Final Order — Broker Dealer

Index: OFR 2026 - 304 .. "·
/ DOCKETED \
6/17/2026
STATE OF FLORIDA
OFFICE OF FINANCIAL REGULATION
In Re:
EDWARD D. JONES & CO., L.P., Case Number: 130174-S Respondent.
FINAL ORDER
The State of Florida, Office of Financial Regulation ("Office") and Respondent Edward D. Jones & Co., L.P. ("Edward Jones"), having entered into the attached Stipulation and Consent Agreement ("the Agreement"), resolving and concluding this matter, it is therefore ORDERED:

1. The Agreement entered into by the Office and Edward Jones is adopted and
   incorporated by reference herein as if set forth at length;
2. The parties shall comply with all provisions of the incorporated Agreement.
   DONE and ORDERED this J2~ ay of June, 2026, in Tallahassee, Leon County, Florida. Commissioner

CERTIFICATE OF SERVICE
I HEREBY CERTIFY that on the \ Jtiy of June, 2026, a true and correct copy of the foregoing was sent via email to Lara Thyagarajan at lthyagarajan@sidley.com, Kathryn Alessi at kalessi@sidley.com, Kenyon Hall at Kenyon.hall@sidley.com, counsel for Edward Jones. ncial Regulation 0 C OX 8050 Tallahassee, FL 32314-8050 Tel: (850) 410-9889 Email: Agency.Clerk@flofr.gov

STATEOFFLORIDA ..
OFFICE.OF FINANCIAL REGULATION
In R¢.:
ED\VARD D .. JONES & CO;, L .. P.,
R~p~mdeot.
Case.NuJnber: 130174-S
STIPjJLATIQN AND CQNSENT AGREEMENT
The s.tate of Florida; Office of Financial Regulation ("Office"), and Respondent Edw<'.!rd D. Jones & c·o.i LP. e'Edward Jones"). (the Office and·Ed'\vard Jones col1ectively; t1fo '~Parties"), in consideration of the mutual promises herein, recite, :stipulate, and agree; on the last:date executed below, as follows_:
I. JURISDICTION
l. Th~ Office i~ the. state agericy charged with th~ administration and .enfoi:cement
of chapter' 517, Fiotida Statu~es, arid the ru:Ies promulgated thereunder. The Office has jurisdiction over this matter pursuant to section 20,.i2l (3)(a)2. ·and chapter 5 J 7, Florida Statute·s, as stipulated by Edward' Jones.
2. The aQt~ and practices tha.t axe th~ subject' .uf thi$ Stipulation and Consent
Agreement ("Agreement") occttire.d lvhile Edi,vard Jori¢.s was regish::red as a. d.ealer in Florida.
II. RESPONDENT
3. :Edward Jones is a dealer registered. iii Florida with a main address of li555
.Mimchester Road,. St. Louis, Missouri 63131. Edward Jones Is identified by Financial Indµstry Regulatory Authority C'FINRA ") .CRb N:o. 25,0.

JU. .BACKGROUNil
A. Edward ·Jones' l'vJ;iriimum • Cc.mmissfo . Practices fol.' C~rtajil Eqµity Transactions Failed to Ensure Transactions Were Executed at a Fair and Reasonable Price. 4; Th~· North Am~rican Seet1rhie~ Admhu~trators Association ("NASAN'); along with NASAAmember states, Mass_achus_etts, MontaJ).a, Missou_ri, Alab~ma, Washington, Texas·, and Iowa (the "Multi•stlte.Group1 '), conduct~ an investigation ancl con~lude.d that Edward Jones charged unreasonable commissions mi ·certain sm_all principal eq,1.1ity transact.ions. Nationwide, Edward Jon!=S chatged 1,mreasonablc;: commissions tm apprtJ~imat¢ly781 ,240-equity tr:ansa¢tions fro:m May l, 202.0-toAprU30, 2025 (the "Relevailt Time Pedod''), totaling $11,281,504. Edward. Jones, in foJI settlement of these matters, neit_her.-admits hot denie·stl;te facts stated in this section., and neithe1' admits ilot'denies the :findings set out in Section IV;
5. Durin:g the Relevant Time Period; Edward Jones charged unreasonable
commissions to thousands of retail brokerage customers on certain equity transactions.
6. During a pordon of the Relevant Time Periqd, Edward)9nes .cbarged a miniim,1m
fixed commission of$50 on certain equity transactions ·(the "Minimum Equity Cd111mis&i<:m;l.
7. Ch'aptet 517, Florida Statutes, :and the rules ·promulgated thereunder prohibit
Edward Jone·s from chatg_ing unreasonable commiss1ons for servi_ces- perf:omied.
8. FJNRA Rule 2l21 Supplenwnt~ry Material..01 (Rule 212l.Ol} sets a gt1idelir1e·of
fiye percent for detennining whether a. cormnissipn is. unfair or unreaspmible. Bowever,. the ".5% Policy'; is a guide_, not&_rule.,A 9ommission pattern of five p,ercentor even less may be considered unfair or unreasonable. 2

