FINANCIAL INDUSTRY REGULATORY AUTHORITY LETTER OF ACCEPTANCE, WAIVER, AND CONSENT NO. 2017055996901 TO: Department of Enforcement Financial Industry Regulatory Authority (FINRA) RE: Piper Sandler & Co. (f/k/a Sandler O’Neill & Partners, L.P.) (Respondent) Member Firm CRD No. 665 Pursuant to FINRA Rule 9216, Respondent Piper Sandler & Co. submits this Letter of Acceptance, Waiver, and Consent (AWC) for the purpose of proposing a settlement of the alleged rule violations described below.