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February 19, 2013
09:31 EDTINGFINRA fines five ING firms $1.2M for email retention, review violations
The Financial Industry Regulatory Authority announced that it has fined five affiliates of ING $1.2M for failing to retain or review millions of emails for periods ranging from two months to more than six years. The five firms, indirect subsidiaries of ING Groep N.V., are Directed Services, LLC; ING America Equities, Inc.; ING Financial Advisers, LLC; ING Financial Partners, Inc.; and ING Investment Advisors, LLC. FINRA found that the firms failed to properly configure hundreds of employee email accounts to ensure that the emails sent to and from those accounts were retained and reviewed at various times between 2004 and 2012. In addition, four of the firms failed to set up systems to retain certain types of emails, such as emails using alternative email addresses, emails sent to distribution lists, emails received as blind carbon copies, encrypted emails and "cloud" email. In addition, four of the firms failed to review millions of emails that the firms' email review software had flagged for supervisory review. In concluding the settlement, the firms neither admitted nor denied the charges, but consented to the entry of FINRA's findings. FINRA found that the firms violated the recordkeeping provisions of the federal securities laws and FINRA rules, and supervisory requirements under FINRA rules. FINRA also ordered the firms to conduct a comprehensive review of their systems for the capture, retention and review of email, and to subsequently certify that they have established procedures reasonably designed to address and correct the violations.
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September 30, 2015
16:34 EDTINGING Groep reduces stake in NN Group to 25.8%
NN Group announces that ING Group has agreed to sell 40M shares of NN Group at a price of EUR 25.00 per share. The transaction reduces ING Group's stake in NN Group from 37.1% to 25.8% of outstanding shares. NN Group will not receive any proceeds from the offering. The shares were offered by way of an accelerated book building offering to institutional investors. As part of this transaction, NN Group repurchased 6.0M ordinary shares from ING Group at EUR 25.00 per share for a total amount of EUR 150M. NN Group will fund the share repurchase from the cash capital position at the holding company. The impact on the solvency ratios of NN Group is expected to be immaterial. NN Group intends to cancel all or part of the repurchased shares in due course. As of the settlement of the transaction, the remaining shares in NN Group held by ING Group will be subject to a lock-up period of 90 days. The transaction is expected to settle on October 5.

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