The Securities and Exchange Commission on Monday sanctioned Banco Comercial Português, S.A. ("BCP"), the second Portuguese commercial bank to face similar sanctions for acting as an unregistered broker-dealer and investment adviser. Oporto-based BCP agreed to pay about $1.9 million including a $250,000 fine. The total exceeds BCP's gross revenue from the transactions, showing why a non-U.S. firm should determine whether it must be licensed or registered before doing business in the U.S. The SEC also censured BCP and ordered it to cease and desist from committing or causing any violations of Sections 5(a) and (c) of the Securities Act of 1933, Section 15(a) of the Securities Exchange Act of 1934 and Section 203(a) of the Investment Advisers Act of 1940. BCP also agreed to comply with undertakings that were tailored to not put its customers at a disadvantage as the bank exited the brokerage and advisory businesses. The SEC fined Banco Espirito Santo $7 million in October 2011 for
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