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9. During the Rele_vant ·n:me P~riod, Edward Jones execµtec,l 40;190 equity
transactions in Florida which included art unreJ3sonable commission for ~etvfo!;!s performed (j:e., in excess of 5% of the principaltrade amount)\ totaling .. $589,389. 76. 1.0·. Numerous equity transactions executed by Edward Jones· included a conimission well in excess of5%.of the principal vaiue ofthe.transaction. B.. Edward J:ones·Did NotR~sonablySuperviseTransactio.ns Which Applied tbe￾Miiiiinufu Equity Commissioll 1 L Edward Jones did 'not-reasonably·superv.ise. transactions that included the Minimuin Eq~tity Commission charge to ensure that Edward Jones charg~d its customers .a reasonable commission.
12. Edward Jones' poHcies and proc;edures conteqipla,ted revie.w .of commissions as
. part of normal slipervisqry rey.iew processes, . l 3.. EdwardJones' policies and:procedures also contemplated a qmirterij; review of data related to sm:all principal transactioi1s that could result.in exces•sive coinlhissions.
14. :Supervis.ors were permitted to make adj ustme.nts tp enstwe that commissions .were
reasonable,
15. Despite these systems., Edward Jones·· st1rv.eillance policies failed to reasonably
detect and coh'.ect unreasonable commission charges, specifically as it relates to the Minimum •. E;quity Commis~ion.
16. As a.n~sult, Edward Jones faile.d to a,dequateiy supervise s1naU principal equity
transactions. where the Minimun.,. Equity ·Cominiss.ioq was in excess-of5%.

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IV. FINDINGS
17. Edward Jones neither adrnits nor denies the allegations but consents tp the entry of
finding~ by the. Office.
18, P1,1rs4ant to Rule.· 69W-6QO)) 13(1 )(h) l,, Flodda Administrative God!;l, it is a violation of the securities law for a registered dealer finn to faHto establish and µiainfaii1 a system. to reasonably supervise its agents air described in FINRA Rule 3110.
19. Edward Jones1 acts and practices, as described above:; constitute a·violatiottofRule
69W-l;,00, 013{1 )(h) 1 ., Flori_da Ad.mini.strative Qode.
V. TERMS AND CONDITIONS
20. Consideration: The Parties agree· that the issues raised ht this pt6ceedii1g ·can be
:¢xpeditiously resolved without the filin1fofan Administrative Complaint by their executi'on of this Agreement. The .Parties acknowledge that they have read~this Agreementand folly understatid:.the rights, ol;,ligations, terms, dµties, and respon~ibilities with r~spect -to. its e:onfents. Theref9re, in compromise and,: settlement,of thts matter and in consideration of the. Office's forbeara,nce frqm further litigation, the Parties agree as follows:· a. Edw~rd fone.s agrees to permanently cease and desist from conduct iri viblation:.of Rule 69W-600,.0l3(i)(h)l., Fiorida Administrative Cod~; b. Edward Jo_nes.agrees to provide. restitution in an amount of no less than $.589,.389.76 to the affected Flol'.ida customers, plus int~rest in the ,amountof6o/ofr9111 the date of the transaction to May 19; 2025. Edwa'td Jones shall provii;Ie restitution w~thin ()ne hundred eighty {1,80) days of executjort of the Final Orcier incorporating this Agreement;
c. Edwai'dJortes agrees tli.a:t restitution shall be in the formofa (Jo.liar credit t9 curr~nt

