# EDGAR Filing Document

**Accession Number:** 0001028988
**File Stem:** 0000950123-23-002973
**Filing Date:** 2023-3
**Character Count:** 11930
**Document Hash:** 6b2c9662138ac7267d06765128c7f492
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950123-23-002973.hdr.sgml**: 20230424

**ACCESSION NUMBER**: 0000950123-23-002973

**CONFORMED SUBMISSION TYPE**: TA-1/A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20230321

**DATE AS OF CHANGE**: 20230424

**EFFECTIVENESS DATE**: 20230331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PRUDENTIAL MUTUAL FUND SERVICES LLC /TA
- **CENTRAL INDEX KEY:** 0001028988
- **IRS NUMBER:** 000000000

**FILING VALUES:**
- **FORM TYPE:** TA-1/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 084-05681
- **FILM NUMBER:** 23839870

**BUSINESS ADDRESS:**
- **STREET 1:** 655 BROAD STREET
- **STREET 2:** 17TH FLOOR
- **CITY:** NEWARK
- **STATE:** NJ
- **ZIP:** 07102
- **BUSINESS PHONE:** 9733673529

**MAIL ADDRESS:**
- **STREET 1:** 655 BROAD STREET
- **STREET 2:** 17TH FLOOR
- **CITY:** NEWARK
- **STATE:** NJ
- **ZIP:** 07102

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRUDENTIAL MUTUAL FUND SERVICES LLC                     /TA
- **DATE OF NAME CHANGE:** 19961213

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM TA-1

### UNIFORM FORM OF APPLICATION FOR REGISTRATION AS A TRANSFER AGENT

### Registrant Information

**Appropriate regulatory agency:** SEC

**Full name of Registrant:** PRUDENTIAL MUTUAL FUND SERVICES LLC /TA

**FINS Number:** 410019

**Address of principal office where transfer agent activities are performed:** 655 Broad Street, Prudential Tower - 17th Floor, Newark, NJ, 07102

**Is mailing address different from principal office address?:** No

**Telephone Number:** 973-367-2396

**Does registrant conduct business in other locations?:** Yes

**Other Business Location Address 1:** Letterkenny Office Park, Windyhall, Letterkenny, Donnegal, L2, 00000

**Is registrant a self-transfer agent?:** Yes

**Does registrant engage a service company to perform any of its transfer agent functions?:** Yes

**Is registrant engaged as a service company by a named transfer agent?:** No

### Ownership and Control Information

**Registrant Type:** Not Applicable

**Does any other person control the management or policies of the applicant?:** No

**Does any other person directly or indirectly finance the applicant?:** No

### Disciplinary History

- **Convicted/plead guilty to any felony or investment-related misdemeanor?:** No

- **Convicted/plead guilty to any other felony?:** No

- **Enjoined in connection with any investment-related activity?:** No

- **Found to have violated any investment-related statute or regulation?:** No

- **Made a false statement or omission in a filing with the SEC?:** Yes

  - **Details #1:**

    - **Entity Name:** PGIM Investments LLC; AST Investments Services, Inc.

    - **Action Title:** In the Matter of AST Investment Services, Inc. and PGIM Investments LLC

    - **Action Date:** 09/16/2019

    - **Court/Body Name and Location:** U.S. Securities and Exchange Commission, Washington, D.C.

    - **Action Description:** On September 16, 2019, it was announced that PGIM Investments LLC and AST Investment Services, Inc. entered into an agreement with the SEC relating to certain securities lending and foreign tax reclaim practices (the "Order"). PGIM Investments and AST Investment Services, Inc. self-reported the practices to the SEC, revised its procedures, and made restitution payments to affected funds. PGIM Investments has enhanced its securities lending and foreign tax reclaim policies and procedures to address the findings described in the Order.

    - **Disposition:** Pursuant to the Order, PGIM Investments agreed to a censure and to pay the SEC disgorgement of fees of $27.6 million and a civil penalty of $5 million

  - **Details #2:**

    - **Entity Name:** N/A

    - **Action Title:** In the Matter of Pruco Securities, LLC

    - **Action Date:** 12/23/2020

    - **Court/Body Name and Location:** Securities and Exchange Commission

    - **Action Description:** On December 23, 2020, Pruco Securities, LLC ("Pruco") entered into a settlement with the Securities and Exchange Commission ("SEC") resulting in the SEC issuing an administrative order (the "Order"). Pruco consented to the entry of the Order, which found that Pruco violated Sections 206(2) and 206(4), and Rule 206(4)-7 thereunder, of the Advisers Act in connection with Pruco's wrap fee programs, in which clients pay an all-inclusive fee for asset management and trade execution. The Order found that, beginning in January 2014, Pruco at various times breached its fiduciary duty to its clients by: (a) failing to conduct stated monitoring of client accounts to determine whether the wrap fee programs continued to be suitable for clients; (b) charging certain fees on some clients contrary to its disclosures; (c) recommending that clients purchase and hold certain mutual funds and mutual fund share classes that paid Pruco fees pursuant to Rule 12b-1 of under the Investment Company Act of 1940; (d) failing to disclose that it received revenue sharing payments on client investments pursuant to an agreement with its clearing firm, which also allowed Pruco to avoid paying certain transaction fees for its clients' purchases of mutual funds; (e) recommending bank sweep vehicles for which its clearing firm paid revenue sharing; and (f) violating its duty to seek best execution for certain transactions by selecting or recommending mutual fund and money market fund share classes when share classes of the same funds were available to the clients that presented a more favorable value or better performance.

    - **Disposition:** Pruco Securities LLC settled an SEC cease-and-desist administrative proceeding ordering Pruco to pay disgorgement of $12,690,585, prejudgment interest of $3,061,786, and a civil penalty in the amount of $2,500,000.

