Company: COHN
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001437749-25-007158
Chunk: 302

Company: Cohen & Co Inc.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 1
Chunk 302
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 are designed to protect the interests of the investing public generally rather than our stockholders and may result in limitations on our activities. Governmental and self-regulatory organizations, including the SEC, FINRA, the Commodity Futures Trading Commission and other agencies and securities exchanges such as the NYSE and NYSE American regulate the U.S. financial services industry, and regulate certain of our operations in the U.S. Some of our international operations are subject to similar regulations in their respective jurisdictions, including rules promulgated by  the ACPR which apply to our operations in France. These regulatory bodies are responsible for safeguarding the integrity of the securities and other financial markets and protecting the interests of investors in those markets. In addition, all records of registered investment advisors and broker-dealers are subject at any time, and from time to time, to examination by the SEC. Some aspects of the business that are subject to extensive regulation and/or examination by regulatory agencies, include:

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      sales methods, trading procedures and valuation practices; 

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      investment decision making processes and compensation practices; 

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      use and safekeeping of client funds and securities; 

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      the manner in which we deal with clients; 

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      the safeguarding of personally identifiable information; 

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      capital requirements; 

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      financial and reporting practices; 

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      required record keeping and record retention procedures; 

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      the licensing of employees; 

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      the conduct of directors, officers, employees and affiliates; 

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      systems and control requirements; 

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      conflicts of interest including, but not limited to allocation of investment opportunities and targets for business combinations for SPACs; 

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      restrictions on marketing, gifts and entertainment; and 

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      client identification and anti-money laundering requirements. 

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The SEC, FINRA, ACPR, and various other domestic and international regulatory agencies also have stringent rules and regulations with respect to the maintenance of specific levels of net capital by broker-dealers. Generally, in the U.S., a broker-dealer’s net capital is defined as its net worth, plus qualified subordinated debt, less deductions for certain types of assets. If these net capital rules are changed or expanded, or if there is an unusually large charge against net capital, our operations that require the intensive use of capital would be limited. Also, our ability to withdraw capital from our regulated subsidiaries is subject to restrictions,