF
NASAA, LPL ENTERED INTO A CONSENT ORDER WITH THE DIVISION REGARDING ALLEGATIONS THAT, FROM APRIL 30, 2020 TO APRIL 30, 2025, LPL
CHARGED UNREASONABLE COMMISSIONS TO RETAIL CUSTOMERS IN EXCESS OF FIVE PERCENT OF THE PRINCIPAL AMOUNT ON CERTAIN SMALL
PRINCIPAL EQUITY TRANSACTIONS, IN VIOLATION OF MASS. GEN. LAWS C. 110A, SECTION 204(A)(2)(J). WITHOUT ADMITTING OR DENYING THE
STATEMENT OF FACTS OR VIOLATIONS OF LAW, LPL AGREED TO THE IMPOSITION OF A CENSURE, TO CEASE AND DESIST FROM CONDUCT IN VIOLATION
OF THE MASSACHUSETTS UNIFORM SECURITIES ACT AND THE REGULATIONS THEREUNDER, TO PROVIDE RESTITUTION TO AFFECTED MASSACHUSETTS
CUSTOMERS IN AN AMOUNT OF NO LESS THAN $47,422.32, TO PAY AN ADMINISTRATIVE FINE IN THE AMOUNT OF $25,000 AND TO COMPLY WITH
CERTAIN UNDERTAKINGS. THE ADMINISTRATIVE FINE AND RESTITUTION WILL BE PAID IN ACCORDANCE WITH THE TERMS OF THE CONSENT ORDER.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
ARKANSAS SECURITIES DEPARTMENT
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
RESTITUTION; CENSURE; CEASE AND DESIST; AND UNDERTAKINGS.
3.
Date Initiated (MM/DD/YYYY): 
10/13/2025
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:

S-25-0019
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Equity Listed (Common & Preferred Stock)
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG CERTAIN MEMBERS OF THE NORTH
AMERICAN SECURITIES ADMINISTRATORS ASSOCIATION (NASAA), THE ARKANSAS SECURITIES DEPARTMENT (DEPARTMENT) ALLEGED THAT, FROM APRIL
30, 2020, TO APRIL 30, 2025, LPL FINANCIAL LLC (LPL) CHARGED UNREASONABLE COMMISSIONS TO RETAIL CUSTOMERS IN EXCESS OF FIVE PERCENT
OF THE PRINCIPAL AMOUNT ON CERTAIN SMALL PRINCIPAL EQUITY TRANSACTIONS, IN VIOLATION OF ARK. CODE ANN. SECTION 23-42-301(F)(1).
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
10/13/2025
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 20,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKINGS
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
WITHOUT ADMITTING OR DENYING THE STATEMENT OF FACTS OR VIOLATION OF LAW, LPL AGREED TO THE IMPOSITION OF A CENSURE, TO
CEASE AND DESIST FROM FURTHER CONDUCT IN VIOLATION OF THE ARKANSAS SECURITIES ACT'S SUPERVISION REQUIREMENT FOR BROKER-
DEALERS, TO PROVIDE RESTITUTION TO AFFECTED ARKANSAS CUSTOMERS IN AN AMOUNT OF NO LESS THAN $30,825.89, TO PAY AN
ADMINISTRATIVE FINE IN THE AMOUNT OF $20,000, AND TO COMPLY WITH CERTAIN UNDERTAKINGS. LPL WILL PAY THE ADMINISTRATIVE FINE
AND RESTITUTION IN ACCORDANCE WITH THE TERMS OF THE CONSENT ORDER.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
ON OCTOBER 13, 2025, IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG CERTAIN
MEMBERS OF NASAA, LPL ENTERED INTO A CONSENT ORDER WITH THE DEPARTMENT REGARDING ALLEGATIONS THAT, FROM APRIL 30, 2020, TO APRIL
30, 2025, LPL CHARGED UNREASONABLE COMMISSIONS TO RETAIL CUSTOMERS IN EXCESS OF FIVE PERCENT OF THE PRINCIPAL AMOUNT ON CERTAIN
SMALL PRINCIPAL EQUITY TRANSACTIONS, IN VIOLATION OF ARK. CODE ANN. SECTION 23-42-301(F)(1). WITHOUT ADMITTING OR DENYING THE
STATEMENT OF FACTS OR VIOLATION OF LAW, LPL AGREED TO THE IMPOSITION OF A CENSURE, TO CEASE AND DESIST FROM FURTHER CONDUCT IN
VIOLATION OF THE ARKANSAS SECURITIES ACT'S SUPERVISION REQUIREMENT FOR BROKER-DEALERS, TO PROVIDE RESTITUTION TO AFFECTED
ARKANSAS CUSTOMERS IN AN AMOUNT OF NO LESS THAN $30,825.89, TO PAY AN ADMINISTRATIVE FINE IN THE AMOUNT OF $20,000, AND TO COMPLY
WITH CERTAIN UNDERTAKINGS. LPL WILL PAY THE ADMINISTRATIVE FINE AND RESTITUTION IN ACCORDANCE WITH THE TERMS OF THE CONSENT
ORDER.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action

Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
PENNSYLVANIA DEPARTMENT OF BANKING AND SECURITIES
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
RESTITUTION; CENSURE; CEASE AND DESIST; AND UNDERTAKINGS.
3.
Date Initiated (MM/DD/YYYY): 
10/07/2025
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
250033(SEC-CAO)
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:

Equity Listed (Common & Preferred Stock)
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG CERTAIN MEMBERS OF THE NORTH
AMERICAN SECURITIES ADMINISTRATORS ASSOCIATION (NASAA), THE PENNSYLVANIA DEPARTMENT OF BANKING AND SECURITIES (DEPARTMENT)
ALLEGED THAT, FROM APRIL 30, 2020, TO APRIL 30, 2025, LPL FINANCIAL LLC (LPL) CHARGED UNREASONABLE COMMISSIONS TO RETAIL CUSTOMERS
IN EXCESS OF FIVE PERCENT OF THE PRINCIPAL AMOUNT ON CERTAIN SMALL PRINCIPAL EQUITY TRANSACTIONS, IN VIOLATION OF 70 P.S. SECTION 1-
305(A)(VII).
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
10/07/2025
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 20,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKINGS
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
WITHOUT ADMITTING OR DENYING THE STATEMENT OF FACTS OR VIOLATION OF LAW, LPL AGREED TO THE IMPOSITION OF A CENSURE, TO
CEASE AND DESIST FROM FURTHER CONDUCT IN VIOLATION OF THE PENNSYLVANIA SECURITIES ACT OF 1972, TO PROVIDE RESTITUTION TO
AFFECTED PENNSYLVANIA CUSTOMERS IN AN AMOUNT OF NO LESS THAN $111,354.16, TO PAY AN ADMINISTRATIVE FINE IN THE AMOUNT OF
$20,000, AND TO COMPLY WITH CERTAIN UNDERTAKINGS. LPL WILL PAY THE ADMINISTRATIVE FINE AND RESTITUTION IN ACCORDANCE WITH
THE TERMS OF THE CONSENT ORDER.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
ON OCTOBER 7, 2025, IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG CERTAIN
MEMBERS OF NASAA, LPL ENTERED INTO A CONSENT ORDER WITH THE DEPARTMENT REGARDING ALLEGATIONS THAT, FROM APRIL 30, 2020, TO APRIL
30, 2025, LPL CHARGED UNREASONABLE COMMISSIONS TO RETAIL CUSTOMERS IN EXCESS OF FIVE PERCENT OF THE PRINCIPAL AMOUNT ON CERTAIN
SMALL PRINCIPAL EQUITY TRANSACTIONS, IN VIOLATION OF 70 P.S. SECTION 1-305(A)(VII). WITHOUT ADMITTING OR DENYING THE STATEMENT OF
FACTS OR VIOLATION OF LAW, LPL AGREED TO THE IMPOSITION OF A CENSURE, TO CEASE AND DESIST FROM FURTHER CONDUCT IN VIOLATION OF
THE PENNSYLVANIA SECURITIES ACT OF 1972, TO PROVIDE RESTITUTION TO AFFECTED PENNSYLVANIA CUSTOMERS IN AN AMOUNT OF NO LESS THAN
$111,354.16, TO PAY AN ADMINISTRATIVE FINE IN THE AMOUNT OF $20,000, AND TO COMPLY WITH CERTAIN UNDERTAKINGS. LPL WILL PAY THE
ADMINISTRATIVE FINE AND RESTITUTION IN ACCORDANCE WITH THE TERMS OF THE CONSENT ORDER.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.

Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
OREGON DIVISION OF FINANCIAL REGULATION
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
RESTITUTION; CENSURE; CEASE AND DESIST; AND UNDERTAKINGS.
3.
Date Initiated (MM/DD/YYYY): 
10/06/2025
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
S-25-0036
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Equity Listed (Common & Preferred Stock)
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG CERTAIN MEMBERS OF THE NORTH
AMERICAN SECURITIES ADMINISTRATORS ASSOCIATION (NASAA), THE OREGON DIVISION OF FINANCIAL REGULATION (DIVISION) ALLEGED THAT, FROM

APRIL 30, 2020, TO APRIL 30, 2025, LPL FINANCIAL LLC (LPL) CHARGED UNREASONABLE COMMISSIONS TO RETAIL CUSTOMERS IN EXCESS OF FIVE
PERCENT OF THE PRINCIPAL AMOUNT ON CERTAIN SMALL PRINCIPAL EQUITY TRANSACTIONS, IN VIOLATION OF ORS SECTION 59.205(13) AND OAR
SECTION 441-205-0210(1).
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
10/06/2025
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 20,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKINGS
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
WITHOUT ADMITTING OR DENYING THE STATEMENT OF FACTS OR VIOLATIONS OF LAW, LPL AGREED TO THE IMPOSITION OF A CENSURE, TO
CEASE AND DESIST FROM FURTHER CONDUCT IN VIOLATION OF ORS 59.205(13), TO PROVIDE RESTITUTION TO AFFECTED OREGON CUSTOMERS
IN AN AMOUNT OF NO LESS THAN $31,526.08, TO PAY AN ADMINISTRATIVE FINE IN THE AMOUNT OF $20,000, AND TO COMPLY WITH CERTAIN
UNDERTAKINGS. LPL WILL PAY THE ADMINISTRATIVE FINE AND RESTITUTION IN ACCORDANCE WITH THE TERMS OF THE CONSENT ORDER.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
ON OCTOBER 6, 2025, IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG CERTAIN
MEMBERS OF NASAA, LPL ENTERED INTO A CONSENT ORDER WITH THE DIVISION REGARDING ALLEGATIONS THAT, FROM APRIL 30, 2020, TO APRIL 30,
2025, LPL CHARGED UNREASONABLE COMMISSIONS TO RETAIL CUSTOMERS IN EXCESS OF FIVE PERCENT OF THE PRINCIPAL AMOUNT ON CERTAIN
SMALL PRINCIPAL EQUITY TRANSACTIONS, IN VIOLATION OF ORS SECTION 59.205(13) AND OAR SECTION 441-205-0210(1). WITHOUT ADMITTING OR
DENYING THE STATEMENT OF FACTS OR VIOLATIONS OF LAW, LPL AGREED TO THE IMPOSITION OF A CENSURE, TO CEASE AND DESIST FROM FURTHER
CONDUCT IN VIOLATION OF ORS 59.205(13), TO PROVIDE RESTITUTION TO AFFECTED OREGON CUSTOMERS IN AN AMOUNT OF NO LESS THAN
$31,526.08, TO PAY AN ADMINISTRATIVE FINE IN THE AMOUNT OF $20,000, AND TO COMPLY WITH CERTAIN UNDERTAKINGS. LPL WILL PAY THE
ADMINISTRATIVE FINE AND RESTITUTION IN ACCORDANCE WITH THE TERMS OF THE CONSENT ORDER.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.

PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
UTAH DIVISION OF SECURITIES
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
10/23/2025
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
SD-25-0025
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Equity Listed (Common & Preferred Stock)
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG CERTAIN MEMBERS OF THE NORTH
AMERICAN SECURITIES ADMINISTRATORS ASSOCIATION (NASAA), THE UTAH DIVISION OF SECURITIES (DIVISION) ALLEGED THAT, FROM APRIL 30, 2020
TO APRIL 30, 2025, LPL FINANCIAL LLC (LPL) CHARGED UNREASONABLE COMMISSIONS TO RETAIL CUSTOMERS IN EXCESS OF FIVE PERCENT OF THE
PRINCIPAL AMOUNT ON CERTAIN SMALL PRINCIPAL EQUITY TRANSACTIONS, IN VIOLATION OF THE UTAH UNIFORM SECURITIES ACT, UTAH CODE ANN.
SECTION 61-1-1 ET SEQ (THE ACT) AND THE REGULATIONS PROMULGATED THEREUNDER.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:

If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Stipulation and Consent
11. Resolution Date (MM/DD/YYYY):
10/23/2025
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 20,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKING
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
WITHOUT ADMITTING OR DENYING THE STATEMENT OF FACTS OR VIOLATIONS OF LAW, LPL AGREED TO THE IMPOSITION OF A CENSURE, TO
CEASE AND DESIST FROM CONDUCT IN VIOLATION OF SECTION 61-1-6(2)(A)(II)(J) OF THE ACT, TO PROVIDE RESTITUTION TO AFFECTED UTAH
CUSTOMERS IN AN AMOUNT OF NO LESS THAN $18,174.47, TO PAY AN ADMINISTRATIVE FINE IN THE AMOUNT OF $20,000, AND TO COMPLY WITH
CERTAIN UNDERTAKINGS. THE ADMINISTRATIVE FINE AND RESTITUTION WILL BE PAID IN ACCORDANCE WITH THE TERMS OF THE CONSENT
ORDER.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
ON OCTOBER 23, 2025, IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG CERTAIN
MEMBERS OF NASAA, LPL ENTERED INTO A CONSENT ORDER WITH THE DIVISION REGARDING ALLEGATIONS THAT, FROM APRIL 30, 2020, TO APRIL 30,
2025, LPL CHARGED UNREASONABLE COMMISSIONS TO RETAIL CUSTOMERS IN EXCESS OF FIVE PERCENT OF THE PRINCIPAL AMOUNT ON CERTAIN
SMALL PRINCIPAL EQUITY TRANSACTIONS, IN VIOLATION OF THE ACT. WITHOUT ADMITTING OR DENYING THE STATEMENT OF FACTS OR VIOLATIONS OF
LAW, LPL AGREED TO THE IMPOSITION OF A CENSURE, TO CEASE AND DESISTFROM CONDUCT IN VIOLATION OF SECTION 61-1-6(2)(A)(II)(J) OF THE
ACT, TO PROVIDE RESTITUTION TO AFFECTED UTAH CUSTOMERS IN AN AMOUNT OF NO LESS THAN $18,174.47, TO PAY AN ADMINISTRATIVE FINE IN
THE AMOUNT OF $20,000, AND TO COMPLY WITH CERTAIN UNDERTAKINGS. THE ADMINISTRATIVE FINE AND RESTITUTION WILL BE PAID IN
ACCORDANCE WITH THE TERMS OF THE CONSENT ORDER.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates

If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
ALASKA DIVISION OF BANKING AND SECURITIES
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
10/27/2025
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
25-69-S
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Equity Listed (Common & Preferred Stock)
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG CERTAIN MEMBERS OF THE NORTH
AMERICAN SECURITIES ADMINISTRATORS ASSOCIATION (NASAA), THE ALASKA DIVISION OF BANKING AND SECURITIES (DIVISION) ALLEGED THAT,
FROM APRIL 30, 2020 TO APRIL 30, 2025, LPL FINANCIAL LLC (LPL) CHARGED UNREASONABLE COMMISSIONS TO RETAIL CUSTOMERS IN EXCESS OF
FIVE PERCENT OF THE PRINCIPAL AMOUNT ON CERTAIN SMALL PRINCIPAL EQUITY TRANSACTIONS, IN VIOLATION OF THE ALASKA SECURITIES ACT,
ALASKA STATUE 45.56 ET SEQ. (THE ACT).
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent

