FINANCIAL INDUSTRY REGULATORY AUTHORITY LETTER OF ACCEPTANCE, WAIVER, AND CONSENT NO. 2019063430402 TO: Department of Enforcement Financial Industry Regulatory Authority (FiNRA) RE: J.P. Morgan Securities LLC (Respondent) Member Firm CRD No. 79 Pursuant to FINRA Rule 9216, Respondent J.P. Morgan Securities LLC (JPM) 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. 2020067484501 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 submits this Letter of Acceptance, Waiver, and Consent (AWC) for the purpose of proposing a settlement of the alleged rule violations described below.