In 2002, Mr. Wey, without admitting nor denying wrongdoing, was fined and briefly suspended by the National Association of Securities Dealers, a former self-regulatory organization.

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The AWC asserts that Rapley had no prior disciplinary history with the SEC, any self-regulatory organization or any state securities regulator.

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The exchange's function as a securities marketplace fits this definition, but what of its duty as a self-regulatory organization (SRO) to regulate its members and listed companies?

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