FINANCIAL INDUSTRY REGULATORY AUTHORITY LETTER OF ACCEPTANCE, WAIVER AND CONSENT NO. 20170532065-01 TO: Department of Enforcement Financial Industry Regulatory Authority (“FINRA”) RE: Dougherty & Company LLC, Respondent Member Firm CRD No. 7477 Pursuant to FINRA Rule 9216 of FINRA’s Code of Procedure, Respondent Dougherty & Company LLC (“Dougherty” 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.