11. Resolution Date (MM/DD/YYYY):
10/27/2025
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 20,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKING
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
WITHOUT ADMITTING OR DENYING THE STATEMENT OF FACTS OR VIOLATIONS OF LAW, LPL AGREED TO THE IMPOSITION OF A CENSURE, TO
CEASE AND DESIST FROM CONDUCT IN VIOLATION OF SECTION 45.56.440(D)(9) OF THE ACT, TO PROVIDE RESTITUTION TO AFFECTED ALASKA
CUSTOMERS IN AN AMOUNT OF NO LESS THAN $3,298.02, TO PAY AN ADMINISTRATIVE FINE IN THE AMOUNT OF $20,000, AND TO COMPLY WITH
CERTAIN UNDERTAKINGS. THE ADMINISTRATIVE FINE AND RESTITUTION WILL BE PAID IN ACCORDANCE WITH THE TERMS OF THE CONSENT
ORDER.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
ON OCTOBER 23, 2025, IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG CERTAIN
MEMBERS OF NASAA, LPL ENTERED INTO A CONSENT ORDER WITH THE DIVISION REGARDING ALLEGATIONS THAT, FROM APRIL 30, 2020 TO APRIL 30,
2025, LPL CHARGED UNREASONABLE COMMISSIONS TO RETAIL CUSTOMERS IN EXCESS OF FIVE PERCENT OF THE PRINCIPAL AMOUNT ON CERTAIN
SMALL PRINCIPAL EQUITY TRANSACTIONS, IN VIOLATION OF SECTION 45.56.440(D)(9) OF THE ACT. WITHOUT ADMITTING OR DENYING THE STATEMENT
OF FACTS OR VIOLATIONS OF LAW, LPL AGREED TO THE IMPOSITION OF A CENSURE, TO CEASE AND DESISTFROM CONDUCT IN VIOLATION OF SECTION
45.56.440(D)(9) OF THE ACT, TO PROVIDE RESTITUTION TO AFFECTED ALASKA CUSTOMERS IN AN AMOUNT OF NO LESS THAN $3,298.02, TO PAY AN
ADMINISTRATIVE FINE IN THE AMOUNT OF $20,000, AND TO COMPLY WITH CERTAIN UNDERTAKINGS. THE ADMINISTRATIVE FINE AND RESTITUTION
WILL BE PAID INACCORDANCE WITH THE TERMS OF THE CONSENT ORDER.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed

This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
WEST VIRGINIA SECURITIES COMMISSION
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
10/21/2025
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
25-0058
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Equity Listed (Common & Preferred Stock)
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG CERTAIN MEMBERS OF THE NORTH
AMERICAN SECURITIES ADMINISTRATORS ASSOCIATION (NASAA), THE WEST VIRGINIA SECURITIES COMMISSION (COMMISSION) ALLEGED THAT, FROM
APRIL 30, 2020 TO APRIL 30, 2025, LPL FINANCIAL LLC (LPL) CHARGED UNREASONABLE COMMISSIONS TO RETAIL CUSTOMERS IN EXCESS OF FIVE
PERCENT OF THE PRINCIPAL AMOUNT ON CERTAIN SMALL PRINCIPAL EQUITY TRANSACTIONS, IN VIOLATION OF THE WEST VIRGINIA UNIFORM
SECURITIES ACT, W.VA. CODE SECTION 32-1-101 ET SEQ. (THE ACT) AND THE REGULATIONS PROMULGATED THEREUNDER.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
10/21/2025
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:

A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 20,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKING
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
WITHOUT ADMITTING OR DENYING THE STATEMENT OF FACTS OR VIOLATIONS OF LAW, LPL AGREED TO THE IMPOSITION OF A CENSURE, TO
CEASE AND DESIST FROM CONDUCT IN VIOLATION OF W.VA. CODE SECTION 3-2-204(A)(2)(J) OF THE ACT, TO PROVIDE RESTITUTION TO
AFFECTED WEST VIRGINIA CUSTOMERS IN AN AMOUNT OF NO LESS THAN $10,306.73 TO PAY AN ADMINISTRATIVE FINE IN THE AMOUNT OF
$20,000, AND TO COMPLY WITH CERTAIN UNDERTAKINGS. THE ADMINISTRATIVE FINE AND RESTITUTION WILL BE PAID IN ACCORDANCE WITH
THE TERMS OF THE CONSENT ORDER.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
ON OCTOBER 21,2025, IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG CERTAIN
MEMBERS OF NASAA, LPL ENTERED INTO A CONSENT ORDER WITH THE COMMISSION REGARDING ALLEGATIONS THAT, FROM APRIL 30, 2020 TO APRIL
30, 2025, LPL CHARGED UNREASONABLE COMMISSIONS TO RETAIL CUSTOMERS IN EXCESS OF FIVE PERCENT OF THE PRINCIPAL AMOUNT ON CERTAIN
SMALL PRINCIPAL EQUITY TRANSACTIONS, IN VIOLATION OF W.VA. CODE SECTION 3-2-204(A)(2)(J) OF THE ACT. WITHOUT ADMITTING OR DENYING
THE STATEMENT OF FACTS OR VIOLATIONS OF LAW, LPL AGREED TO THE IMPOSITION OF A CENSURE, TO CEASE AND DESIST FROM CONDUCT IN
VIOLATION OF W.VA. CODE SECTION 3-2-204(A)(2)(J) OF THE ACT, TO PROVIDE RESTITUTION TO AFFECTED WEST VIRGINIA CUSTOMERS IN AN
AMOUNT OF NO LESS THAN $10,306.73, TO PAY AN ADMINISTRATIVE FINE IN THE AMOUNT OF $20,000, AND TO COMPLY WITH CERTAIN
UNDERTAKINGS. THE ADMINISTRATIVE FINE AND RESTITUTION WILL BE PAID INACCORDANCE WITH THE TERMS OF THE CONSENT ORDER.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.

If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
COMMISSIONER OF SECURITIES AND OFFICE OF THE INSURANCE, MONTANA STATE AUDITOR
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
11/05/2025
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
SEC-2025-58B
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Equity Listed (Common & Preferred Stock)
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG CERTAIN MEMBERS OF THE NORTH
AMERICAN SECURITIES ADMINISTRATORS ASSOCIATION (NASAA), THE MONTANA COMMISSIONER OF SECURITIES AND INSURANCE (COMMISSIONER)
ALLEGED THAT, FROM APRIL 30, 2020 TO APRIL 30, 2025, LPL FINANCIAL LLC (LPL) CHARGED UNREASONABLE COMMISSIONS TO RETAIL CUSTOMERS
IN EXCESS OF FIVE PERCENT OF THE PRINCIPAL AMOUNT ON CERTAIN SMALL PRINCIPAL EQUITY TRANSACTIONS, IN VIOLATION THE SECURITIES ACT
OF MONTANA, MON. CODE ANN. TITLE 30, CHAPTER 10 PARTS 1-3 (SECURITIES ACT) AND THE REGULATIONS PROMULGATED THEREUNDER AT ADMIN
RULES OF MONTANA, CHAPTER 6.10, SUBCHAPTERS 1-7 (REGULATIONS).
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
11/05/2025
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 25,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension

B.
Other Sanctions Ordered:
UNDERTAKING
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
WITHOUT ADMITTING OR DENYING THE STATEMENT OF FACTS OR VIOLATIONS OF LAW, LPL AGREED TO THE IMPOSITION OF A CENSURE, TO
CEASE AND DESIST FROM CONDUCT IN VIOLATION OF THE SECURITIES ACT, TO PROVIDE RESTITUTION TO AFFECTED MONTANA CUSTOMERS IN
AN AMOUNT OF NO LESS THAN $16,711.73, TO PAY AN ADMINISTRATIVE FINE IN THE AMOUNT OF $25,000, AND TO COMPLY WITH CERTAIN
UNDERTAKINGS. THE ADMINISTRATIVE FINE AND RESTITUTION WILL BE PAID IN ACCORDANCE WITH THE TERMS OF THE CONSENT ORDER.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
ON NOVEMBER 5, 2025, IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG CERTAIN
MEMBERS OF NASAA, LPL ENTERED INTO A CONSENT ORDER WITH THE DIVISION REGARDING ALLEGATIONS THAT, FROM APRIL 30, 2020 TO APRIL 30,
2025, LPL CHARGED UNREASONABLE COMMISSIONS TO RETAIL CUSTOMERS IN EXCESS OF FIVE PERCENT OF THE PRINCIPAL AMOUNT ON CERTAIN
SMALL PRINCIPAL EQUITY TRANSACTIONS, IN VIOLATION OF THE SECURITIES ACT. WITHOUT ADMITTING OR DENYING THE STATEMENT OF FACTS OR
VIOLATIONS OF LAW, LPL AGREED TO THE IMPOSITION OF A CENSURE, TO CEASE AND DESIST FROM CONDUCT IN VIOLATION OF THE SECURITIES ACT,
TO PROVIDE RESTITUTION TO AFFECTED MONTANA CUSTOMERS IN AN AMOUNT OF NO LESS THAN $16,711.73, TO PAY AN ADMINISTRATIVE FINE IN THE
AMOUNT OF $25,000, AND TO COMPLY WITH CERTAIN UNDERTAKINGS. THE ADMINISTRATIVE FINE AND RESTITUTION WILL BE PAID INACCORDANCE
WITH THE TERMS OF THE CONSENT ORDER.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 

B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
ALABAMA SECURITIES COMMISSION
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
11/10/2025
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
CO-2025-0028
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Equity Listed (Common & Preferred Stock)
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG CERTAIN MEMBERS OF THE NORTH
AMERICAN SECURITIES ADMINISTRATORS ASSOCIATION (NASAA), THE ALABAMA SECURITIES COMMISSION (COMMISSION) ALLEGED THAT, FROM APRIL
30, 2020 TO APRIL 30, 2025, LPL FINANCIAL LLC (LPL) CHARGED UNREASONABLE COMMISSIONS TO RETAIL CUSTOMERS IN EXCESS OF FIVE PERCENT
OF THE PRINCIPAL AMOUNT ON CERTAIN SMALL PRINCIPAL EQUITY TRANSACTIONS, IN VIOLATION TITLE 8, CHAPTER 6, CODE OF 1975, THE ALABAMA
SECURITIES ACT (THE ACT) AND THE REGULATIONS PROMULGATED THEREUNDER AT CHAPTER 830-X1, ET SEQ. (THE REGULATIONS).
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
11/10/2025
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 25,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKING
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
WITHOUT ADMITTING OR DENYING THE STATEMENT OF FACTS OR VIOLATIONS OF LAW, LPL AGREED TO THE IMPOSITION OF A CENSURE, TO

CEASE AND DESIST FROM CONDUCT IN VIOLATION THE ACT AND REGULATIONS, TO PROVIDE RESTITUTION TO AFFECTED ALABAMA CUSTOMERS
IN AN AMOUNT OF NO LESS THAN $32,983.40, TO PAY AN ADMINISTRATIVE FINE IN THE AMOUNT OF $25,000, AND TO COMPLY WITH CERTAIN
UNDERTAKINGS. THE ADMINISTRATIVE FINE AND RESTITUTION WILL BE PAID IN ACCORDANCE WITH THE TERMS OF THE CONSENT ORDER.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
ON NOVEMBER 10, 2025, IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG CERTAIN
MEMBERS OF NASAA, LPL ENTERED INTO A CONSENT ORDER WITH THE COMMISSION REGARDING ALLEGATIONS THAT, FROM APRIL 30, 2020 TO APRIL
30, 2025, LPL CHARGED UNREASONABLE COMMISSIONS TO RETAIL CUSTOMERS IN EXCESS OF FIVE PERCENT OF THE PRINCIPAL AMOUNT ON CERTAIN
SMALL PRINCIPAL EQUITY TRANSACTIONS, IN VIOLATION OF THE ACT. WITHOUT ADMITTING OR DENYING THE STATEMENT OF FACTS OR VIOLATIONS OF
LAW, LPL AGREED TO THE IMPOSITION OF A CENSURE, TO CEASE AND DESIST FROM CONDUCT IN VIOLATION OF THE ACT AND REGULATIONS, TO
PROVIDE RESTITUTION TO AFFECTED ALABAMA CUSTOMERS IN AN AMOUNT OF NO LESS THAN $32,983.40, TO PAY AN ADMINISTRATIVE FINE IN THE
AMOUNT OF $25,000, AND TO COMPLY WITH CERTAIN UNDERTAKINGS. THE ADMINISTRATIVE FINE AND RESTITUTION WILL BE PAID INACCORDANCE
WITH THE TERMS OF THE CONSENT ORDER.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II

1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
SOUTH DAKOTA DIVISION OF INSURANCE
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
10/16/2025
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
SD 25-30384
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Equity Listed (Common & Preferred Stock)
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG CERTAIN MEMBERS OF THE NORTH
AMERICAN SECURITIES ADMINISTRATORS ASSOCIATION (NASAA), THE SOUTH DAKOTA DIVISION OF INSURANCE (DIVISION) ALLEGED THAT, FROM
APRIL 30, 2020 TO APRIL 30, 2025, LPL FINANCIAL LLC (LPL) CHARGED UNREASONABLE COMMISSIONS TO RETAIL CUSTOMERS IN EXCESS OF FIVE
PERCENT OF THE PRINCIPAL AMOUNT ON CERTAIN SMALL PRINCIPAL EQUITY TRANSACTIONS, IN VIOLATION OF THE SOUTH DAKOTA UNIFORM
SECURITIES ACT OF 2022,SDLC CH.47-31B('THE ACT") AND THE REGULATIONS PROMULGATED THEREUNDER AT ARSD20:08.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
10/16/2025
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 20,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKINGS
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
WITHOUT ADMITTING OR DENYING THE STATEMENT OF FACTS OR VIOLATIONS OF LAW, LPL AGREED TO THE IMPOSITION OF A CENSURE, TO
CEASE AND DESIST FROM CONDUCT IN VIOLATION OF SECTION 47-31B-412(D)(9) OF THE ACT, TO PROVIDE RESTITUTION TO AFFECTED SOUTH
DAKOTA CUSTOMERS IN AN AMOUNT OF NO LESS THAN $9,779.75, TO PAY AN ADMINISTRATIVE FINE IN THE AMOUNT OF $20,000 AND TO
COMPLY WITH CERTAIN UNDERTAKINGS. THE ADMINISTRATIVE FINE AND RESTITUTION WILL BE PAID IN ACCORDANCE WITH THE TERMS OF THE
CONSENT ORDER.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
ON OCTOBER 16, 2025, IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG CERTAIN

MEMBERS OF NASAA, LPL ENTERED INTO A CONSENT ORDER WITH THE DIVISION REGARDING ALLEGATIONS THAT, FROM APRIL 30, 2020, TO APRIL 30,
2025, LPL CHARGED UNREASONABLE COMMISSIONS TO RETAIL CUSTOMERS IN EXCESS OF FIVE PERCENT OF THE PRINCIPAL AMOUNT ON CERTAIN
SMALL PRINCIPAL EQUITY TRANSACTIONS, IN VIOLATION OF SECTION 47-31B-412(D)(9) OF THE ACT. WITHOUT ADMITTING OR DENYING THE
STATEMENT OF FACTS OR VIOLATIONS OF LAW, LPL AGREED TO THE IMPOSITION OF A CENSURE, TO CEASE AND DESIST FROM CONDUCT IN VIOLATION
OF SECTION 47-31B-412(D)(9) OF THE ACT, TO PROVIDE RESTITUTION TO AFFECTED SOUTH DAKOTA CUSTOMERS IN AN AMOUNT OF NO LESS THAN
$9,779.75, TO PAY AN ADMINISTRATIVE FINE IN THE AMOUNT OF $20,000, AND TO COMPLY WITH CERTAIN UNDERTAKINGS. THE ADMINISTRATIVE FINE
AND RESTITUTION WILL BE PAID INACCORDANCE WITH THE TERMS OF THE CONSENT ORDER.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
SECURITIES DIVISION OF THE NEW MEXICO REGULATION AND LICENSING DEPARTMENT
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)

(
)
( )
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
11/06/2025
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
MX23-7-10-3
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Equity Listed (Common & Preferred Stock)
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG CERTAIN MEMBERS OF THE NORTH
AMERICAN SECURITIES ADMINISTRATORS ASSOCIATION (NASAA), THE SECURITIES DIVISION OF THE NEW MEXICO REGULATION AND LICENSING
DEPARTMENT (DIVISION) ALLEGED THAT, FROM APRIL 30, 2020 TO APRIL 30, 2025, LPL FINANCIAL LLC (LPL)CHARGED UNREASONABLE COMMISSIONS
TO RETAIL CUSTOMERS IN EXCESS OF FIVE PERCENT OF THE PRINCIPAL AMOUNT ON CERTAIN SMALL PRINCIPAL EQUITY TRANSACTIONS, IN VIOLATION
OF THE NEW MEXICO UNIFORM SECURITIES ACT, (NMSA 1978 58-13C-412(C)(9)(THE ACT).
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
11/06/2025
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 20,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKING
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
WITHOUT ADMITTING OR DENYING THE STATEMENT OF FACTS OR VIOLATIONS OF LAW, LPL AGREED TO THE IMPOSITION OF A CENSURE, TO
CEASE AND DESIST FROM CONDUCT IN VIOLATION OF SECTION 58-13C-412(C)(9) OF THE ACT, TO PROVIDE RESTITUTION TO AFFECTED NEW
MEXICO CUSTOMERS IN AN AMOUNT OF NO LESS THAN $7,923.15,TO PAY AN ADMINISTRATIVE FINE IN THE AMOUNT OF $20,000, AND TO
COMPLY WITH CERTAIN UNDERTAKINGS. THE ADMINISTRATIVE FINE AND RESTITUTION WILL BE PAID IN ACCORDANCE WITH THE TERMS OF THE
CONSENT ORDER.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
ON NOVEMBER 6, 2025, IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG CERTAIN
MEMBERS OF NASAA, LPL ENTERED INTO A CONSENT ORDER WITH THE DIVISION REGARDING ALLEGATIONS THAT, FROM APRIL 30, 2020 TO APRIL 30,
2025, LPL CHARGED UNREASONABLE COMMISSIONS TO RETAIL CUSTOMERS IN EXCESS OF FIVE PERCENT OF THE PRINCIPAL AMOUNT ON CERTAIN
SMALL PRINCIPAL EQUITY TRANSACTIONS, IN VIOLATION OF SECTION 58-13C-412(C)(9) OF THE ACT. WITHOUT ADMITTING OR DENYING THE
STATEMENT OF FACTS OR VIOLATIONS OF LAW, LPL AGREED TO THE IMPOSITION OF A CENSURE, TO CEASE AND DESIST FROM CONDUCT IN VIOLATION
OF THE ACT, TO PROVIDE RESTITUTION TO AFFECTED NEW MEXICO CUSTOMERS IN AN AMOUNT OF NO LESS THAN $7,923.15, TO PAY AN
ADMINISTRATIVE FINE IN THE AMOUNT OF $20,000, AND TO COMPLY WITH CERTAIN UNDERTAKINGS. THE ADMINISTRATIVE FINE AND RESTITUTION
WILL BE PAID INACCORDANCE WITH THE TERMS OF THE CONSENT ORDER.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
OHIO DIVISION OF SECURITIES
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
11/12/2025
 Exact
 Explanation
If not exact, provide explanation:

