FINANCIAL INDUSTRY REGULATORY AUTHORITY LETTER OF ACCEPTANCE, WAIVER AND CONSENT NO. 2017053128501 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 of FINRA’s Code of Procedure, Respondent Morgan Stanley & Co. LLC (the “firm”) 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 OFFICE OF HEARING OFFICERS Department of Enforcement, Complainant, v. Martin David Batstone CRD No. 2171601 Respondent. Disciplinary Proceeding No. 2019061205201 Hearing Officer-RES ORDER ACCEPTING OFFER OF SETTLEMENT Date: February 18, 2020 INTRODUCTION Disciplinary Proceeding No. 2019061205201 was filed on October 1, 2019, by the

FINANCIAL INDUSTRY REGULATORY AUTHORITY LETTER OF ACCEPTANCE, WAIVER AND CONSENT NO. 2017053704501 TO: Department of Enforcement Financial Industry Regulatory Authority ("FINRA") RE: Wedbush Securities, Inc., Respondent Member Firm CRD No. 877 Pursuant to FINRA Rule 9216 of FINRA's Code of Procedure, Respondent Wedbush Securities, Inc. ("Wedbush" or the "Firm") submits this Letter of Acceptance, Waiver and Consent ("AWC") for the purpose of proposing a settlement of the alleged rule violations described below.