customer ~ccouiits, or by check to all fonner customers; d. Edward Jones agrees. to provide a notice of restitution to custo1t1ers oh terms· nol unacceptable to the Muhr-state Group ("Notice Letter~1) for use by all participating . . jurisdictkms. The Notic~ .Letter shall be sent at l~ast sev~n (7) days prior fo. th~ ~i_stributjQri of ;my testiJution. Within forty~five (45) days of tbe mailing- of the Notice Letter, Edward Jo11es shall provide the Office with a list of all Florida residents'for whotn EdV11 atd Jortesreceives a.Notice. Letter as tetumed to sender or otherwise unp~Jiverable. To the extent the Office has accesi,; tp diff?rent Jtddre$s information, Eqward Jones shaH mail as¢condNotice Letter to..,each Florid_ares.ident withiri thirty (30) daysofthe Office providing such different address; e. • Within forty-five ( 45) calendardays·of completion of the distribution of-restitution, Edward Jones agrees to prepare, and submit to the Office, a·report detailing the restitutio11 paid pursuant to the Final Order incorporat_ing this A&reement, which shall include dates, amounts, and methods of the transfer of funds for_all r~stitµtion p~yments; f. Edward Jones agre-es to ·pay .an ·administrative fine in the amount of ONE .HUNDRED THOUSAND DOLLARS ($100,000) withinthe fater of fifteen.(15) gays (i) following the date of the entry of a Final Order .incorporating this Agteenierit; or (.ii) foll6wi11g Edward, Jone·s' receipt of the neces~ary payment do'cumentatkm and instructions to.be provided by.the Office. The admihistrati:ve fine shall be submittetj in the fomi of a certified c_heck qr mon~y order rnade payable to the "Office· o( Findncial Regulation" and: sent to Agenc:fClerk; c/o Ryann E White_, OfficeofFinancial Regulation; P.O. Box:8050;Tallahasse~, FL 32314-·8050,

or paid by wir~ transfer; instructions provided tip6n i·eqi.Jes~. Bdw~rd Jon~s agrees that this adnifriistrative fine ·shall be collected and· deposited ·in accordance with
section 215.31, Florida Statutes. Ed,vard Jones agrees, regardin~ the deposit of
me>n1es, that ()).the-tendered tine .or se.ttlement.check proceeds.may be deposited in advap.~e.offiill exec.ution ~raq.::eptance ofthe Agreementand.(2) s:uch d_~posit shall nolb.e construe.d as a fint;)lacceptance pfthe.Agreementabsent full execution thereof :and entry of the Final Order inc01J)oratingsamti; g. Edward Jones .. agrees -that an employee not urtacc¢ptable. to the Muiti-State Group .sha_ll certify in wr.iting to the Qffice within ·sixty °t60) days of the date of entry of the Final Ord~r incorporatin,g this Agre~ment. th~J Edward Japes' polides a_nd procedures have been changeq and. eiihanc:e\i to ~nsure that all_ commissions are fair and reasonable. At. a minimum, Edward Jqnes shall certify that its policies and proce~h.ires include the .foifowing:
i. C<:m~pliance systems to prevent the imposition of unreas()nable or unfair
coti1missfons~ ii Operational chc:],tlges designed to ensur.e that, tegaroless. of the. principal ainount of a transaction, comm'issioris wilt not exceed.5%; iri the abs·ence ofa document~d exception; u1. ln¢qrpo:ration of all tran·sactio.ns, regardkss of the principal amount of the ti:~nsaction, into any systems psedto identify and.review po.t~ntially ·excessive commissions; arid
iv. Revisions to its policies and procedures sufficient to ensure the adequate
implenientatfon of the above;
6

h. Edward Jones agrees 11ot to claim, assert, oi· apply for a ta]'.!: deduction or tax credit with regard to any state; feder~l or local ta,x foi· ahy aniou·nti:; that Edward Jones shall pay pursuant to the Final. Orderfr,corporating this Agreement;

1. -:Edv.,ard J <;>nes agree,s.not to seek or accept, directly or iodirectly, reiinbursement or
   indemnification, including, but npt limite_d to, any p!;lyment,s made pursuant ro any insurance poiicy, withregard,to any amounfthat Edward J_ones.shall pay piu•suatit to·thefinal Order incorporating this Agreement; j, If -Edward Jone~ is the subject of a vo:li.intary or i~voluntacy bankruptcy petitiQn under Title 11 of the Urtit¢d States Code_ withinthree hundred sixty~five (3.6.S}<iays of the entl); of:the Final Order·incorporating this Agreement~ Edward J~mes agre_es to provide written notice to the Office- within five (5) .days of the date of the petition:
   k. The Parties agree that any fine, penalty, -and/or 1noney that Edward Jones: shall pay in accordance wi~h the Fina;l . Order 'incorporating this A$'reement • is intended b.y Edward Joni:,s and the Office to be a conte;:rhppraneous ·exchang~ for _new va]11e ~iven to Edward Jones pursL1ant to 11 U.S;C. § 547(c)(l)(A) and. is1. in fact; a substantially contemporaneous exchange pursuant.to 11 U.S.C. § 547(c)(l)(B);
   I. gdwardJ011es agreei,.-that Edward Jones' failur.eto materhi1ty comply With any of
   th~ t~nns, obJigatii:m~ and ~onditiqns -of thi_i:; Agreement, ·ancl the Fioa_l Order incnrporating it, violat~s this Agreeme11t and·the.Fina:l Orqer ~ritered ,pursuantJo cha:pters 120 an,d 5l7, Flot'h:ia Statutes. S,lch non-compliance may re:;;µlt in the Office taking a,ttion as auth_ori:zed by chapter: 517, F loridaStatutes; and m. The Parties agree that fol" gciod cause shown, 'the Oflic:e 111ay e~terid any of the procedural dates set forth above; Edward Jones shall make any reque~ts fo'r 7