4.
Docket/Case Number:
25-016
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Equity Listed (Common & Preferred Stock)
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG CERTAIN MEMBERS OF THE NORTH
AMERICAN SECURITIES ADMINISTRATORS ASSOCIATION (NASAA), THE OHIO DIVISION OF SECURITIES (DIVISION) ALLEGED THAT, FROM APRIL 30, 2020
TO APRIL 30, 2025, LPL FINANCIAL LLC (LPL)CHARGED UNREASONABLE COMMISSIONS TO RETAIL CUSTOMERS IN EXCESS OF FIVE PERCENT OF THE
PRINCIPAL AMOUNT ON CERTAIN SMALL PRINCIPAL EQUITY TRANSACTIONS, IN VIOLATION OF OHIO REVISED CODE 1707.19(A)(1)(I)('THE ACT") AND
THE REGULATIONS PROMULGATED THEREUNDER AT O.A.C. 1301:6-3 (THE REGULATIONS).
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
11/12/2025
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 20,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKING
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
WITHOUT ADMITTING OR DENYING THE STATEMENT OF FACTS OR VIOLATIONS OF LAW, LPL AGREED TO THE IMPOSITION OF A CENSURE, TO
CEASE AND DESIST FROM CONDUCT IN VIOLATION OF OHIO REVISED CODE 1707.19(A)(1)(I), TO PROVIDE RESTITUTION TO AFFECTED SOUTH
DAKOTA CUSTOMERS IN AN AMOUNT OF NO LESS THAN $83,284.52, TO PAY AN ADMINISTRATIVE FINE IN THE AMOUNT OF $20,000 AND TO
COMPLY WITH CERTAINUNDERTAKINGS. THE ADMINISTRATIVE FINE AND RESTITUTION WILL BE PAID IN ACCORDANCE WITH THE TERMS OFTHE
CONSENT ORDER.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
ON NOVEMBER 12, 2025, IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG CERTAIN
MEMBERS OF NASAA, LPL ENTERED INTO A CONSENT ORDER WITH THE DIVISION REGARDING ALLEGATIONS THAT, FROM APRIL 30, 2020, TO APRIL 30,
2025, LPL CHARGED UNREASONABLE COMMISSIONS TO RETAIL CUSTOMERS IN EXCESS OF FIVE PERCENT OF THE PRINCIPAL AMOUNT ON CERTAIN
SMALL PRINCIPAL EQUITY TRANSACTIONS, IN VIOLATION OF OHIO REVISED CODE 1707.19(A)(1)(I). WITHOUT ADMITTING OR DENYING THE STATEMENT
OF FACTS OR VIOLATIONS OF LAW, LPL AGREED TO THE IMPOSITION OF A CENSURE, TO CEASE AND DESIST FROM CONDUCT IN VIOLATION OF OHIO
REVISED CODE 1707.19(A)(1)(I), TO PROVIDE RESTITUTION TO AFFECTED OHIO CUSTOMERS IN AN AMOUNT OF NO LESS THAN $83,284.52, TO PAY AN
ADMINISTRATIVE FINE IN THE AMOUNT OF $20,000, AND TO COMPLY WITH CERTAIN UNDERTAKINGS. THE ADMINISTRATIVE FINE AND RESTITUTION
WILL BE PAID INACCORDANCE WITH THE TERMS OF THE CONSENT ORDER.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.

Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
MINNESOTA DEPARTMENT OF COMMERCE
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
CEASE AND DESIST, CENSURE, RESTITUTION, AND UNDERTAKING
3.
Date Initiated (MM/DD/YYYY): 
12/24/2025
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
99067
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):

6.
Principal Product Type:
Equity Listed (Common & Preferred Stock)
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG CERTAIN MEMBERS OF THE NORTH
AMERICAN SECURITIES ADMINISTRATORS ASSOCIATION (NASAA), THE MINNESOTA DEPARTMENT OF COMMERCE (DEPARTMENT) ALLEGED THAT, FROM
APRIL 30, 2020 TO APRIL 30,2025, LPL FINANCIAL LLC (LPL) CHARGED UNREASONABLE COMMISSIONS TO RETAIL CUSTOMERS IN EXCESS OF FIVE
PERCENT OF THE PRINCIPAL AMOUNT ON CERTAIN SMALL PRINCIPAL EQUITY TRANSACTIONS, IN VIOLATION OF MINN. STATE. CH 80A AND MINN STATE.
45.027 (2024) MINNESOTA SECURITIES ACT.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
12/24/2025
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 20,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKINGS
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
WITHOUT ADMITTING OR DENYING THE STATEMENT OF FACTS OR VIOLATIONS OF LAW, LPL AGREED TO THE IMPOSITION OF A CENSURE, TO
CEASE AND DESIST FROM CONDUCT IN VIOLATION OF MINN. STATE. CH 80A AND MINN STATE. 45.027 (2024) MINNESOTA SECURITIES ACT, TO
PROVIDE RESTITUTION TO AFFECTED MINNESOTA CUSTOMERS IN AN AMOUNT OF NO LESS THAN $51,658.27, TO PAY AN ADMINISTRATIVE FINE
IN THE AMOUNT OF $20,000 AND TO COMPLY WITH CERTAIN UNDERTAKINGS. THE ADMINISTRATIVE FINE AND RESTITUTION WILL BE PAID IN
ACCORDANCE WITH THE TERMS OF THE CONSENT ORDER.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
ON DECEMBER 24,2025, IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG CERTAIN
MEMBERS OF NASAA, LPL ENTERED INTO A CONSENT ORDER WITH THE DIVISION REGARDING ALLEGATIONS THAT, FROM APRIL 30, 2020 TO APRIL 30,
2025, LPL CHARGED UNREASONABLE COMMISSIONS TO RETAIL CUSTOMERS IN EXCESS OF FIVE PERCENT OF THE PRINCIPAL AMOUNT ON CERTAIN
SMALL PRINCIPAL EQUITY TRANSACTIONS, IN VIOLATION OF MINN. STATE. CH 80A AND MINN STATE. 45.027 (2024) MINNESOTA SECURITIES ACT.
WITHOUT ADMITTING OR DENYING THE STATEMENT OF FACTS OR VIOLATIONS OF LAW, LPL AGREED TO THE IMPOSITION OF A CENSURE, TO CEASE
AND DESIST FROM CONDUCT IN VIOLATION OF MINN. STATE. CH 80A AND MINN STATE. 45.027 (2024) MINNESOTA SECURITIES ACT, TO PROVIDE
RESTITUTION TO AFFECTED MINNESOTA CUSTOMERS IN AN AMOUNT OF NO LESS THAN $51,658.27, TO PAY AN ADMINISTRATIVE FINE IN THE AMOUNT
OF $20,000 AND TO COMPLY WITH CERTAIN UNDERTAKINGS. THE ADMINISTRATIVE FINE AND RESTITUTION WILL BE PAID IN ACCORDANCE WITH THE
TERMS OF THE CONSENT ORDER.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)

11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
TEXAS STATE SECURITIES BOARD
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
CEASE AND DESIST, CENSURE, RESTITUTION AND UNDERTAKING
3.
Date Initiated (MM/DD/YYYY): 
12/19/2025
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
ORDER NO. LID-25-CAF-02
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Equity Listed (Common & Preferred Stock)
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):

IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG CERTAIN MEMBERS OF THE NORTH
AMERICAN SECURITIES ADMINISTRATORS ASSOCIATION (NASAA), THE TEXAS STATE SECURITIES BOARD (BOARD) ALLEGED THAT, FROM APRIL 30, 2020
TO APRIL 30, 2025, LPL FINANCIAL LLC (LPL) CHARGED UNREASONABLE COMMISSIONS TO RETAIL CUSTOMERS IN EXCESS OF FIVE PERCENT OF THE
PRINCIPAL AMOUNT ON CERTAIN SMALL PRINCIPAL EQUITY TRANSACTIONS, IN VIOLATION OF THE TEXAS SECURITIES ACT, TEX. GOV'T CODE
4001.001-4008.105.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
12/19/2025
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 25,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKINGS
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
WITHOUT ADMITTING OR DENYING THE STATEMENT OF FACTS OR VIOLATIONS OF LAW, LPL AGREED TO THE IMPOSITION OF A CENSURE, TO
CEASE AND DESIST FROM CONDUCT IN VIOLATION OF SECTION 115.10(A) OF THE TEXAS SECURITIES ACT, TO PROVIDE RESTITUTION TO
AFFECTED TEXAS CUSTOMERS IN AN AMOUNT OF NO LESS THAN $146,235.88, TO PAY AN ADMINISTRATIVE FINE IN THE AMOUNT OF $25,000 AND
TO COMPLY WITH CERTAIN UNDERTAKINGS. THE ADMINISTRATIVE FINE AND RESTITUTION WILL BE PAID IN ACCORDANCE WITH THE TERMS OF
THE CONSENT ORDER.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
ON DECEMBER 19,2025, IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG CERTAIN
MEMBERS OF NASAA, LPL ENTERED INTO A CONSENT ORDER WITH THE BOARD REGARDING ALLEGATIONS THAT, FROM APRIL 30, 2020 TO APRIL 30,
2025, LPL CHARGED UNREASONABLE COMMISSIONS TO RETAIL CUSTOMERS IN EXCESS OF FIVE PERCENT OF THE PRINCIPAL AMOUNT ON CERTAIN
SMALL PRINCIPAL EQUITY TRANSACTIONS, IN VIOLATION OF THE TEXAS SECURITIES ACT, TEX. GOV'T CODE 4001.001-4008.105. WITHOUT ADMITTING
OR DENYING THE STATEMENT OF FACTS OR VIOLATIONS OF LAW, LPL AGREED TO THE IMPOSITION OF A CENSURE, TO CEASE AND DESIST FROM
CONDUCT IN VIOLATION OF SECTION 115.10(A) THE TEXAS SECURITIES ACT, TO PROVIDE RESTITUTION TO AFFECTED TEXAS CUSTOMERS IN AN
AMOUNT OF NO LESS THAN $146,235.88, TO PAY AN ADMINISTRATIVE FINE IN THE AMOUNT OF $25,000 AND TO COMPLY WITH CERTAIN
UNDERTAKINGS. THE ADMINISTRATIVE FINE AND RESTITUTION WILL BE PAID IN ACCORDANCE WITH THE TERMS OF THE CONSENT ORDER.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 

One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
SECURITIES DIVISION OF THE MISSISSIPPI SECRETARY OF STATE OFFICE
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
CEASE AND DESIST, CENSURE, RESTITUTION, AND UNDERTAKING
3.
Date Initiated (MM/DD/YYYY): 
01/05/2026
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Equity Listed (Common & Preferred Stock)
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG CERTAIN MEMBERS OF THE NORTH
AMERICAN SECURITIES ADMINISTRATORS ASSOCIATION (NASAA), THE SECURITIES DIVISION OF THE OFFICE OF THE MISSISSIPPI SECRETARY OF STATE
(DIVISION) ALLEGED THAT, FROM APRIL 30, 2020 TO APRIL 30, 2025, LPL FINANCIAL LLC (LPL) CHARGED UNREASONABLE COMMISSIONS TO RETAIL
CUSTOMERS IN EXCESS OF FIVE PERCENT OF THE PRINCIPAL AMOUNT ON CERTAIN SMALL PRINCIPAL EQUITY TRANSACTIONS, IN VIOLATION OF
SECTION 75-71-412(D)(9) OF THE MISSISSIPPI SECURITIES ACT

8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
01/05/2026
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 20,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKINGS
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
WITHOUT ADMITTING OR DENYING THE STATEMENT OF FACTS OR VIOLATIONS OF LAW, LPL AGREED TO THE IMPOSITION OF A CENSURE, TO
CEASE AND DESIST FROM CONDUCT IN VIOLATION OF SECTION 75-71-412(D)(9) OF THE MISSISSIPPI SECURITIES ACT, TO PROVIDE
RESTITUTION TO AFFECTED MISSISSIPPI CUSTOMERS IN AN AMOUNT OF NO LESS THAN $25,095.18, TO PAY AN ADMINISTRATIVE FINE IN THE
AMOUNT OF $20,000 AND TO COMPLY WITH CERTAIN UNDERTAKINGS. THE ADMINISTRATIVE FINE AND RESTITUTION WILL BE PAID IN
ACCORDANCE WITH THE TERMS OF THE CONSENT ORDER.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
ON JANUARY 5, 2026, IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG CERTAIN MEMBERS
OF NASAA, LPL ENTERED INTO A CONSENT ORDER WITH THE DIVISION REGARDING ALLEGATIONS THAT, FROM APRIL 30, 2020 TO APRIL 30, 2025, LPL
CHARGED UNREASONABLE COMMISSIONS TO RETAIL CUSTOMERS IN EXCESS OF FIVE PERCENT OF THE PRINCIPAL AMOUNT ON CERTAIN SMALL
PRINCIPAL EQUITY TRANSACTIONS, IN VIOLATION OF SECTION 75-71-412(D)(9) OF THE MISSISSIPPI SECURITIES ACT. WITHOUT ADMITTING OR
DENYING THE STATEMENT OF FACTS OR VIOLATIONS OF LAW, LPL AGREED TO THE IMPOSITION OF A CENSURE, TO CEASE AND DESIST FROM CONDUCT
IN VIOLATION OF SECTION 75-71-412(D)(9) OF THE MISSISSIPPI SECURITIES ACT, TO PROVIDE RESTITUTION TO AFFECTED MISSISSIPPI CUSTOMERS
IN AN AMOUNT OF NO LESS THAN $25,095.18, TO PAY AN ADMINISTRATIVE FINE IN THE AMOUNT OF $20,000 AND TO COMPLY WITH CERTAIN
UNDERTAKINGS. THE ADMINISTRATIVE FINE AND RESTITUTION WILL BE PAID IN ACCORDANCE WITH THE TERMS OF THE CONSENT ORDER.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)

You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
STATE OF NEW HAMPSHIRE DEPARTMENT OF STATE BUREAU OF SECURITIES REGULATION
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
CEASE AND DESIST, CENSURE, RESTITUTION, AND UNDERTAKING
3.
Date Initiated (MM/DD/YYYY): 
01/07/2026
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
I-2025000057
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Equity Listed (Common & Preferred Stock)
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG CERTAIN MEMBERS OF THE NORTH
AMERICAN SECURITIES ADMINISTRATORS ASSOCIATION (NASAA), THE STATE OF NEW HAMPSHIRE DEPARTMENT OF STATE , BUREAU OF SECURITIES
REGULATION (BUREAU) ALLEGED THAT, FROM APRIL 30, 2020 TO APRIL 30,2025, LPL FINANCIAL LLC (LPL) CHARGED UNREASONABLE COMMISSIONS TO
RETAIL CUSTOMERS IN EXCESS OF FIVE PERCENT OF THE PRINCIPAL AMOUNT ON CERTAIN SMALL PRINCIPAL EQUITY TRANSACTIONS, IN VIOLATION OF
N.H. REV. STAT. ANN. 421-B OF THE NEW HAMPSHIRE UNIFORM SECURITIES ACT.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.