- **Found to have violated SRO rules or failed to supervise?:** Yes

  - **Details #1:**

    - **Entity Name:** PGIM Investments LLC; AST Investment Services, Inc.

    - **Action Title:** In the Matter of AST Investment Services, Inc. and PGIM Investments LLC

    - **Action Date:** 09/16/2019

    - **Court/Body Name and Location:** U.S. Securities and Exchange Commission, Washington, D.C.

    - **Action Description:** On September 16, 2019, it was announced that PGIM Investments LLC and AST Investment Services, Inc. entered into an agreement with the SEC relating to certain securities lending and foreign tax reclaim practices (the "Order"). PGIM Investments and AST Investment Services, Inc. self-reported the practices to the SEC, revised its procedures, and made restitution payments to affected funds. PGIM Investments has enhanced its securities lending and foreign tax reclaim policies and procedures to address the findings described in the Order.

    - **Disposition:** Pursuant to the Order, PGIM Investments agreed to a censure and to pay the SEC disgorgement of fees of $27.6 million and a civil penalty of $5 million

  - **Details #2:**

    - **Entity Name:** N/A

    - **Action Title:** In the Matter of Pruco Securities, LLC

    - **Action Date:** 12/23/2020

    - **Court/Body Name and Location:** Securities and Exchange Commission

    - **Action Description:** On December 23, 2020, Pruco Securities, LLC ("Pruco") entered into a settlement with the Securities and Exchange Commission ("SEC") resulting in the SEC issuing an administrative order (the "Order"). Pruco consented to the entry of the Order, which found that Pruco violated Sections 206(2) and 206(4), and Rule 206(4)-7 thereunder, of the Advisers Act in connection with Pruco's wrap fee programs, in which clients pay an all-inclusive fee for asset management and trade execution. The Order found that, beginning in January 2014, Pruco at various times breached its fiduciary duty to its clients by: (a) failing to conduct stated monitoring of client accounts to determine whether the wrap fee programs continued to be suitable for clients; (b) charging certain fees on some clients contrary to its disclosures; (c) recommending that clients purchase and hold certain mutual funds and mutual fund share classes that paid Pruco fees pursuant to Rule 12b-1 of under the Investment Company Act of 1940; (d) failing to disclose that it received revenue sharing payments on client investments pursuant to an agreement with its clearing firm, which also allowed Pruco to avoid paying certain transaction fees for its clients' purchases of mutual funds; (e) recommending bank sweep vehicles for which its clearing firm paid Pruco revenue sharing; and (f) violating its duty to seek best execution for certain transactions by selecting or recommending mutual fund and money market fund share classes when share classes of the same funds were available to the clients that presented a more favorable value or better performance.

    - **Disposition:** Pruco Securities LLC settled an SEC cease-and-desist administrative proceeding ordering Pruco to pay disgorgement of $12,690,585, prejudgment interest of $3,061,786, and a civil penalty in the amount of $2,500,000.

- **Had authorization to act as a financial professional denied, suspended, or revoked?:** No

- **Had a registration as a financial professional denied, suspended, or revoked?:** No

- **Federal/State agency found a false statement or omission?:** No

- **Federal/State agency found a violation of investment-related regulations?:** No

- **Federal/State agency denied, suspended, or revoked authorization?:** No

- **Federal/State agency entered an order against the applicant?:** No

- **Federal/State agency denied, suspended, or revoked registration?:** No

- **Federal/State agency revoked or suspended a license?:** No

- **SRO found a false statement or omission?:** No

- **SRO found a violation of its rules?:** Yes

  - **Details #1:**

    - **Entity Name:** Prudential Investment Management Services, LLC (PIMS)

    - **Action Title:** Self-Reported Rule Violation

    - **Action Date:** 10/14/2014

    - **Court/Body Name and Location:** Financial Industry Regulatory Authority, inc. (FINRA)

    - **Action Description:** Prudential Investment Management Services LLC, a control affiliate of Prudential Mutual Fund Services LLC, identified and self-reported a prospectus and annual report delivery issue to FINRA.

    - **Disposition:** Prudential Investment Management Services LLC resolved the matter with FINRA's enforcement staff on October 10, 2014 with a Letter of Acceptance, Waiver and Consent. FINRA censured PIMS and PIMS agreed to pay a penalty of $300,000.

  - **Details #2:**

    - **Entity Name:** Prudential Investment Management Services, LLC (PIMS)

    - **Action Title:** Self-Reported Rule Violation

    - **Action Date:** 01/14/2020

    - **Court/Body Name and Location:** Financial Industry Regulatory Authority, Inc. (FINRA)

    - **Action Description:** Prudential Investment Management Services LLC, a control affiliate of Prudential Mutual Fund Services LLC, identified and self-reported certain advertising content rule issues to FINRA.

    - **Disposition:** Prudential Investment Management Services LLC resolved the matter with FINRAs enforcement staff on January 14, 2020 with a Letter of Acceptance, Waiver and Consent. FINRA censured PIMS and PIMS agreed to pay a penalty of $1 million.

- **SRO denied, suspended, or revoked authorization?:** No

- **SRO revoked or suspended a license?:** No

- **Subject of an order or finding by a foreign financial regulatory authority?:** No

- **Currently the subject of any proceeding that could result in a 'yes' answer to any of the above?:** No

- **Had a bond revoked for disorderly conduct, fraud, or dishonesty?:** No

- **Have any unsatisfied judgments or liens against them?:** No

### Signature

**Signature:** /s/ Andrew French

**Title:** Vice President and Assistant Secretary

**Date:** 03/21/2023

**Phone Number:** 973-367-2396