·extensions ofthe procedur.:al dates set forth above in writing Jo the Office's-Agency Clerk a:tAgenpy:Cletk@flofr.gov. 21 , Finai Order: .Edward Jones conseilts·to the issuance by the Office of a Ffoa:J Order, ·which incorporates the terms of this . .AJ::lreement. Edward Jones :.understands and agrees "that this Agreement is subjeyt. fo ·the fin~1 approval of the Comm~ssioner of. the Office of Financial Regulation.and the entry of the FinaJ_ 0rcler incorporatj·ng thi~ Agr~ement.In the event the Pinal Order is not entereq, this Agreement· shall -be null ilrid void; The· Final Order incqrporating this· Agreement constitutes· -final .. agency action by the Offo;e, for which t1w Office: may seek etifor.ce_ment pursuant to the provision.~ of :~hapt¢rs 120 and 51 7 ,_ Florida s·tatutes.
22. ·Consent and Waiver: By Edward Jones' cpnsent to the_ eritry ofthe Final Order
\vith respect to this proceeqing; EdwarqJones kno\lingly and voluntarily waives:
. a. Any tight to re.ceive further notice of this a4111inisfrative _action ~nd n.otic~ of rights pursuant to chapter i20, Florida Statutes; b. Any right to ~n administrative hearing provided by chapter 1·2.0, Florida Statutes;
c. Any requirement that the Office's Pinal Order contain separately stated finciings QI
Fa~t and Co11clµsions ofL;iw or a Notice of Rights; d. Any right to issuance of arecomntended or4er by an Aclministrative Law ,Judge from the Divisionof Administrative Hearings or a Hearing Officer from the-Office; and e. Any right to object to. or challenge in ~ny ju\iidal prot.;eeding- including, but not limited ·to, an . appeal pursuant to section l.20.68, Florida Statutes, ;my tem1, conditio11, obligation, or duty expressly created by the :Pi_nal Order. :8

.23. Releases:. Upon full execµtlon of this A$reement, Edward Jones waives and releases the.Office anq itsagehts, representatives, and employees from any and a.,llcaus~sofactfon that Edward Jones may have ii,risi.ng from or relating. to the subj ecfmai;ter hereo[ The Office agr~es to accept this release.·on behalf of itself.and its agent$, represeritatjves, and employees withoµt acknowledgin~ and expressly denying that an,y such cause or.causes of action may exist. . 24. Future Actlons: This .Agreement is being. executed so)ely for the purpose cif resolving and settling the. instant proceeding~ Nothing herei11 sha11 be ·construed to wah1 e or restrict the Office''s right in afoturej_:11'oceedingtoundertake any administrative.action undeflheprovisions of chapter SI i, Florida Statutes, ot any civil or ·crimi'rtal prosecution, :trisfr1g mit of arty facts unrelate.d.to this settl~m~nt sho1,.1ld fi,u:therinfonnatfrm warrant such action.
25. No Disqualification: this Agn~ement and Final nrd~r. incorporating ibis
Agi:eenient shall. µot be construed to impbse any disqualificfition and waive~ any disqualification under chapter 517, Florida Statutes; or the rules promulgated thereunder, iltduc:ling any disqualificatfon from •relying upon the .registration exemptions •Or sa:fe harbor provisions to whi6h Edward Jones may be ·subject.· The Agreement and F:' inal Ore.fer incorporating this Agreement is not intended to be. o.r result in a Final Order bas~d upon viQlatio1~s ofchapt~r 5.17; Fiorid~1 Statutes, ·or the rules promulgated thereunder that prohibit fraudulent, manipulative, or deceptive conduct~ The Agreement and Final Order incorporating this Agreement is ncit intended to .form the basis of :my disquaiiffoat1ons under Section 3(a)(39) ofthe Securities Exchang!! Act of 1934";. or Rules 504(b)(3) an.4 5.06(d)(l) of Regula~ion D, R1,1le ;262(a) of Regulation A and Rule 563(a) or R<::grilation CF under the Securities Act of 1933. The· Agre~ment and Final Order incorporating this Agreemenf is not int¢.nd,ed to form the ~i'tsis of disqualification under. the FINRA rules prohibitin~ cont/nuance in meml;,er.ship absent the filing of a MC-400A applicatfon or 9