10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
01/07/2026
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 20,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKINGS
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
WITHOUT ADMITTING OR DENYING THE STATEMENT OF FACTS OR VIOLATIONS OF LAW, LPL AGREED TO THE IMPOSITION OF A CENSURE, TO
CEASE AND DESIST FROM CONDUCT IN VIOLATION OF N.H. REV. STAT. ANN. 421-B OF THE NEW HAMPSHIRE UNIFORM SECURITIES ACT, TO
PROVIDE RESTITUTION TO AFFECTED NEW HAMPSHIRE CUSTOMERS IN AN AMOUNT OF NO LESS THAN $14,755.02, TO PAY AN ADMINISTRATIVE
FINE IN THE AMOUNT OF $20,000 AND TO COMPLY WITH CERTAIN UNDERTAKINGS. THE ADMINISTRATIVE FINE AND RESTITUTION WILL BE PAID
IN ACCORDANCE WITH THE TERMS OF THE CONSENT ORDER.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
ON JANUARY 7, 2026, IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG CERTAIN MEMBERS
OF NASAA, LPL ENTERED INTO A CONSENT ORDER WITH THE BUREAU REGARDING ALLEGATIONS THAT, FROM APRIL 30, 2020 TO APRIL 30, 2025, LPL
CHARGED UNREASONABLE COMMISSIONS TO RETAIL CUSTOMERS IN EXCESS OF FIVE PERCENT OF THE PRINCIPAL AMOUNT ON CERTAIN SMALL
PRINCIPAL EQUITY TRANSACTIONS, IN VIOLATION OF N.H. REV. STAT. ANN. 421-B OF THE NEW HAMPSHIRE UNIFORM SECURITIES ACT. WITHOUT
ADMITTING OR DENYING THE STATEMENT OF FACTS OR VIOLATIONS OF LAW, LPL AGREED TO THE IMPOSITION OF A CENSURE, TO CEASE AND DESIST
FROM CONDUCT IN VIOLATION OF N.H. REV. STAT. ANN. 421-B OF THE NEW HAMPSHIRE UNIFORM SECURITIES ACT,TO PROVIDE RESTITUTION TO
AFFECTED NEW HAMPSHIRE CUSTOMERS IN AN AMOUNT OF NO LESS THAN $14,755.02, TO PAY AN ADMINISTRATIVE FINE IN THE AMOUNT OF $20,000
AND TO COMPLY WITH CERTAIN UNDERTAKINGS. THE ADMINISTRATIVE FINE AND RESTITUTION WILL BE PAID IN ACCORDANCE WITH THE TERMS OF
THE CONSENT ORDER.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates

If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
NEBRASKA DEPARTMENT OF BANKING & FINANCE
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
CEASE AND DESIST, CENSURE, RESTITUTION AND UNDERTAKING
3.
Date Initiated (MM/DD/YYYY): 
01/13/2026
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
NA
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Equity Listed (Common & Preferred Stock)
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG CERTAIN MEMBERS OF THE NORTH
AMERICAN SECURITIES ADMINISTRATORS ASSOCIATION (NASAA), THE NEBRASKA DEPARTMENT OF BANKING AND FINANCE (DEPARTMENT) ALLEGED
THAT, FROM APRIL 30, 2020 TO APRIL 30, 2025, LPL FINANCIAL LLC (LPL) CHARGED UNREASONABLE COMMISSIONS TO RETAIL CUSTOMERS IN EXCESS
OF FIVE PERCENT OF THE PRINCIPAL AMOUNT ON CERTAIN SMALL PRINCIPAL EQUITY TRANSACTIONS, IN VIOLATION OF SECTION 8-1103(9)(A)(XI) OF
THE SECURITIES ACT OF NEBRASKA.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent

11. Resolution Date (MM/DD/YYYY):
01/13/2026
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 20,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKINGS
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
WITHOUT ADMITTING OR DENYING THE STATEMENT OF FACTS OR VIOLATIONS OF LAW, LPL AGREED TO THE IMPOSITION OF A CENSURE, TO
CEASE AND DESIST FROM CONDUCT IN VIOLATION OF SECTION 8-1103(9)(A)(XI) OF THE SECURITIES ACT OF NEBRASKA, TO PROVIDE
RESTITUTION TO AFFECTED NEBRASKA CUSTOMERS IN AN AMOUNT OF NO LESS THAN $21,431.97, TO PAY AN ADMINISTRATIVE FINE IN THE
AMOUNT OF $20,000 AND TO COMPLY WITH CERTAIN UNDERTAKINGS. THE ADMINISTRATIVE FINE AND RESTITUTION WILL BE PAID IN
ACCORDANCE WITH THE TERMS OF THE CONSENT ORDER.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
ON JANUARY 13, 2026, IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG CERTAIN
MEMBERS OF NASAA, LPL ENTERED INTO A CONSENT ORDER WITH THE DEPARTMENT REGARDING ALLEGATIONS THAT, FROM APRIL 30, 2020 TO APRIL
30, 2025, LPL CHARGED UNREASONABLE COMMISSIONS TO RETAIL CUSTOMERS IN EXCESS OF FIVE PERCENT OF THE PRINCIPAL AMOUNT ON CERTAIN
SMALL PRINCIPAL EQUITY TRANSACTIONS, IN VIOLATION OF SECTION 8-1103(9)(A)(XI) OF THE SECURITIES ACT OF NEBRASKA. WITHOUT ADMITTING
OR DENYING THE STATEMENT OF FACTS OR VIOLATIONS OF LAW, LPL AGREED TO THE IMPOSITION OF A CENSURE, TO CEASE AND DESIST FROM
CONDUCT IN VIOLATION OF SECTION 8-1103(9)(A)(XI), TO PROVIDE RESTITUTION TO AFFECTED NEBRASKA CUSTOMERS IN AN AMOUNT OF NO LESS
THAN $21,431.97, TO PAY AN ADMINISTRATIVE FINE IN THE AMOUNT OF $20,000 AND TO COMPLY WITH CERTAIN UNDERTAKINGS. THE ADMINISTRATIVE
FINE AND RESTITUTION WILL BE PAID IN ACCORDANCE WITH THE TERMS OF THE CONSENT ORDER.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed

This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
MISSOURI SECURITIES DIVISION
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
CEASE AND DESIST, CENSURE, RESTITUTION AND UNDERTAKING
3.
Date Initiated (MM/DD/YYYY): 
01/12/2026
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
AP-25-04
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Equity Listed (Common & Preferred Stock)
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG CERTAIN MEMBERS OF THE NORTH
AMERICAN SECURITIES ADMINISTRATORS ASSOCIATION (NASAA), THE MISSOURI SECURITIES DIVISION (DIVISION) ALLEGED THAT, FROM APRIL 30,
2020 TO APRIL 30, 2025, LPL FINANCIAL LLC (LPL) CHARGED UNREASONABLE COMMISSIONS TO RETAIL CUSTOMERS IN EXCESS OF FIVE PERCENT OF
THE PRINCIPAL AMOUNT ON CERTAIN SMALL PRINCIPAL EQUITY TRANSACTIONS, IN VIOLATION OF SECTION 409.6-604 OF THE MISSOURI SECURITIES
ACT OF 2003 (SECURITIES ACT) AND THE REGULATIONS PROMULGATED THEREUNDER 15 CSR 30-51.010 TO 15CSR 30-51.180 (REGULATIONS).
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
01/12/2026
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:

A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 25,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKING
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
WITHOUT ADMITTING OR DENYING THE STATEMENT OF FACTS OR VIOLATIONS OF LAW, LPL AGREED TO THE IMPOSITION OF A CENSURE, TO
CEASE AND DESIST FROM CONDUCT IN VIOLATION OF THE SECURITIES ACT, TO PROVIDE RESTITUTION TO AFFECTED MISSOURI CUSTOMERS IN
AN AMOUNT OF NO LESS THAN $73,920.98, TO PAY AN ADMINISTRATIVE FINE IN THE AMOUNT OF $25,000, AND TO COMPLY WITH CERTAIN
UNDERTAKINGS. THE ADMINISTRATIVE FINE AND RESTITUTION WILL BE PAID IN ACCORDANCE WITH THE TERMS OF THE CONSENT ORDER.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
ON JANUARY 12, 2026, IN CONNECTION WITH A INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG CERTAIN MEMBERS
OF NASAA, LPL ENTERED INTO A CONSENT ORDER WITH THE DIVISION REGARDING ALLEGATIONS THAT, FROM APRIL 30, 2020 TO APRIL 30, 2025, LPL
CHARGED UNREASONABLE COMMISSIONS TO RETAIL CUSTOMERS IN EXCESS OF FIVE PERCENT OF THE PRINCIPAL AMOUNT ON CERTAIN SMALL
PRINCIPAL EQUITY TRANSACTIONS, IN VIOLATION OF THE SECURITIES ACT. WITHOUT ADMITTING OR DENYING THE STATEMENT OF FACTS OR
VIOLATIONS OF LAW, LPL AGREED TO THE IMPOSITION OF A CENSURE, TO CEASE AND DESIST FROM CONDUCT IN VIOLATION OF THE SECURITIES ACT,
TO PROVIDE RESTITUTION TO AFFECTED MISSOURI CUSTOMERS IN AN AMOUNT OF NO LESS THAN $73,920.98, TO PAY AN ADMINISTRATIVE FINE IN
THE AMOUNT OF $25,000, AND TO COMPLY WITH CERTAIN UNDERTAKINGS. THE ADMINISTRATIVE FINE AND RESTITUTION WILL BE PAID
INACCORDANCE WITH THE TERMS OF THE CONSENT ORDER.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item

11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
DELAWARE DEPARTMENT OF JUSTICE
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
CEASE AND DESIST, CENSURE, RESTITUTION AND UNDERTAKING
3.
Date Initiated (MM/DD/YYYY): 
01/21/2026
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
NA
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Equity Listed (Common & Preferred Stock)
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG CERTAIN MEMBERS OF THE NORTH
AMERICAN SECURITIES ADMINISTRATORS ASSOCIATION (NASAA), THE INVESTOR PROTECTION UNIT OF THE DELAWARE DEPARTMENT OF JUSTICE
(DEPARTMENT) ALLEGED THAT, FROM APRIL 30, 2020 TO APRIL 30, 2025, LPL FINANCIAL LLC(LPL) CHARGED UNREASONABLE COMMISSIONS TO RETAIL
CUSTOMERS IN EXCESS OF FIVE PERCENT OF THE PRINCIPAL AMOUNT ON CERTAIN SMALL PRINCIPAL EQUITY TRANSACTIONS, IN VIOLATION OF 6 DEL
C. 73-304(A)(10) OF THE SECURITIES ACT OF DELAWARE.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
01/21/2026
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 20,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension

B.
Other Sanctions Ordered:
UNDERTAKINGS
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
WITHOUT ADMITTING OR DENYING THE STATEMENT OF FACTS OR VIOLATIONS OF LAW, LPL AGREED TO THE IMPOSITION OF A CENSURE, TO
CEASE AND DESIST FROM CONDUCT IN VIOLATION OF 6 DEL. C 73-304(A)(10) OF THE SECURITIES ACT OF DELAWARE, TO PROVIDE RESTITUTION
TO AFFECTED DELAWARE CUSTOMERS IN AN AMOUNT OF NO LESS THAN $13,791.58, TO PAY AN ADMINISTRATIVE FINE IN THE AMOUNT OF
$20,000 AND TO COMPLY WITH CERTAIN UNDERTAKINGS. THE ADMINISTRATIVE FINE AND RESTITUTION WILL BE PAID IN ACCORDANCE WITH
THE TERMS OF THE CONSENT ORDER.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
ON JANUARY 21, 2026, IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG CERTAIN
MEMBERS OF NASAA, LPL ENTERED INTO A CONSENT ORDER WITH THE DEPARTMENT REGARDING ALLEGATIONS THAT, FROM APRIL 30, 2020 TO APRIL
30, 2025, LPL CHARGED UNREASONABLE COMMISSIONS TO RETAIL CUSTOMERS IN EXCESS OF FIVE PERCENT OF THE PRINCIPAL AMOUNT ON CERTAIN
SMALL PRINCIPAL EQUITY TRANSACTIONS, IN VIOLATION OF 6 DEL. C 73-304(A)(10) OF THE SECURITIES ACT OF DELAWARE. WITHOUT ADMITTING OR
DENYING THE STATEMENT OF FACTS OR VIOLATIONS OF LAW, LPL AGREED TO THE IMPOSITION OF ACENSURE, TO CEASE AND DESIST FROM CONDUCT
IN VIOLATION OF 6 DEL. C 73-304(A)(10), TO PROVIDE RESTITUTION TO AFFECTED DELAWARE CUSTOMERS IN AN AMOUNT OF NO LESS THAN
$13,791.58, TO PAY AN ADMINISTRATIVE FINE IN THE AMOUNT OF $20,000 AND TO COMPLY WITH CERTAIN UNDERTAKINGS. THE ADMINISTRATIVE FINE
AND RESTITUTION WILL BE PAID IN ACCORDANCE WITH THE TERMS OF THE CONSENT ORDER.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 

B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
INDIANA SECURITIES DIVISION
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
CEASE AND DESIST, CENSURE, RESTITUTION AND UNDERTAKING
3.
Date Initiated (MM/DD/YYYY): 
01/28/2026
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
25-0011 CA
6.
Principal Product Type:
Equity Listed (Common & Preferred Stock)
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG CERTAIN MEMBERS OF THE NORTH
AMERICAN SECURITIES ADMINISTRATORS ASSOCIATION (NASAA), THE INDIANA SECURITIES DIVISION (DIVISION) ALLEGED THAT, FROM APRIL 30, 2020
TO APRIL 30, 2025, LPL FINANCIAL LLC (LPL) CHARGED UNREASONABLE COMMISSIONS TO RETAIL CUSTOMERS IN EXCESS OF FIVE PERCENT OF THE
PRINCIPAL AMOUNT ON CERTAIN SMALL PRINCIPAL EQUITY TRANSACTIONS, IN VIOLATION OF I.C. 23-19-4-12(D)(9) AND 710 IAC 4-7-6(D) OF THE
INDIANA UNIFORM SECURITIES ACT.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
01/28/2026
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 20,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKING
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of

penalty was waived: 
WITHOUT ADMITTING OR DENYING THE STATEMENT OF FACTS OR VIOLATIONS OF LAW, LPL AGREED TO THE IMPOSITION OF A CENSURE, TO
CEASE AND DESIST FROM CONDUCT IN VIOLATION OF I.C. 23-19-4-12(D)(9) AND 710 IAC 4-7-6(D) OF THE INDIANA UNIFORM SECURITIES ACT,
TO PROVIDE RESTITUTION TO AFFECTED INDIANA CUSTOMERS IN AN AMOUNT OF NO LESS THAN $54,428.90, TO PAY AN ADMINISTRATIVE FINE
IN THE AMOUNT OF $20,000 AND TO COMPLY WITH CERTAIN UNDERTAKINGS. THE ADMINISTRATIVE FINE AND RESTITUTION WILL BE PAID IN
ACCORDANCE WITH THE TERMS OF THE CONSENT ORDER.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
ON JANUARY 28, 2026, IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG CERTAIN
MEMBERS OF NASAA, LPL ENTERED INTO A CONSENT ORDER WITH THE DIVISION REGARDING ALLEGATIONS THAT, FROM APRIL 30, 2020 TO APRIL 30,
2025, LPL CHARGED UNREASONABLE COMMISSIONSTO RETAIL CUSTOMERS IN EXCESS OF FIVE PERCENT OF THE PRINCIPAL AMOUNT ON CERTAIN
SMALL PRINCIPAL EQUITY TRANSACTIONS, IN VIOLATION OF I.C. 23-19-4-12(D)(9) AND 710 IAC 4-7-6(D) OF THE INDIANA UNIFORM SECURITIES ACT.
WITHOUT ADMITTING OR DENYING THE STATEMENT OF FACTS OR VIOLATIONS OF LAW, LPL AGREED TO THE IMPOSITION OF ACENSURE, TO CEASE AND
DESIST FROM CONDUCT IN VIOLATION OF I.C. 23-19-4-12(D)(9) AND 710 IAC 4-7-6(D), TO PROVIDE RESTITUTION TO AFFECTED INDIANA CUSTOMERS
IN AN AMOUNT OF NO LESS THAN $54,428.90, TO PAY AN ADMINISTRATIVE FINE IN THE AMOUNT OF $20,000 AND TO COMPLY WITH CERTAIN
UNDERTAKINGS. THE ADMINISTRATIVE FINE AND RESTITUTION WILL BE PAID IN ACCORDANCE WITH THE TERMS OF THE CONSENT ORDER.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No

NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
VERMONT DEPARTMENT OF FINANCIAL REGULATION
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
CEASE AND DESIST, CENSURE, RESTITUTION AND UNDERTAKING
3.
Date Initiated (MM/DD/YYYY): 
02/18/2026
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
25-020-S
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Equity Listed (Common & Preferred Stock)
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG CERTAIN MEMBERS OF THE NORTH
AMERICAN SECURITIES ADMINISTRATORS ASSOCIATION (NASAA), THE VERMONT DEPARTMENT OF FINANCIAL REGULATION (DEPARTMENT) ALLEGED
THAT, FROM APRIL 30, 2020 TO APRIL 30, 2025, LPL FINANCIAL LLC (LPL) CHARGED UNREASONABLE COMMISSIONS TO RETAIL CUSTOMERS IN EXCESS
OF FIVE PERCENT OF THE V.S.R. SECTION 2-2(B)(2) OF THE VERMONT UNIFORM SECURITIES ACT.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
02/18/2026
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 17,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKING
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
WITHOUT ADMITTING OR DENYING THE STATEMENT OF FACTS OR VIOLATIONS OF LAW, LPL AGREED TO THE IMPOSITION OF A CENSURE, TO
CEASE AND DESIST FROM CONDUCT IN VIOLATION OF THE V.S.R. SECTION 2-2(B)(2) OF THE VERMONT UNIFORM SECURITIES ACT, TO PROVIDE
RESTITUTION TO AFFECTED VERMONT CUSTOMERS IN AN AMOUNT OF NO LESS THAN $3,000.00, TO PAY AN ADMINISTRATIVE FINE IN THE
AMOUNT OF$17,000 AND TO COMPLY WITH CERTAIN UNDERTAKINGS. THE ADMINISTRATIVE FINE AND RESTITUTION WILL BE PAID IN
ACCORDANCE WITH THE TERMS OF THE CONSENT ORDER.

