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Nasdaq to Pay SEC $10 Million Over Facebook IPO

NEW YORK (TheStreet) -- Nasdaq (NDAQ) is paying a $10 million fine to the Securities and Exchange Commission for charges related to the Facebook (FB) IPO debacle.

The Securities and Exchange Commission charged Nasdaq with violations of securities laws resulting from its poor systems and decision-making during Facebook's IPO last May. As a result, Nasdaq has agreed to settle the charges, paying the largest fine ever for an exchange.

In March, Nasdaq agreed to pay Facebook investors $62 million, in a plan approved by the SEC.

"This action against NASDAQ tells the tale of how poorly designed systems and hasty decision-making not only disrupted one of the largest IPOs in history, but produced serious and pervasive violations of fundamental rules governing our markets," said George S. Canellos, Co-Director of the SEC's Division of Enforcement in the press release.

The New York-based electronic exchange isn't the first to agree to a fine related to the Facebook IPO debacle. In December, Morgan Stanley (MS) also settled, paying $5 million.

--Written by Chris Ciaccia in New York

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