disqualificatioi;r under ·SRO rules prohibiting coriti.m:ianc¢ fr1 111embership. The Agreement a:nd .Final Order incqrpofatii1g this Agreement is not intended to form i:i basis ofa disqµalification.uhdet . .. . . 204(~)(2) of the Uniform Securities Act of 1956.or Section 412(~) bf the Uniforin Seburities Act of2002 .. 26; Use: E;imept in an action hy the Office to imforce.the obli.gatipns of the Agreem~nt, any acts petf orrned or documents executed in furtherance of the Agreement: (a) ruay not be deemed or used as a:ri admission of, or evidence bf,: the validity of ariy alle.ged wron~doihg, liability, o( lack ol any wrongdoing. or liability; or (b) ma); not be deemed or ui,ec::1 as ~n admissio11 of, or eyidence ofi any si.ich alleged. fault or omission of Edward Jories in any civil,.cr.iminal, a1·bittaHon1 or administrative proceeding in any ·court,. adrninistfative agency,. or tribunal. 27, Successors and Assigns: This Agreement shall he•bindinguponEchvard Jones.and its successors and assigns, as weli as to successors and assigns of relevant affiiiates, with respect to all ~ond.uct subject to. th~ ,provisions agreed to herein. Applicable Law: This. Agreement and .Final Order incorporating this Agree.merit and any dispute related thereto .shal1 be construed arid enforced in .accordance with, arid governed by, the. laws of Florida withoutregard to any choice of law principles. Attorneys' Fees: Each.party hetein $hali he solely responsible for..its attorneys' fees .µ1d costs incurred up·to and including eney.qfthe Final Order in this matter .. JO. Seyerabjlity: Edward Jones agrees that if any provision ofthis Agreement or the applicl]tion th~reof {o any person or cfrcµm$tance. is held to be invalid, th~ invalidity shall .not .affect the rem~ining provisi.ons nfthe AgreemenJor·the Fip~I Order in.~o.rp9rating it,·which ·shaJl be given ef(ect without the in\laHd provision(s}, and to this end, the provisions of this Agr~ement are severable., 10

31. Entire Agreement: This Agteeine11t rep·resents the entire agreement by and
    between the Office and Edwafg. Jones. Any alterations, variations, changes, modifications. or waivers of the provisions hereof shall be valid o:nl)' when they have. been reduced to writin$, duly signed by the Office and Edward Jones, ano attached to the ·.originai of this Agreement. WHEREFORE, the undersigned Parties hereby acknowledge and ~greeto th~-terms and conditions -of the foregping, Agreement, subject to final approval by the Commi_ss_ioner pf the Office ofFiminc-ial Regulation, by writte·n ~on;serit tin the -liistqate executed below:
    [Signature pqge to follow]
    1-1

EDWARD D. JONES & CO., L.P.
Keir Gumbs represents that he is the Chief Legal Officer of Edward D. Jones & Co., L.P., and that, as such, he has been authorized by Edward D. Jones & Co., L.P., to execute this Agreement for and on behalf of Ed" 1 rd D. Jones & Co., L.P., as set forth in the resolution provided to the Office. Date Keir Gumbs Chief Legal Officer Printed Name Title of Signatory

n . BEFORE ME, the undersigned authority, appeared f1e\r (?Uf!'\hS . as cbuf , ~ l., 011'rcu of Edward D. Jones & Co .. L.P., by means of
){"physical; sence or □ on line notarization, who, upon being duly sworn, states that he/she has
read and understands the foregoing agreement and voluntarily signed the same.
SWORN TO AND SUBSCRIBED before me this,3_ day of ::\une,. , 202/p
'~ C!,b;±ura/ OT RYPUBLIC
My Commission expires:
Personally known X or ___ produced identification. STEPHENIE CHITWOOD
NOTARY PUBLIC· NOTARY SEAL
STATE OF MISSOURI Type of identification produced: ______ ___ _
OFFICE OF FINANCIAL REGULATION
6/15/26
Date
Director
Division of Securities
12
MY COMMISSION EXPIRES FEBRUARY 16. 'lCYZT
JEFFERSON COUNTY
COMMISSION #18715525