13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
ON FEBRUARY 18, 2026, IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG CERTAIN
MEMBERS OF NASAA, LPL ENTERED INTO A CONSENT ORDER WITH THE DEPARTMENT REGARDING ALLEGATIONS THAT, FROM APRIL 30, 2020 TO APRIL
30, 2025, LPL CHARGED UNREASONABLE COMMISSIONS TO RETAIL CUSTOMERS IN EXCESS OF FIVE PERCENT OF THE PRINCIPAL AMOUNT ON CERTAIN
SMALL PRINCIPAL EQUITY TRANSACTIONS, IN VIOLATION OF V.S.R. SECTION 2-2(B)(2)OF THE VERMONT UNIFORM SECURITIES ACT. WITHOUT
ADMITTING OR DENYING THE STATEMENT OF FACTS OR VIOLATIONS OF LAW, LPL AGREED TO THE IMPOSITION OF A CENSURE, TO CEASE AND DESIST
FROM CONDUCT IN VIOLATION OF V.S.R. SECTION 2-2(B)(2), TO PROVIDE RESTITUTION TO AFFECTED VERMONT CUSTOMERS IN AN AMOUNT OF NO
LESS THAN $3,000.00, TO PAY AN ADMINISTRATIVE FINE IN THE AMOUNT OF $17,000 AND TO COMPLY WITH CERTAIN UNDERTAKINGS. THE
ADMINISTRATIVE FINE AND RESTITUTION WILL BE PAID IN ACCORDANCE WITH THE TERMS OF THE CONSENT ORDER.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 

WISCONSIN DEPARTMENT OF FINANCIAL INSTITUTIONS
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
CEASE AND DESIST, CENSURE, RESTITUTION AND UNDERTAKING
3.
Date Initiated (MM/DD/YYYY): 
02/18/2026
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
S-251173 (LX)
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Equity Listed (Common & Preferred Stock)
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG CERTAIN MEMBERS OF THE NORTH
AMERICAN SECURITIES ADMINISTRATORS ASSOCIATION (NASAA), THE DIVISION OF SECURITIES OF THE WISCONSIN DEPARTMENT OF FINANCIAL
INSTITUTION (DIVISION) ALLEGED THAT, FROM APRIL 30, 2020 TO APRIL 30, 2025, LPL FINANCIAL LLC (LPL) CHARGED UNREASONABLE COMMISSIONS
TO RETAIL CUSTOMERS IN EXCESS OF FIVE PERCENT OF THE PRINCIPAL AMOUNT ON CERTAIN SMALL PRINCIPAL EQUITY TRANSACTIONS, IN VIOLATION
OF WIS. ADMIN CODE DFI-SEC 4.05(2).
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
02/18/2026
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 20,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKING
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
WITHOUT ADMITTING OR DENYING THE STATEMENT OF FACTS OR VIOLATIONS OF LAW, LPL AGREED TO THE IMPOSITION OF A CENSURE, TO
CEASE AND DESIST FROM CONDUCT IN VIOLATION OF WIS. ADMIN CODE DFI-SEC 4.05(2), TO PROVIDE RESTITUTION TO AFFECTED WISCONSIN
CUSTOMERS IN AN AMOUNT OF NO LESS THAN $86,040.81, TO PAY AN ADMINISTRATIVE FINE IN THE AMOUNT OF $20,000 AND TO COMPLY WITH
CERTAIN UNDERTAKINGS. THE ADMINISTRATIVE FINE AND RESTITUTION WILL BE PAID IN ACCORDANCE WITH THE TERMS OF THE CONSENT
ORDER.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
ON FEBRUARY 18, 2026, IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG CERTAIN
MEMBERS OF NASAA, LPL ENTERED INTO A CONSENT ORDER WITH THE DIVISION REGARDING ALLEGATIONS THAT, FROM APRIL 30, 2020 TO APRIL 30,
2025, LPL CHARGED UNREASONABLE COMMISSIONS TO RETAIL CUSTOMERS IN EXCESS OF FIVE PERCENT OF THE PRINCIPAL AMOUNT ON CERTAIN

SMALL PRINCIPAL EQUITY TRANSACTIONS, IN VIOLATION OF WIS. ADMIN CODE DFI-SEC 4.05(2). WITHOUT ADMITTING OR DENYING THE STATEMENT
OF FACTS OR VIOLATIONS OF LAW, LPL AGREED TO THE IMPOSITION OF A CENSURE, TO CEASE AND DESIST FROM CONDUCT IN VIOLATION OF WIS.
ADMIN CODE DFI-SEC 4.05(2), TO PROVIDE RESTITUTION TO AFFECTED WISCONSIN CUSTOMERS IN AN AMOUNT OF NO LESS THAN $86,040.81, TO PAY
AN ADMINISTRATIVE FINE IN THE AMOUNT OF $20,000 AND TO COMPLY WITH CERTAIN UNDERTAKINGS. THE ADMINISTRATIVE FINE AND RESTITUTION
WILL BE PAID IN ACCORDANCE WITH THE TERMS OF THE CONSENT ORDER.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
OKLAHOMA DEPARTMENT OF SECURITIES
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
CEASE AND DESIST, CENSURE, RESTITUTION AND UNDERTAKING

3.
Date Initiated (MM/DD/YYYY): 
02/18/2026
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
ODS FILE 25-230
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Equity Listed (Common & Preferred Stock)
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG CERTAIN MEMBERS OF THE NORTH
AMERICAN SECURITIES ADMINISTRATORS ASSOCIATION (NASAA), THE OKLAHOMA DEPARTMENT OF SECURITIES (DEPARTMENT) ALLEGED THAT, FROM
APRIL 30, 2020 TO APRIL 30, 2025, LPL FINANCIAL LLC (LPL) CHARGED UNREASONABLE COMMISSIONS TO RETAIL CUSTOMERS IN EXCESS OF FIVE
PERCENT OF THE PRINCIPAL AMOUNT ONCERTAIN SMALL PRINCIPAL EQUITY TRANSACTIONS, IN VIOLATION OF 1-411(D)(9) OF THE OKLAHOMA
UNIFORM SECURITIES ACT.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
02/18/2026
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 20,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKING
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
WITHOUT ADMITTING OR DENYING THE STATEMENT OF FACTS OR VIOLATIONS OF LAW, LPL AGREED TO THE IMPOSITION OF A CENSURE, TO
CEASE AND DESIST FROM CONDUCT IN VIOLATION OF1-411(D)(9) OF THE OKLAHOMA UNIFORM SECURITIES ACT, TO PROVIDE RESTITUTION TO
AFFECTED OKLAHOMA CUSTOMERS IN AN AMOUNT OF NO LESS THAN $23,304.18, TO PAY AN ADMINISTRATIVE FINE IN THE AMOUNT OF $20,000
AND TO COMPLY WITH CERTAIN UNDERTAKINGS. THE ADMINISTRATIVE FINE AND RESTITUTION WILL BE PAID IN ACCORDANCE WITH THE TERMS
OF THE CONSENT ORDER.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
ON FEBRUARY 18, 2026, IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG CERTAIN
MEMBERS OF NASAA, LPL ENTERED INTO A CONSENT ORDER WITH THE DEPARTMENT REGARDING ALLEGATIONS THAT, FROM APRIL 30, 2020 TO APRIL
30, 2025, LPL CHARGED UNREASONABLE COMMISSIONS TO RETAIL CUSTOMERS IN EXCESS OF FIVE PERCENT OF THE PRINCIPAL AMOUNT ON CERTAIN
SMALL PRINCIPAL EQUITY TRANSACTIONS, IN VIOLATION OF 1-411(D)(9) OF THE OKLAHOMA UNIFORM SECURITIES ACT. WITHOUT ADMITTING OR
DENYING THE STATEMENT OF FACTS OR VIOLATIONS OF LAW, LPL AGREED TO THE IMPOSITION OF A CENSURE, TO CEASE AND DESIST FROM CONDUCT
IN VIOLATION OF 1-411(D)(9), TO PROVIDE RESTITUTION TO AFFECTED OKLAHOMA CUSTOMERS IN AN AMOUNT OF NO LESS THAN $23,304.180, TO
PAY AN ADMINISTRATIVE FINE IN THE AMOUNT OF $20,000 AND TO COMPLY WITH CERTAIN UNDERTAKINGS. THE ADMINISTRATIVE FINE AND
RESTITUTION WILL BE PAID IN ACCORDANCE WITH THE TERMS OF THE CONSENT ORDER.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
HAWAII DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
CEASE AND DESIST, CENSURE, RESTITUTION AND UNDERTAKING
3.
Date Initiated (MM/DD/YYYY): 
02/18/2026
 Exact
 Explanation
If not exact, provide explanation:

4.
Docket/Case Number:
SEB20250012
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Equity Listed (Common & Preferred Stock)
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG CERTAIN MEMBERS OF THE NORTH
AMERICAN SECURITIES ADMINISTRATORS ASSOCIATION (NASAA), THE COMMISSIONER OF SECURITIES OF THE STATE OF HAWAII DEPARTMENT OF
COMMERCE AND CONSUMER AFFAIRS (DEPARTMENT) ALLEGED THAT, FROM APRIL 30, 2020 TO APRIL 30, 2025, LPL FINANCIAL LLC (LPL) CHARGED
UNREASONABLE COMMISSIONS TO RETAIL CUSTOMERS IN EXCESS OF FIVE PERCENT OF THE PRINCIPAL AMOUNT ON CERTAIN SMALL PRINCIPAL
EQUITY TRANSACTIONS, IN VIOLATION OF SECTION 485A-412(D)(9) OF THE HAWAII UNIFORM SECURITIES ACT.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
02/18/2026
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 20,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKING
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
WITHOUT ADMITTING OR DENYING THE STATEMENT OF FACTS OR VIOLATIONS OF LAW, LPL AGREED TO THE MPOSITION OF A CENSURE, TO
CEASE AND DESIST FROM CONDUCT IN VIOLATION OF 485A-412(D)(9) OF THE HAWAII UNIFORM SECURITIES ACT, TO PROVIDE RESTITUTION TO
AFFECTED HAWAII CUSTOMERS IN AN AMOUNT OF NO LESS THAN $13,434.05, TO PAY AN ADMINISTRATIVE FINE IN THE AMOUNT OF$20,000 AND
TO COMPLY WITH CERTAIN UNDERTAKINGS. THE ADMINISTRATIVE FINE AND RESTITUTION WILL BE PAID IN ACCORDANCE WITH THE TERMS OF
THE CONSENT ORDER.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
ON FEBRUARY 18, 2026, IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG CERTAIN
MEMBERS OF NASAA, LPL ENTERED INTO A CONSENT ORDER WITH THE DEPARTMENT REGARDING ALLEGATIONS THAT, FROM APRIL 30, 2020 TO APRIL
30, 2025, LPL CHARGED UNREASONABLE COMMISSIONS TO RETAIL CUSTOMERS IN EXCESS OF FIVE PERCENT OF THE PRINCIPAL AMOUNT ON CERTAIN
SMALL PRINCIPAL EQUITY TRANSACTIONS, IN VIOLATION OF 485A-412(D)(9) OF THE HAWAII UNIFORM SECURITIES ACT. WITHOUT ADMITTING OR
DENYING THE STATEMENT OF FACTS OR VIOLATIONS OF LAW, LPL AGREED TO THE IMPOSITION OF A CENSURE, TO CEASE AND DESIST FROM CONDUCT
IN VIOLATION OF 485A-412(D)(9), TO PROVIDE RESTITUTION TO AFFECTED HAWAII CUSTOMERS IN AN AMOUNT OF NO LESSTHAN $13,43.05, TO PAY
AN ADMINISTRATIVE FINE IN THE AMOUNT OF $20,000 AND TO COMPLY WITH CERTAIN UNDERTAKINGS. THE ADMINISTRATIVE FINE AND RESTITUTION
WILL BE PAID IN ACCORDANCE WITH THE TERMS OF THE CONSENT ORDER.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.

Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
NORTH DAKOTA INSURANCE & SECURITIES DEPARTMENT
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
02/24/2026
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
SO-25-910-25-2018
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:

Equity Listed (Common & Preferred Stock)
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG CERTAIN MEMBERS OF THE NORTH
AMERICAN SECURITIES ADMINISTRATORS ASSOCIATION (NASAA), THE NORTH DAKOTA INSURANCE & SECURITIES DEPARTMENT (DEPARTMENT) ALLEGED
THAT, FROM APRIL 30, 2020 TO APRIL 30, 2025, LPL FINANCIAL LLC (LPL) CHARGED UNREASONABLE COMMISSIONS TO RETAIL CUSTOMERS IN EXCESS
OF FIVE PERCENT OF THE PRINCIPAL AMOUNT ON CERTAIN SMALL PRINCIPAL EQUITY TRANSACTIONS, IN VIOLATION OF N.D.C.C. 10-04-11(1)(M).
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
02/24/2026
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 20,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKING
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
WITHOUT ADMITTING OR DENYING THE STATEMENT OF FACTS OR VIOLATIONS OF LAW, LPL AGREED TO THE IMPOSITION OF A CENSURE, TO
CEASE AND DESIST FROM CONDUCT IN VIOLATION OF N.D.C.C. 10-04-11(1)(M), TO PROVIDE RESTITUTION TO AFFECTED NORTH DAKOTA
CUSTOMERS IN AN AMOUNT OF NO LESS THAN $17,500.09, TO PAY AN ADMINISTRATIVE FINE IN THE AMOUNT OF $20,000 AND TO COMPLY WITH
CERTAIN UNDERTAKINGS. THE ADMINISTRATIVE FINE AND RESTITUTION WILL BE PAID IN ACCORDANCE WITH THE TERMS OF THE CONSENT
ORDER.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
ON FEBRUARY 24, 2026, IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG CERTAIN
MEMBERS OF NASAA, LPL ENTERED INTO A CONSENT ORDER WITH THE DEPARTMENT REGARDING ALLEGATIONS THAT, FROM APRIL 30, 2020 TO APRIL
30, 2025, LPL CHARGED UNREASONABLE COMMISSIONS TO RETAIL CUSTOMERS IN EXCESS OF FIVE PERCENT OF THE PRINCIPAL AMOUNT ON CERTAIN
SMALL PRINCIPAL EQUITY TRANSACTIONS, IN VIOLATION OF N.D.C.C. 10-04-11(1)(M). WITHOUT ADMITTING OR DENYING THE STATEMENT OF FACTS OR
VIOLATIONS OF LAW, LPL AGREED TO THE IMPOSITION OF A CENSURE, TO CEASE AND DESIST FROM CONDUCT IN VIOLATION OF N.D.C.C. 10-04-11(1)
(M), TO PROVIDE RESTITUTION TO AFFECTED NORTH DAKOTA CUSTOMERS IN AN AMOUNT OF NO LESS THAN $17,500.09, TO PAY AN ADMINISTRATIVE
FINE IN THE AMOUNT OF $20,000 AND TO COMPLY WITH CERTAIN UNDERTAKINGS. THE ADMINISTRATIVE FINE AND RESTITUTION WILL BE PAID IN
ACCORDANCE WITH THE TERMS OF THE CONSENT ORDER.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.

Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
NEVADA SECURITIES DIVISION
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
CEASE AND DESIST, CENSURE, RESTITUTION AND UNDERTAKING
3.
Date Initiated (MM/DD/YYYY): 
03/09/2026
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
INV25-164
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Equity Listed (Common & Preferred Stock)
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG CERTAIN MEMBERS OF THE NORTH
AMERICAN SECURITIES ADMINISTRATORS ASSOCIATION (NASAA), THE NEVADA SECURITIES DIVISION (DIVISION) ALLEGED THAT, FROM APRIL 30, 2020
TO APRIL 30, 2025, LPL FINANCIAL LLC (LPL) CHARGED UNREASONABLE COMMISSIONS TO RETAIL CUSTOMERS IN EXCESS OF FIVE PERCENT OF THE

PRINCIPAL AMOUNT ON CERTAIN SMALL PRINCIPAL EQUITY TRANSACTIONS, IN VIOLATION OF NRS 90.420(1)(1) OF THE NEVADA UNIFORM SECURITIES
ACT.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
03/09/2026
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 20,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKING
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
WITHOUT ADMITTING OR DENYING THE STATEMENT OF FACTS OR VIOLATIONS OF LAW, LPL AGREED TO THE IMPOSITION OF A CENSURE, TO
CEASE AND DESIST FROM CONDUCT IN VIOLATION OF NRS 90.420(1)(1) OF THE NEVADA UNIFORM SECURITIES ACT, TO PROVIDE RESTITUTION
TO AFFECTED NEVADA CUSTOMERS IN AN AMOUNT OF NO LESS THAN $21,656.39, TO PAY AN ADMINISTRATIVE FINE IN THE AMOUNT OF $20,000
AND TO COMPLY WITH CERTAIN UNDERTAKINGS. THE ADMINISTRATIVE FINE AND RESTITUTION WILL BE PAID IN ACCORDANCE WITH THE TERMS
OF THE CONSENT ORDER.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
ON MARCH 9, 2026, IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG CERTAIN MEMBERS
OF NASAA, LPL ENTERED INTO A CONSENT ORDER WITH THE DIVISION REGARDING ALLEGATIONS THAT, FROM APRIL 30, 2020 TO APRIL 30, 2025, LPL
CHARGED UNREASONABLE COMMISSIONS TO RETAIL CUSTOMERS IN EXCESS OF FIVE PERCENT OF THE PRINCIPAL AMOUNT ON CERTAIN SMALL
PRINCIPAL EQUITY TRANSACTIONS, IN VIOLATION OF NRS 90.420(1)(1) OF THE NEVADA UNIFORM SECURITIES ACT. WITHOUT ADMITTING OR DENYING
THE STATEMENT OF FACTS OR VIOLATIONS OF LAW, LPL AGREED TO THE IMPOSITION OF A CENSURE, TO CEASE AND DESIST FROM CONDUCT IN
VIOLATION OF NRS 90.420(1)(1), TO PROVIDE RESTITUTION TO AFFECTED NEVADA CUSTOMERS IN AN AMOUNT OF NO LESS THAN $21,656.39, TO PAY
AN ADMINISTRATIVE FINE IN THE AMOUNT OF $20,000 AND TO COMPLY WITH CERTAIN UNDERTAKINGS. THE ADMINISTRATIVE FINE AND RESTITUTION
WILL BE PAID IN ACCORDANCE WITH THE TERMS OF THE CONSENT ORDER.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.

PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
NORTH CAROLINA SECURITIES DIVISION
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
CEASE AND DESIST, CENSURE, RESTITUTION AND UNDERTAKING
3.
Date Initiated (MM/DD/YYYY): 
03/06/2026
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
25ADM006
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Equity Listed (Common & Preferred Stock)
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG CERTAIN MEMBERS OF THE NORTH
AMERICAN SECURITIES ADMINISTRATORS ASSOCIATION (NASAA), THE NORTH CAROLINA SECURITIES DIVISION (DIVISION) ALLEGED THAT, FROM APRIL
30, 2020 TO APRIL 30, 2025, LPL FINANCIAL LLC (LPL) CHARGED UNREASONABLE COMMISSIONS TO RETAIL CUSTOMERS IN EXCESS OF FIVE PERCENT
OF THE PRINCIPAL AMOUNT ON CERTAIN SMALL PRINCIPAL EQUITY TRANSACTIONS, IN VIOLATION OF N.C.G.S. 78A OF THE NORTH CAROLINA
SECURITIES ACT.
8.
Current Status?      
 Pending
 On Appeal
 Final

9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
03/06/2026
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 20,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKING
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
WITHOUT ADMITTING OR DENYING THE STATEMENT OF FACTS OR VIOLATIONS OF LAW, LPL AGREED TO THE IMPOSITION OF A CENSURE, TO
CEASE AND DESIST FROM CONDUCT IN VIOLATION OF N.C.G.S. 78A OF THE NORTH CAROLINA SECURITIES ACT, TO PROVIDE RESTITUTION TO
AFFECTED NORTH CAROLINA CUSTOMERS IN AN AMOUNT OF NO LESS THAN $62,646.37, TO PAY AN ADMINISTRATIVE FINE IN THE AMOUNT OF
$20,000 AND TO COMPLY WITH CERTAIN UNDERTAKINGS. THE ADMINISTRATIVE FINE AND RESTITUTION WILL BE PAID IN ACCORDANCE WITH
THE TERMS OF THE CONSENT ORDER.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
ON MARCH 6, 2026, IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG CERTAIN MEMBERS
OF NASAA, LPL ENTERED INTO A CONSENT ORDER WITH THE DIVISION REGARDING ALLEGATIONS THAT, FROM APRIL 30, 2020 TO APRIL 30, 2025, LPL
CHARGED UNREASONABLE COMMISSIONS TO RETAIL CUSTOMERS IN EXCESS OF FIVE PERCENT OF THE PRINCIPAL AMOUNT ON CERTAIN SMALL
PRINCIPAL EQUITY TRANSACTIONS, IN VIOLATION OF N.C.G.S. 78A OF THE NORTH CAROLINA SECURITIES ACT. WITHOUT ADMITTING OR DENYING THE
STATEMENT OF FACTS OR VIOLATIONS OF LAW, LPL AGREED TO THE IMPOSITION OF A CENSURE, TO CEASE AND DESIST FROM CONDUCT IN VIOLATION
OFN.C.G.S. 78A, TO PROVIDE RESTITUTION TO AFFECTED NORTH CAROLINA CUSTOMERS IN AN AMOUNT OF NO LESS THAN $62,646.37, TO PAY AN
ADMINISTRATIVE FINE IN THE AMOUNT OF $20,000 AND TO COMPLY WITH CERTAIN UNDERTAKINGS. THE ADMINISTRATIVE FINE AND RESTITUTION WILL
BE PAID IN ACCORDANCE WITH THE TERMS OF THE CONSENT ORDER.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates

One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
WASHINGTON SECURITIES DIVISION
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
CEASE AND DESIST, CENSURE, RESTITUTION AND UNDERTAKING
3.
Date Initiated (MM/DD/YYYY): 
03/17/2026
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
S-25-3997-26-CO01
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Equity Listed (Common & Preferred Stock)
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG CERTAIN MEMBERS OF THE NORTH
AMERICAN SECURITIES ADMINISTRATORS ASSOCIATION (NASAA), THE WASHINGTON SECURITIES DIVISION (SECURITIES DIVISION) ALLEGED THAT,
FROM APRIL 30, 2020 TO APRIL 30, 2025, LPL FINANCIAL LLC (LPL) CHARGED UNREASONABLE COMMISSIONS TO RETAIL CUSTOMERS IN EXCESS OF
FIVE PERCENT OF THE PRINCIPAL AMOUNT ON CERTAIN SMALL PRINCIPAL EQUITY TRANSACTIONS, IN VIOLATION OF WAC 460-20C-150 OF THE
WASHINGTON SECURITIES ACT.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:

Consent
11. Resolution Date (MM/DD/YYYY):
03/17/2026
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 25,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKING
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
WITHOUT ADMITTING OR DENYING THE STATEMENT OF FACTS OR VIOLATIONS OF LAW, LPL AGREED TO THE IMPOSITION OF A CENSURE, TO
CEASE AND DESIST FROM CONDUCT IN VIOLATION OF WAC 460-20C-150 OF THE WASHINGTON SECURITIES ACT, TO PROVIDE RESTITUTION TO
AFFECTED WASHINGTON CUSTOMERS IN AN AMOUNT OF NO LESS THAN $61,456.75, TO PAY AN ADMINISTRATIVE FINE IN THE AMOUNT OF
$250,000 AND TO COMPLY WITH CERTAIN UNDERTAKINGS. THE ADMINISTRATIVE FINE AND RESTITUTION WILL BE PAID IN ACCORDANCE WITH
THE TERMS OF THE CONSENT ORDER.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
ON MARCH 17, 2026, IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG CERTAIN MEMBERS
OF NASAA, LPL ENTERED INTO A CONSENT ORDER WITH THE SECURITIES DIVISION REGARDING ALLEGATIONS THAT, FROM APRIL 30, 2020 TO APRIL
30, 2025, LPL CHARGED UNREASONABLE COMMISSIONS TO RETAIL CUSTOMERS IN EXCESS OF FIVE PERCENT OF THE PRINCIPAL AMOUNT ON CERTAIN
SMALL PRINCIPAL EQUITY TRANSACTIONS, IN VIOLATION OF WAC 460-20C-150 OF THE WASHINGTON SECURITIES ACT. WITHOUT ADMITTING OR
DENYING THE STATEMENT OF FACTS OR VIOLATIONS OF LAW, LPL AGREED TO THE IMPOSITION OF A CENSURE, TO CEASE AND DESIST FROM CONDUCT
IN VIOLATION OF WAC 460-20C-150, TO PROVIDE RESTITUTION TO AFFECTED WASHINGTON CUSTOMERS IN AN AMOUNT OF NO LESS THAN
$61,456.75, TO PAY AN ADMINISTRATIVE FINE IN THE AMOUNT OF $25,000 AND TO COMPLY WITH CERTAIN UNDERTAKINGS. THE ADMINISTRATIVE FINE
AND RESTITUTION WILL BE PAID IN ACCORDANCE WITH THE TERMS OF THE CONSENT ORDER.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.

ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
ILLINOIS SECURITIES DEPARTMENT
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
CEASE AND DESIST, CENSURE, RESTITUTION AND UNDERTAKING
3.
Date Initiated (MM/DD/YYYY): 
03/13/2026
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
2500302
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Equity Listed (Common & Preferred Stock)
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG CERTAIN MEMBERS OF THE NORTH
AMERICAN SECURITIES ADMINISTRATORS ASSOCIATION (NASAA), THE ILLINOIS SECURITIES DEPARTMENT (SECURITIES DEPARTMENT) ALLEGED THAT,
FROM APRIL 30, 2020 TO APRIL 30, 2025, LPL FINANCIAL LLC (LPL) CHARGED UNREASONABLE COMMISSIONS TO RETAIL CUSTOMERS IN EXCESS OF
FIVE PERCENT OF THE PRINCIPAL AMOUNT ON CERTAIN SMALL PRINCIPAL EQUITY TRANSACTIONS, IN VIOLATION OF SECTION 8.E.1.EIV OF THE
ILLINOIS SECURITIES ACT.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
03/13/2026
 Exact
 Explanation
If not exact, provide explanation:

12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 20,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKING
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
WITHOUT ADMITTING OR DENYING THE STATEMENT OF FACTS OR VIOLATIONS OF LAW, LPL AGREED TO THE IMPOSITION OF A CENSURE, TO
CEASE AND DESIST FROM CONDUCT IN VIOLATION OF SECTION 8.E.1.EIV OF THE ILLINOIS SECURITIES ACT, TO PROVIDE RESTITUTION TO
AFFECTED ILLINOIS CUSTOMERS IN AN AMOUNT OF NO LESS THAN $124,665.76, TO PAY AN ADMINISTRATIVE FINE IN THE AMOUNT OF $20,000
AND TO COMPLY WITH CERTAIN UNDERTAKINGS. THE ADMINISTRATIVE FINE AND RESTITUTION WILL BE PAID IN ACCORDANCE WITH THE TERMS
OF THE CONSENT ORDER.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
ON MARCH 13, 2026, IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG CERTAIN MEMBERS
OF NASAA, LPL ENTERED INTO A CONSENT ORDER WITH THE SECURITIES DEPARTMENT REGARDING ALLEGATIONS THAT, FROM APRIL 30, 2020 TO APRIL
30, 2025, LPL CHARGED UNREASONABLE COMMISSIONS TO RETAIL CUSTOMERS IN EXCESS OF FIVE PERCENT OF THE PRINCIPAL AMOUNT ON CERTAIN
SMALL PRINCIPAL EQUITY TRANSACTIONS, IN VIOLATION OF SECTION 8.E.1.EIV OF THE ILLINOIS SECURITIES ACT. WITHOUT ADMITTING OR DENYING
THE STATEMENT OF FACTS OR VIOLATIONS OF LAW, LPL AGREED TO THE IMPOSITION OF A CENSURE, TO CEASE AND DESIST FROM CONDUCT IN
VIOLATION OF SECTION 8.E.1.EIV, TO PROVIDE RESTITUTION TO AFFECTED ILLINOIS CUSTOMERS IN AN AMOUNT OF NO LESS THAN $124,665.76, TO
PAY AN ADMINISTRATIVE FINE IN THE AMOUNT OF $20,000 AND TO COMPLY WITH CERTAIN UNDERTAKINGS. THE ADMINISTRATIVE FINE AND
RESTITUTION WILL BE PAID IN ACCORDANCE WITH THE TERMS OF THE CONSENT ORDER.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is

registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
MAINE OFFICE OF SECURITIES
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
CEASE AND DESIST, CENSURE, RESTITUTION AND UNDERTAKING
3.
Date Initiated (MM/DD/YYYY): 
04/02/2026
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
2026-05
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Equity Listed (Common & Preferred Stock)
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG CERTAIN MEMBERS OF THE NORTH
AMERICAN SECURITIES ADMINISTRATORS ASSOCIATION (NASAA), THE MAINE OFFICE OF SECURITIES (OFFICE) ALLEGED THAT, FROM APRIL 30, 2020
TO APRIL 30, 2025, LPL FINANCIAL LLC (LPL) CHARGED UNREASONABLE COMMISSIONS TO RETAIL CUSTOMERS IN EXCESS OF FIVE PERCENT OF THE
PRINCIPAL AMOUNT ON CERTAIN SMALL PRINCIPAL EQUITY TRANSACTIONS, IN VIOLATION OF 32 M.R.S. 16412(4)(I) OF THE MAINE UNIFORM
SECURITIES ACT.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
04/02/2026
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 20,000.00

 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKING
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
WITHOUT ADMITTING OR DENYING THE STATEMENT OF FACTS OR VIOLATIONS OF LAW, LPL AGREED TO THE IMPOSITION OF A CENSURE, TO
CEASE AND DESIST FROM CONDUCT IN VIOLATION OF 32 M.R.S. 16412(4)(I) OF THE MAINE UNIFORM SECURITIES ACT, TO PROVIDE RESTITUTION
TO AFFECTED MAINE CUSTOMERS IN AN AMOUNT OF NO LESS THAN $18,847.50, TO PAY AN ADMINISTRATIVE FINE IN THE AMOUNT OF $20,000
AND TO COMPLY WITH CERTAIN UNDERTAKINGS. THE ADMINISTRATIVE FINE AND RESTITUTION WILL BE PAID IN ACCORDANCE WITH THE TERMS
OF THE CONSENT ORDER.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
ON APRIL 2, 2026, IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG CERTAIN MEMBERS OF
NASAA, LPL ENTERED INTO A CONSENT ORDER WITH THE OFFICE REGARDING ALLEGATIONS THAT, FROM APRIL 30, 2020 TO APRIL 30, 2025, LPL
CHARGED UNREASONABLE COMMISSIONS TO RETAIL CUSTOMERS IN EXCESS OF FIVE PERCENT OF THE PRINCIPAL AMOUNT ON CERTAIN SMALL
PRINCIPAL EQUITY TRANSACTIONS, IN VIOLATION OF 32 M.R.S. 16412(4)(I) OF THE MAINE UNIFORM SECURITIES ACT. WITHOUT ADMITTING OR
DENYING THE STATEMENT OF FACTS OR VIOLATIONS OF LAW, LPL AGREED TO THE IMPOSITION OF A CENSURE, TO CEASE AND DESIST FROM CONDUCT
IN VIOLATION OF 32 M.R.S. 16412(4)(I), TO PROVIDE RESTITUTION TO AFFECTED MAINE CUSTOMERS IN AN AMOUNT OF NO LESS THAN $18,847.50, TO
PAY AN ADMINISTRATIVE FINE IN THE AMOUNT OF $20,000 AND TO COMPLY WITH CERTAIN UNDERTAKINGS. THE ADMINISTRATIVE FINE AND
RESTITUTION WILL BE PAID IN ACCORDANCE WITH THE TERMS OF THE CONSENT ORDER.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.

