Bulletin 2854 - Week Ending November 2, 2018

State of Connecticut Department of Banking

The Department of Banking News Bulletin

Bulletin # 2854 - Week Ending November 2, 2018

This bulletin constitutes the only official notification you will receive from this office concerning any of the following applications.  Any observations you may have are solicited.  Any comments should be in writing to Jorge L. Perez, Banking Commissioner, Department of Banking, 260 Constitution Plaza, Hartford, CT 06103-1800.  Written comments will be considered only if they are received within ten business days from the date of this bulletin.

STATE BANK ACTIVITY

Branch Activity

DATE: October 29, 2018

BANK: First County Bank, Stamford

LOCATION: FROM: 160 Atlantic Street, Stamford, CT  06901

TO: 48 Atlantic Street, Stamford, CT 06901

ACTIVITY: Filed to Relocate - Full Service Branch

DATE: October 29, 2018

BANK: United Bank, Hartford

LOCATION: 415-417 Greenwich Avenue, Greenwich, CT  06830

ACTIVITY-BRANCH TYPE: Opening Date - Full Service Branch

CONSUMER CREDIT DIVISION ACTIVITY Notice of Intent to Issue Order to Cease and Desist and Notice of Intent to Impose Civil Penalty

On October 22, 2018, the Commissioner issued a Notice of Intent to Issue Order to Cease and Desist, Notice of Intent to Impose Civil Penalty and Notice of Right to Hearing (collectively “Notice”) in the Matter of: V & R Recovery , Chicago, Illinois (“Respondent”). The Notice was the result of an investigation by the Consumer Credit Division. The Commissioner alleges that the Respondent acted as a consumer collection agency without obtaining the required license, in violation of Section 36a-801(a) of the 2018 Supplement to the General Statutes, as amended by Public Act 18-173. Respondent was afforded an opportunity to request a hearing with regard to the allegation set forth in the Notice.

SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY

Renaissance Institutional Management LLC (CRD No. 136113)

On October 30, 2018, the Banking Commissioner entered into a Stipulation and Agreement (No. ST-18-8431-S) with Renaissance Institutional Management LLC , a broker-dealer located at 800 Third Avenue, New York, New York 10022. The firm is affiliated with Renaissance Technologies LLC, an SEC-registered investment adviser that manages certain private investment funds sold to financially sophisticated investors. The Stipulation and Agreement indicated that, in early 2018, the firm self-reported to the department that 1) it had acted as an intermediary in bringing together prospective investors and certain private investment funds managed by its advisory affiliate; and 2) at the time of such activity, the firm was not registered as a broker-dealer in Connecticut.

The firm has since filed an application for broker-dealer registration in Connecticut and has become registered as a broker-dealer in the state.

The Stipulation and Agreement acknowledged that the firm also voluntarily extended a rescission offer totaling approximately $100 million to those Connecticut entities and individuals who purchased fund shares during the preceding two year period. The average amount invested by each of the financially sophisticated Connecticut purchasers was approximately $1 million.

Pursuant to the Stipulation and Agreement, the firm agreed to refrain from regulatory violations and to implement revised supervisory and compliance procedures designed to improve its monitoring of state broker-dealer licensing requirements. The firm also agreed to pay a $3,500 fine to the department.

Dated: Tuesday, November 6, 2018

Jorge L. Perez Banking Commissioner