FINANCIAL INDUSTRY REGULATORY AUTHORITY LETTER OF ACCEPTANCE, WAIVER, AND CONSENT NO. 2020067153801 TO: Department of Enforcement Financial Industry Regulatory Authority (FINRA) RE: Morgan Stanley & Co. LLC (Respondent) Member Firm CRD No. 8209 Pursuant to FINRA Rule 9216, Respondent Morgan Stanley & Co. LLC (Morgan Stanley) submits this Letter of Acceptance, Waiver, and Consent (AWC) for the purpose of proposing a settlement of the alleged rule violations described below.

FINANCIAL INDUSTRY REGULATORY AUTHORITY LETTER OF ACCEPTANCE, WAIVER, AND CONSENT No. 2018057425202 TO: Department of Enforcement Financial Industry Regulatory Authority (FINRA) RE: Berthel, Fisher & Co. Financial Services, Inc. (Respondent) Member Firm CRD No. 13609 Pursuant to FINRA Rule 9216, Respondent Berthel, Fisher & Co. Financial Services, Inc. (Berthel Fisher) submits this Letter of Acceptance, Waiver, and Consent (AWC) for the purpose of proposing a settlement of the alleged rule violations described below.