This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
PUERTO RICO OFFICE OF THE COMMISSIONER OF FINANCIAL INSTITUTIONS
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
CEASE AND DESIST, CENSURE, RESTITUTION AND UNDERTAKING
3.
Date Initiated (MM/DD/YYYY): 
04/07/2026
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
NA
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Equity Listed (Common & Preferred Stock)
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG CERTAIN MEMBERS OF THE NORTH
AMERICAN SECURITIES ADMINISTRATORS ASSOCIATION (NASAA), THE PUERTO RICO OFFICE OF THE COMMISSIONER OF FINANCIAL INSTITUTIONS
(OCFI) ALLEGED THAT, FROM APRIL 30, 2020 TO APRIL 30, 2025, LPL FINANCIAL LLC (LPL) CHARGED UNREASONABLE COMMISSIONS TO RETAIL
CUSTOMERS IN EXCESS OF FIVE PERCENT OF THE PRINCIPAL AMOUNT ON CERTAIN SMALL PRINCIPAL EQUITY TRANSACTIONS, IN VIOLATION OF
SECTION 204(A)(2)(J) OF THE PUERTO RICO UNIFORM SECURITIES ACT.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
04/07/2026
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 20,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKING
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,

p
j
p
g
p
(
p
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
WITHOUT ADMITTING OR DENYING THE STATEMENT OF FACTS OR VIOLATIONS OF LAW, LPL AGREED TO THE IMPOSITION OF A CENSURE, TO
CEASE AND DESIST FROM CONDUCT IN VIOLATION OF SECTION 204(A)(2)(J) OF THE PUERTO RICO UNIFORM SECURITIES ACT, TO PROVIDE
RESTITUTION TO AFFECTED PUERTO RICO CUSTOMERS IN AN AMOUNT OF NO LESS THAN $477.89, TO PAY AN ADMINISTRATIVE FINE IN THE
AMOUNT OF $20,000 AND TO COMPLY WITH CERTAIN UNDERTAKINGS. THE ADMINISTRATIVE FINE AND RESTITUTION WILL BE PAID IN
ACCORDANCE WITH THE TERMS OF THE CONSENT ORDER.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
ON APRIL 7, 2026, IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG CERTAIN MEMBERS OF
NASAA, LPL ENTERED INTO A CONSENT ORDER WITH THE OCFI REGARDING ALLEGATIONS THAT, FROM APRIL 30, 2020 TO APRIL 30, 2025, LPL
CHARGED UNREASONABLE COMMISSIONS TO RETAIL CUSTOMERS IN EXCESS OF FIVE PERCENT OF THE PRINCIPAL AMOUNT ON CERTAIN SMALL
PRINCIPAL EQUITY TRANSACTIONS, IN VIOLATION OF SECTION 204(A)(2)(J) OF THE PUERTO RICO UNIFORM SECURITIES ACT. WITHOUT ADMITTING OR
DENYING THE STATEMENT OF FACTS OR VIOLATIONS OF LAW, LPL AGREED TO THE IMPOSITION OF A CENSURE, TO CEASE AND DESIST FROM CONDUCT
IN VIOLATION OF SECTION 204(A)(2)(J), TO PROVIDE RESTITUTION TO AFFECTED PUERTO RICO CUSTOMERS IN AN AMOUNT OF NO LESS THAN
$477.89, TO PAY AN ADMINISTRATIVE FINE IN THE AMOUNT OF $20,000 AND TO COMPLY WITH CERTAIN UNDERTAKINGS. THE ADMINISTRATIVE FINE
AND RESTITUTION WILL BE PAID IN ACCORDANCE WITH THE TERMS OF THE CONSENT ORDER.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.

 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
FLORIDA OFFICE OF FINANCIAL REGULATION
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
CEASE AND DESIST, CENSURE, RESTITUTION AND UNDERTAKING
3.
Date Initiated (MM/DD/YYYY): 
03/27/2026
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
130178-S
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Equity Listed (Common & Preferred Stock)
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG CERTAIN MEMBERS OF THE NORTH
AMERICAN SECURITIES ADMINISTRATORS ASSOCIATION (NASAA), THE FLORIDA OFFICE OF FINANCIAL REGULATION (OFFICE) ALLEGED THAT, FROM
APRIL 30, 2020 TO APRIL 30, 2025, LPL FINANCIAL LLC (LPL) CHARGED UNREASONABLE COMMISSIONS TO RETAIL CUSTOMERS IN EXCESS OF FIVE
PERCENT OF THE PRINCIPAL AMOUNT ON CERTAIN SMALL PRINCIPAL EQUITY TRANSACTIONS, IN VIOLATION OF 69W-600.013(1)(H)1 OF THE FLORIDA
ADMINISTRATIVE CODE.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
03/27/2026
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 20,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKING
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
WITHOUT ADMITTING OR DENYING THE STATEMENT OF FACTS OR VIOLATIONS OF LAW, LPL AGREED TO THE IMPOSITION OF A CENSURE, TO
CEASE AND DESIST FROM CONDUCT IN VIOLATION OF 69W-600.013(1)(H)1 OF THE FLORIDA ADMINISTRATIVE CODE, TO PROVIDE RESTITUTION

TO AFFECTED FLORIDA CUSTOMERS IN AN AMOUNT OF NO LESS THAN $62,646.37, TO PAY AN ADMINISTRATIVE FINE IN THE AMOUNT OF $20,000
AND TO COMPLY WITH CERTAIN UNDERTAKINGS. THE ADMINISTRATIVE FINE AND RESTITUTION WILL BE PAID IN ACCORDANCE WITH THE TERMS
OF THE CONSENT ORDER.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
ON MARCH 27, 2026, IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG CERTAIN MEMBERS
OF NASAA, LPL ENTERED INTO A CONSENT ORDER WITH THE OFFICE REGARDING ALLEGATIONS THAT, FROM APRIL 30, 2020 TO APRIL 30, 2025, LPL
CHARGED UNREASONABLE COMMISSIONS TO RETAIL CUSTOMERS IN EXCESS OF FIVE PERCENT OF THE PRINCIPAL AMOUNT ON CERTAIN SMALL
PRINCIPAL EQUITY TRANSACTIONS, IN VIOLATION OF 69W-600.013(1)(H)1 OF THE FLORIDA ADMINISTRATIVE CODE. WITHOUT ADMITTING OR DENYING
THE STATEMENT OF FACTS OR VIOLATIONS OF LAW, LPL AGREED TO THE IMPOSITION OF A CENSURE, TO CEASE AND DESIST FROM CONDUCT IN
VIOLATION OF 9W-600.013(1)(H)1, TO PROVIDE RESTITUTION TO AFFECTED FLORIDA CUSTOMERS IN AN AMOUNT OF NO LESS THAN $136,409.89, TO
PAY AN ADMINISTRATIVE FINE IN THE AMOUNT OF $20,000 AND TO COMPLY WITH CERTAIN UNDERTAKINGS. THE ADMINISTRATIVE FINE AND
RESTITUTION WILL BE PAID IN ACCORDANCE WITH THE TERMS OF THE CONSENT ORDER.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II

1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
IDAHO DEPARTMENT OF FINANCE
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
CEASE AND DESIST, CENSURE, RESTITUTION AND UNDERTAKING
3.
Date Initiated (MM/DD/YYYY): 
04/21/2026
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
SB-2025-106
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Equity Listed (Common & Preferred Stock)
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG CERTAIN MEMBERS OF THE NORTH
AMERICAN SECURITIES ADMINISTRATORS ASSOCIATION (NASAA), THE IDAHO DEPARTMENT OF FINANCE (DEPARTMENT) ALLEGED THAT, FROM APRIL 30,
2020 TO APRIL 30, 2025, LPL FINANCIAL LLC (LPL) CHARGED UNREASONABLE COMMISSIONS TO RETAIL CUSTOMERS IN EXCESS OF FIVE PERCENT OF
THE PRINCIPAL AMOUNT ON CERTAIN SMALL PRINCIPAL EQUITY TRANSACTIONS, IN VIOLATION OF RULE 105.01 AND RULE 105.03(D) OF THE IDAHO
UNIFORM SECURITIES ACT.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
04/21/2026
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 20,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKING
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
WITHOUT ADMITTING OR DENYING THE STATEMENT OF FACTS OR VIOLATIONS OF LAW, LPL AGREED TO THE IMPOSITION OF A CENSURE, TO
CEASE AND DESIST FROM CONDUCT IN VIOLATION OF RULE 105.01 AND RULE 105.03(D) OF THE IDAHO UNIFORM SECURITIES ACT, TO PROVIDE
RESTITUTION TO AFFECTED IDAHO CUSTOMERS IN AN AMOUNT OF NO LESS THAN $13,237.89, TO PAY AN ADMINISTRATIVE FINE IN THE AMOUNT
OF $20,000 AND TO COMPLY WITH CERTAIN UNDERTAKINGS. THE ADMINISTRATIVE FINE AND RESTITUTION WILL BE PAID IN ACCORDANCE WITH
THE TERMS OF THE CONSENT ORDER.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).

ON APRIL 21, 2026, IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG CERTAIN MEMBERS
OF NASAA, LPL ENTERED INTO A CONSENT ORDER WITH THE DEPARTMENT REGARDING ALLEGATIONS THAT, FROM APRIL 30, 2020 TO APRIL 30, 2025,
LPL CHARGED UNREASONABLE COMMISSIONS TO RETAIL CUSTOMERS IN EXCESS OF FIVE PERCENT OF THE PRINCIPAL AMOUNT ON CERTAIN SMALL
PRINCIPAL EQUITY TRANSACTIONS, IN VIOLATION OF RULE 105.01 AND RULE 105.03(D) OF THE IDAHO UNIFORM SECURITIES ACT. WITHOUT
ADMITTING OR DENYING THE STATEMENT OF FACTS OR VIOLATIONS OF LAW, LPL AGREED TO THE IMPOSITION OF A CENSURE, TO CEASE AND DESIST
FROM CONDUCT IN VIOLATION OF RULE 105.01 AND RULE 105.03(D), TO PROVIDE RESTITUTION TO AFFECTED IDAHO CUSTOMERS IN AN AMOUNT OF
NO LESS THAN $13,237.89, TO PAY AN ADMINISTRATIVE FINE IN THE AMOUNT OF $20,000 AND TO COMPLY WITH CERTAIN UNDERTAKINGS. THE
ADMINISTRATIVE FINE AND RESTITUTION WILL BE PAID IN ACCORDANCE WITH THE TERMS OF THE CONSENT ORDER.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
KENTUCKY DEPARTMENT OF FINANCIAL INSTITUTIONS
2.
Principal Sanction:

p
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
CEASE AND DESIST, CENSURE, RESTITUTION AND UNDERTAKING
3.
Date Initiated (MM/DD/YYYY): 
04/22/2026
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
2025-DFI-0142
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Equity Listed (Common & Preferred Stock)
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG CERTAIN MEMBERS OF THE NORTH
AMERICAN SECURITIES ADMINISTRATORS ASSOCIATION (NASAA), THE KENTUCKY DEPARTMENT OF FINANCE INSTITUTIONS (DEPARTMENT) ALLEGED
THAT, FROM APRIL 30, 2020 TO APRIL 30, 2025, LPL FINANCIAL LLC (LPL) CHARGED UNREASONABLE COMMISSIONS TO RETAIL CUSTOMERS IN EXCESS
OF FIVE PERCENT OF THE PRINCIPAL AMOUNT ON CERTAIN SMALL PRINCIPAL EQUITY TRANSACTIONS, IN VIOLATION OF KRS 292.337(2)(K) AND 808
KAR 10:030, SECTION 3(1)(B) OF THE KENTUCKY SECURITIES ACT.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
04/22/2026
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 20,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKING
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
WITHOUT ADMITTING OR DENYING THE STATEMENT OF FACTS OR VIOLATIONS OF LAW, LPL AGREED TO THE IMPOSITION OF A CENSURE, TO
CEASE AND DESIST FROM CONDUCT IN VIOLATION OF KRS 292.337(2)(K) AND 808 KAR 10:030, SECTION 3(1)(B) OF THE KENTUCKY SECURITIES
ACT, TO PROVIDE RESTITUTION TO AFFECTED KENTUCKY CUSTOMERS IN AN AMOUNT OF NO LESS THAN $37,092.78, TO PAY AN ADMINISTRATIVE
FINE IN THE AMOUNT OF $20,000 AND TO COMPLY WITH CERTAIN UNDERTAKINGS. THE ADMINISTRATIVE FINE AND RESTITUTION WILL BE PAID
IN ACCORDANCE WITH THE TERMS OF THE CONSENT ORDER.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
ON APRIL 22, 2026, IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG CERTAIN MEMBERS
OF NASAA, LPL ENTERED INTO A CONSENT ORDER WITH THE DEPARTMENT REGARDING ALLEGATIONS THAT, FROM APRIL 30, 2020 TO APRIL 30, 2025,
LPL CHARGED UNREASONABLE COMMISSIONS TO RETAIL CUSTOMERS IN EXCESS OF FIVE PERCENT OF THE PRINCIPAL AMOUNT ON CERTAIN SMALL
PRINCIPAL EQUITY TRANSACTIONS, IN VIOLATION OF KRS 292.337(2)(K) AND 808 KAR 10:030, SECTION 3(1)(B) OF THE KENTUCKY SECURITIES ACT.
WITHOUT ADMITTING OR DENYING THE STATEMENT OF FACTS OR VIOLATIONS OF LAW, LPL AGREED TO THE IMPOSITION OF A CENSURE, TO CEASE
AND DESIST FROM CONDUCT IN VIOLATION OF KRS 292.337(2)(K) AND 808 KAR 10:030, SECTION 3(1)(B), TO PROVIDE RESTITUTION TO AFFECTED

KENTUCKY CUSTOMERS IN AN AMOUNT OF NO LESS THAN $37,092.78, TO PAY AN ADMINISTRATIVE FINE IN THE AMOUNT OF $20,000 AND TO COMPLY
WITH CERTAIN UNDERTAKINGS. THE ADMINISTRATIVE FINE AND RESTITUTION WILL BE PAID IN ACCORDANCE WITH THE TERMS OF THE CONSENT
ORDER.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
SECURITIES DIVISION OF THE OFFICE OF THE ATTORNEY GENERAL OF THE STATE OF SOUTH CAROLINA
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
CEASE AND DESIST, CENSURE, RESTITUTION AND UNDERTAKING

3.
Date Initiated (MM/DD/YYYY): 
04/23/2026
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
20252028
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Equity Listed (Common & Preferred Stock)
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG CERTAIN MEMBERS OF THE NORTH
AMERICAN SECURITIES ADMINISTRATORS ASSOCIATION (NASAA), THE SECURITIES DIVISION OF THE OFFICE OF THE ATTORNEY GENERAL OF THE STATE
OF SOUTH CAROLINA (DIVISION) ALLEGED THAT, FROM APRIL 30, 2020 TO APRIL 30, 2025, LPL FINANCIAL LLC (LPL) CHARGED UNREASONABLE
COMMISSIONS TO RETAIL CUSTOMERS IN EXCESS OF FIVE PERCENT OF THE PRINCIPAL AMOUNT ON CERTAIN SMALL PRINCIPAL EQUITY
TRANSACTIONS, IN VIOLATION OF S.C. CODE ANN. SECTION 35-1-412(D)(9).
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
04/23/2026
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 20,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKING
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
WITHOUT ADMITTING OR DENYING THE STATEMENT OF FACTS OR VIOLATIONS OF LAW, LPL AGREED TO THE IMPOSITION OF A CENSURE, TO
CEASE AND DESIST FROM CONDUCT IN VIOLATION OF S.C. CODE ANN. SECTION 35-1-412(D)(9), TO PROVIDE RESTITUTION TO AFFECTED SOUTH
CAROLINA CUSTOMERS IN AN AMOUNT OF NO LESS THAN $37,906.65, TO PAY AN ADMINISTRATIVE FINE IN THE AMOUNT OF $20,000 AND TO
COMPLY WITH CERTAIN UNDERTAKINGS. THE ADMINISTRATIVE FINE AND RESTITUTION WILL BE PAID IN ACCORDANCE WITH THE TERMS OF THE
CONSENT ORDER.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
ON APRIL 23, 2026, IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG CERTAIN MEMBERS
OF NASAA, LPL ENTERED INTO A CONSENT ORDER WITH THE DIVISION REGARDING ALLEGATIONS THAT, FROM APRIL 30, 2020 TO APRIL 30, 2025, LPL
CHARGED UNREASONABLE COMMISSIONS TO RETAIL CUSTOMERS IN EXCESS OF FIVE PERCENT OF THE PRINCIPAL AMOUNT ON CERTAIN SMALL
PRINCIPAL EQUITY TRANSACTIONS, IN VIOLATION OF S.C. CODE ANN. SECTION 35-1-412(D)(9). WITHOUT ADMITTING OR DENYING THE STATEMENT OF
FACTS OR VIOLATIONS OF LAW, LPL AGREED TO THE IMPOSITION OF A CENSURE, TO CEASE AND DESIST FROM CONDUCT IN VIOLATION OF S.C. CODE
ANN. SECTION 35-1-412(D)(9), TO PROVIDE RESTITUTION TO AFFECTED SOUTH CAROLINA CUSTOMERS IN AN AMOUNT OF NO LESS THAN $37,905.65,
TO PAY AN ADMINISTRATIVE FINE IN THE AMOUNT OF $20,000 AND TO COMPLY WITH CERTAIN UNDERTAKINGS. THE ADMINISTRATIVE FINE AND
RESTITUTION WILL BE PAID IN ACCORDANCE WITH THE TERMS OF THE CONSENT ORDER.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
MICHIGAN DEPARTMENT OF LICENSING AND REGULATORY AFFAIRS; CORPORATIONS, SECURITIES, AND COMMERCIAL LICENSING BUREAU
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
CEASE AND DESIST, CENSURE, RESTITUTION AND UNDERTAKING
3.
Date Initiated (MM/DD/YYYY): 
06/04/2026
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
ENF-25-020115

