What changed in this filing

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Item 3. Legal Proceedings

2025-08-12 compared with 2024-07-29 · 35 added, 5 removed, 2 unchanged (95% of the section changed)

LEGAL PROCEEDINGS

time to time, we may become involved in various lawsuits and legal proceedings which arise in the ordinary course of business.

litigation is subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may

harm our business.

We are currently not aware of any such legal proceedings or claims that we believe will have, individually or in the

aggregate, a material adverse effect on our business, financial condition or operating results.

From time to time, we may become involved in litigation

or regulatory proceedings the ordinary course of our business, including litigation or regulatory proceedings that could be material to

In addition, the securities

industry is highly regulated and many aspects of our business involve substantial risk of liability.

In past years, there has been an

increasing incidence of litigation involving the securities industry, including class action suits that generally seek substantial damages,

including in some cases punitive damages.

Compliance problems that are reported to federal, state and provincial regulators, exchanges

or other self-regulatory organizations by dissatisfied customers are investigated by such regulatory bodies, and, if pursued by such regulatory

body or such customers, may rise to the level of arbitration or disciplinary action.

We are also subject to periodic regulatory audits

and inspections for various federal, self-regulatory and state regulators.

Any such audits and inspections could require significant amounts

of management time, result in the diversion of significant operational resources, require us to change our business practices or products,

result in sanctions being levied against us, including fines and censures, suspension or expulsion from a certain jurisdiction or market

or the revocation or limitation of licenses, result in negative publicity, or otherwise harm our business and financial results.

Pending Regulatory

Our businesses are heavily

regulated by state and federal regulatory agencies as well as the Nasdaq Stock Market and FINRA.

In the current era of heightened regulatory

scrutiny of financial institutions, we have incurred increased compliance costs, along with the industry as a whole.

Increased regulation

also creates increased barriers to entry.

We receive many regulatory

inquiries each year in addition to being subject to frequent regulatory examinations.

The great majority of these inquiries do not lead

to fines or any further action against us.

We are generally the subject of regulatory inquiries regarding subjects including, but not

anti-money laundering, compliance, registration, record-keeping, and other topics of recent regulatory interest.

procedures for evaluating whether potential regulatory fines are probable, estimable and material and for updating its contingency reserves

and disclosures accordingly.

In the current climate, we expect that we may, from time to time, be subject to regulatory fines on various

topics on an ongoing basis, as other regulated financial services businesses do.

The amount of any fines, and when and if they will be

incurred, typically is impossible to predict given the nature of the regulatory process.

MINE SAFETY DISCLOSURES

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 3. Legal Proceedings