5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Equity Listed (Common & Preferred Stock)
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG CERTAIN MEMBERS OF THE NORTH
AMERICAN SECURITIES ADMINISTRATORS ASSOCIATION (NASAA), THE MICHIGAN DEPARTMENT OF LICENSING AND REGULATORY AFFAIRS
(DEPARTMENT) ALLEGED THAT, FROM APRIL 30, 2020 TO APRIL 30, 2025, LPL FINANCIAL LLC (LPL) CHARGED UNREASONABLE COMMISSIONS TO RETAIL
CUSTOMERS IN EXCESS OF FIVE PERCENT OF THE PRINCIPAL AMOUNT ON CERTAIN SMALL PRINCIPAL EQUITY TRANSACTIONS, IN VIOLATION OF MCL
451.2412(4)(I) OF THE MICHIGAN UNIFORM SECURITIES ACT.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
06/04/2026
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 20,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKING
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
WITHOUT ADMITTING OR DENYING THE STATEMENT OF FACTS OR VIOLATIONS OF LAW, LPL AGREED TO THE IMPOSITION OF A CENSURE, TO
CEASE AND DESIST FROM CONDUCT IN VIOLATION OF MCL 451.2412(4)(I) OF THE MICHIGAN UNIFORM SECURITIES ACT, TO PROVIDE
RESTITUTION TO AFFECTED MICHIGAN CUSTOMERS IN AN AMOUNT OF NO LESS THAN $61,870.64, TO PAY AN ADMINISTRATIVE FINE IN THE
AMOUNT OF $20,000 AND TO COMPLY WITH CERTAIN UNDERTAKINGS. THE ADMINISTRATIVE FINE AND RESTITUTION WILL BE PAID IN
ACCORDANCE WITH THE TERMS OF THE CONSENT ORDER.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
ON JUNE 4, 2026, IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG CERTAIN MEMBERS OF
NASAA, LPL ENTERED INTO A CONSENT ORDER WITH THE DEPARTMENT REGARDING ALLEGATIONS THAT, FROM APRIL 30, 2020 TO APRIL 30, 2025, LPL
CHARGED UNREASONABLE COMMISSIONS TO RETAIL CUSTOMERS IN EXCESS OF FIVE PERCENT OF THE PRINCIPAL AMOUNT ON CERTAIN SMALL
PRINCIPAL EQUITY TRANSACTIONS, IN VIOLATION OF MCL 451.2412(4)(I) MICHIGAN UNIFORM SECURITIES ACT. WITHOUT ADMITTING OR DENYING THE
STATEMENT OF FACTS OR VIOLATIONS OF LAW, LPL AGREED TOTHE IMPOSITION OF A CENSURE, TO CEASE AND DESIST FROM CONDUCT IN VIOLATION
OF MCL 451.2412(4)(I)OF THE MICHIGAN UNIFORM SECURITIES ACT, TO PROVIDE RESTITUTION TO AFFECTED MICHIGAN CUSTOMERS IN AN AMOUNT
OF NO LESS THAN $61,870.64, TO PAY AN ADMINISTRATIVE FINE IN THE AMOUNT OF $20,000 AND TO COMPLY WITH CERTAIN UNDERTAKINGS. THE
ADMINISTRATIVE FINE AND RESTITUTION WILL BE PAID IN ACCORDANCE WITH THE TERMS OF THE CONSENT ORDER.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:

( )
g
p
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
CALIFORNIA DEPARTMENT OF FINANCIAL PROTECTION AND INNOVATION
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
CEASE AND DESIST, CENSURE, RESTITUTION AND UNDERTAKING
3.
Date Initiated (MM/DD/YYYY): 
06/05/2026
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
NA
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Equity Listed (Common & Preferred Stock)

Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG CERTAIN MEMBERS OF THE NORTH
AMERICAN SECURITIES ADMINISTRATORS ASSOCIATION (NASAA), THE CALIFORNIA DEPARTMENT OF FINANCIAL PROTECTION AND INNOVATION
(DEPARTMENT) ALLEGED THAT, FROM APRIL 30, 2020 TO APRIL 30, 2025, LPL FINANCIAL LLC (LPL) CHARGED UNREASONABLE COMMISSIONS TO RETAIL
CUSTOMERS IN EXCESS OF FIVE PERCENT OF THE PRINCIPAL AMOUNT ON CERTAIN SMALL PRINCIPAL EQUITY TRANSACTIONS, IN VIOLATION OF
CALIFORNIA CORPORATIONS CODE SECTION 25218 AND CODE REGULATIONS, TITLE 10 SECTION 260.218.4.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
06/05/2026
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 20,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKING
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
WITHOUT ADMITTING OR DENYING THE STATEMENT OF FACTS OR VIOLATIONS OF LAW, LPL AGREED TO THE IMPOSITION OF A CENSURE, TO
CEASE AND DESIST FROM CONDUCT IN VIOLATION OF CODE OF REGULATIONS, TITLE 10 SECTION 260.218.4, TO PROVIDE RESTITUTION TO
AFFECTED CALIFORNIA CUSTOMERS IN AN AMOUNT OF NO LESS THAN $217,067.99, TO PAY AN ADMINISTRATIVE FINE IN THE AMOUNT OF
$20,000 AND TO COMPLY WITH CERTAIN UNDERTAKINGS. THE ADMINISTRATIVE FINE AND RESTITUTION WILL BE PAID IN ACCORDANCE WITH
THE TERMS OF THE CONSENT ORDER.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
ON JUNE 5, 2026, IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG CERTAIN MEMBERS OF
NASAA, LPL ENTERED INTO A CONSENT ORDER WITH THE DEPARTMENT REGARDING ALLEGATIONS THAT, FROM APRIL 30, 2020 TO APRIL 30, 2025, LPL
CHARGED UNREASONABLE COMMISSIONS TO RETAIL CUSTOMERS IN EXCESS OF FIVE PERCENT OF THE PRINCIPAL AMOUNT ON CERTAIN SMALL
PRINCIPAL EQUITY TRANSACTIONS, IN VIOLATION CODE OF REGULATIONS, TITLE 10 SECTION 260.218.4. WITHOUT ADMITTING OR DENYING THE
STATEMENT OF FACTS OR VIOLATIONS OF LAW, LPL AGREED TO THE IMPOSITION OF A CENSURE, TO CEASE AND DESIST FROM CONDUCT IN VIOLATION
OF CODE OF REGULATIONS, TITLE 10 SECTION 260.218.4, TO PROVIDE RESTITUTION TO AFFECTED CALIFORNIA CUSTOMERS IN AN AMOUNT OF NO
LESS THAN $217,067.99, TO PAY AN ADMINISTRATIVE FINE IN THE AMOUNT OF $20,000 AND TO COMPLY WITH CERTAIN UNDERTAKINGS. THE
ADMINISTRATIVE FINE AND RESTITUTION WILL BE PAID IN ACCORDANCE WITH THE TERMS OF THE CONSENT ORDER.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.

Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
LOUISIANA OFFICE OF FINANCIAL INSTITUTIONS
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
CEASE AND DESIST, CENSURE, RESTITUTION AND UNDERTAKING
3.
Date Initiated (MM/DD/YYYY): 
07/09/2026
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
OFI-2025-06
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Equity Listed (Common & Preferred Stock)
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG CERTAIN MEMBERS OF THE NORTH
AMERICAN SECURITIES ADMINISTRATORS ASSOCIATION (NASAA), THE LOUISIANA OFFICE OF FINANCIAL INSTITUTIONS (OFFICE) ALLEGED THAT, FROM
APRIL 30, 2020 TO APRIL 30, 2025, LPL FINANCIAL LLC (LPL) CHARGED UNREASONABLE COMMISSIONS TO RETAIL CUSTOMERS IN EXCESS OF FIVE

PERCENT OF THE PRINCIPAL AMOUNT ON CERTAIN SMALL PRINCIPAL EQUITY TRANSACTIONS, IN VIOLATION OF LAC 10:XIII.1901 AND 704(A)(9) OF
THE LOUISIANA SECURITIES LAW.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
07/09/2026
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 20,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKING
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
WITHOUT ADMITTING OR DENYING THE STATEMENT OF FACTS OR VIOLATIONS OF LAW, LPL AGREED TO THE IMPOSITION OF A CENSURE, TO
CEASE AND DESIST FROM CONDUCT IN VIOLATION OF LAC 10:XIII.1901 AND 704(A)(9) OF THE LOUISIANA SECURITIES LAW, TO PROVIDE
RESTITUTION TO AFFECTED LOUISIANA CUSTOMERS IN AN AMOUNT OF NO LESS THAN $47,947.14, TO PAY AN ADMINISTRATIVE FINE IN THE
AMOUNT OF $20,000, AND TO COMPLY WITH CERTAIN UNDERTAKINGS. THE ADMINISTRATIVE FINE AND RESTITUTION WILL BE PAID IN
ACCORDANCE WITH THE TERMS OF THE CONSENT ORDER.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
ON JULY 9, 2026, IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG CERTAIN MEMBERS OF
NASAA, LPL ENTERED INTO A CONSENT ORDER WITH THE OFFICE REGARDING ALLEGATIONS THAT, FROM APRIL 30, 2020 TO APRIL 30, 2025, LPL
CHARGED UNREASONABLE COMMISSIONS TO RETAIL CUSTOMERS IN EXCESS OF FIVE PERCENT OF THE PRINCIPAL AMOUNT ON CERTAIN SMALL
PRINCIPAL EQUITY TRANSACTIONS, IN LAC 10:XIII.1901 AND 704(A)(9) OF THE LOUISIANA SECURITIES LAW. WITHOUT ADMITTING OR DENYING THE
STATEMENT OF FACTS OR VIOLATIONS OF LAW, LPL AGREED TO THE IMPOSITION OF A CENSURE, TO CEASE AND DESIST FROM CONDUCT IN VIOLATION
OF LAC 10:XIII.1901 AND 704(A)(9), TO PROVIDE RESTITUTION TO AFFECTED LOUISIANA CUSTOMERS IN AN AMOUNT OF NO LESS THAN $47,947.14,
TO PAY AN ADMINISTRATIVE FINE IN THE AMOUNT OF $20,000 AND TO COMPLY WITH CERTAIN UNDERTAKINGS. THE ADMINISTRATIVE FINE AND
RESTITUTION WILL BE PAID IN ACCORDANCE WITH THE TERMS OF THE CONSENT ORDER.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.

PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
COLORADO DIVISION OF SECURITIES
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
CEASE AND DESIST, CENSURE, RESTITUTION AND UNDERTAKING
3.
Date Initiated (MM/DD/YYYY): 
06/26/2026
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
2025-CDS-036
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Equity Listed (Common & Preferred Stock)
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG CERTAIN MEMBERS OF THE NORTH
AMERICAN SECURITIES ADMINISTRATORS ASSOCIATION (NASAA), THE COLORADO DIVISION OF SECURITIES (DIVISION) ALLEGED THAT, FROM APRIL
30, 2020 TO APRIL 30, 2025, LPL FINANCIAL LLC (LPL) CHARGED UNREASONABLE COMMISSIONS TO RETAIL CUSTOMERS IN EXCESS OF FIVE PERCENT
OF THE PRINCIPAL AMOUNT ON CERTAIN SMALL PRINCIPAL EQUITY TRANSACTIONS, IN VIOLATION OF 11-51-410(1)(I), C.R.S. OF THE COLORADO
SECURITIES ACT.
8.
Current Status?      
 Pending
 On Appeal
 Final

9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
06/26/2026
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 20,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKING
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
WITHOUT ADMITTING OR DENYING THE STATEMENT OF FACTS OR VIOLATIONS OF LAW, LPL AGREED TO THE IMPOSITION OF A CENSURE, TO
CEASE AND DESIST FROM CONDUCT IN VIOLATION OF 11-51-410(1)(I), C.R.S. OF THE COLORADO SECURITIES ACT, TO PROVIDE RESTITUTION TO
AFFECTED COLORADO CUSTOMERS IN AN AMOUNT OF NO LESS THAN $58,176.12, TO PAY AN ADMINISTRATIVE FINE IN THE AMOUNT OF $20,000
AND TO COMPLY WITH CERTAIN UNDERTAKINGS. THE ADMINISTRATIVE FINE AND RESTITUTION WILL BE PAID IN ACCORDANCE WITH THE TERMS
OF THE CONSENT ORDER.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
ON JUNE 26, 2026, IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG CERTAIN MEMBERS
OF NASAA, LPL ENTERED INTO A CONSENT ORDER WITH THE DIVISION REGARDING ALLEGATIONS THAT, FROM APRIL 30, 2020 TO APRIL 30, 2025, LPL
CHARGED UNREASONABLE COMMISSIONS TO RETAIL CUSTOMERS IN EXCESS OF FIVE PERCENT OF THE PRINCIPAL AMOUNT ON CERTAIN SMALL
PRINCIPAL EQUITY TRANSACTIONS, IN VIOLATION OF 11-51-410(1)(I), C.R.S. OF THE COLORADO SECURITIES ACT. WITHOUT ADMITTING OR DENYING
THE STATEMENT OF FACTS OR VIOLATIONS OF LAW, LPL AGREED TO THE IMPOSITION OF A CENSURE, TO CEASE AND DESIST FROM CONDUCT IN
VIOLATION OF 11-51-410(1)(I), C.R.S. TO PROVIDE RESTITUTION TO AFFECTED COLORADO CUSTOMERS IN AN AMOUNT OF NO LESS THAN $58,176.12,
TO PAY AN ADMINISTRATIVE FINE IN THE AMOUNT OF $20,000 AND TO COMPLY WITH CERTAIN UNDERTAKINGS. THE ADMINISTRATIVE FINE AND
RESTITUTION WILL BE PAID IN ACCORDANCE WITH THE TERMS OF THE CONSENT ORDER.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates

One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
KANSAS DEPARTMENT OF INSURANCE SECURITIES DIVISION
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
CEASE AND DESIST, CENSURE, RESTITUTION AND UNDERTAKING
3.
Date Initiated (MM/DD/YYYY): 
09/03/2026
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
27E018
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Equity Listed (Common & Preferred Stock)
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG CERTAIN MEMBERS OF THE NORTH
AMERICAN SECURITIES ADMINISTRATORS ASSOCIATION (NASAA), THE KANSAS DEPARTMENT OF INSURANCE, SECURITIES DIVISION (DIVISION)
ALLEGED THAT, FROM APRIL 30, 2020 TO APRIL 30, 2025, LPL FINANCIAL LLC (LPL) CHARGED UNREASONABLE COMMISSIONS TO RETAIL CUSTOMERS
IN EXCESS OF FIVE PERCENT OF THE PRINCIPAL AMOUNT ON CERTAIN SMALL PRINCIPAL EQUITY TRANSACTIONS, IN VIOLATION OF K.A.R. 81-3-7(A)(4)
AND K.S.A. 17-12A412(D)(9) OF THE KANSAS UNIFORM SECURITIES ACT.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:

Consent
11. Resolution Date (MM/DD/YYYY):
09/03/2026
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 20,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKING
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived: 
WITHOUT ADMITTING OR DENYING THE STATEMENT OF FACTS OR VIOLATIONS OF LAW, LPL AGREED TO THE IMPOSITION OF A CENSURE, TO
CEASE AND DESIST FROM CONDUCT IN VIOLATION OF K.A.R. 81-3-7(A)(4) AND K.S.A. 17-12A412(D)(9) OF THE KANSAS UNIFORM SECURITIES
ACT, TO PROVIDE RESTITUTION TO AFFECTED KANSAS CUSTOMERS IN AN AMOUNT OF NO LESS THAN $23,441.71, TO PAY AN ADMINISTRATIVE
FINE IN THE AMOUNT OF $20,000 AND TO COMPLY WITH CERTAIN UNDERTAKINGS. THE ADMINISTRATIVE FINE AND RESTITUTION WILL BE PAID
IN ACCORDANCE WITH THE TERMS OF THE CONSENT ORDER.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
ON SEPTEMBER 3, 2026, IN CONNECTION WITH AN INVESTIGATION CONDUCTED BY A MULTISTATE TASK FORCE COORDINATED AMONG CERTAIN
MEMBERS OF NASAA, LPL ENTERED INTO A CONSENT ORDER WITH THE DIVISION REGARDING ALLEGATIONS THAT, FROM APRIL 30, 2020 TO APRIL 30,
2025, LPL CHARGED UNREASONABLE COMMISSIONS TO RETAIL CUSTOMERS IN EXCESS OF FIVE PERCENT OF THE PRINCIPAL AMOUNT ON CERTAIN
SMALL PRINCIPAL EQUITY TRANSACTIONS, IN VIOLATION OF K.A.R. 81-3-7(A)(4) AND K.S.A. 17-12A412(D)(9) OF THE KANSAS UNIFORM SECURITIES
ACT. WITHOUT ADMITTING OR DENYING THE STATEMENT OF FACTS OR VIOLATIONS OF LAW, LPL AGREED TO THE IMPOSITION OF A CENSURE, TO
CEASE AND DESIST FROM CONDUCT IN VIOLATION OF K.A.R. 81-3-7(A)(4) AND K.S.A. 17-12A412(D)(9) TO PROVIDE RESTITUTION TO AFFECTED KANSAS
CUSTOMERS IN AN AMOUNT OF NO LESS THAN $23,441.71, TO PAY AN ADMINISTRATIVE FINE IN THE AMOUNT OF $20,000 AND TO COMPLY WITH
CERTAIN UNDERTAKINGS. THE ADMINISTRATIVE FINE AND RESTITUTION WILL BE PAID IN ACCORDANCE WITH THE TERMS OF THE CONSENT ORDER.

DRP Pages