NASD Bars Manuel Asensio 
 
         
                            ******** REGULATORY ACTION (1 of 4) ********     
         
         
          Reporting Source: Regulator (Form U-6)
         
          Date Reported:    02/10/2005                                                                     
         
          Initiated By:     NASD
         
          Date initiated:   02/06/2004
         
          Docket/
          Case Number:      CAF030067
         
          Employing Brokerage Firm:   ASENSIO BROKERAGE SERVICES N/K/A INTEGRAL SECURITIES,
                                      INC.                                                
         
          Allegations:      NASD RULES 2110, 2210(D)(1)(B), 2711, 8210 - A MEMBER FIRM
                            ACTING THROUGH RESPONDENT FAILED TO DEFINE THE MEANING OF EACH
                            RATING USED IN THE FIRM'S RATING SYSTEM IN RESEARCH REPORTS   
                            ABOUT A SECURITIES ISSUER AND FAILED TO DISCLOSE THE          
                            PERCENTAGE OF 'BUY," "HOLD/NEUTRAL," OR "SELL" RATINGS        
                            ASSIGNED BY HIS FIRM IN RESEARCH REPORTS; A MEMBER FIRM,      
                            ACTING THROUGH RESPONDENT PUBLISHED RESEARCH REPORTS THAT     
                            FAILED TO INCORPORATE A LINE GRAPH PRICE CHART SHOWING THE    
                            DATES ON WHICH IT MADE RECOMMENDATIONS ON THE SECURITY AND THE      
                            PRICE CHANGES RELATIVE TO THE FIRM'S RECOMMENDATIONS;         
                            DISCLOSURES OF STOCK OWNERSHIP WERE NOT CLEAR AND             
                            COMPREHENSIVE IN RESEARCH REPORTS; STATEMENTS IN RESEARCH     
                            REPORTS WERE UNWARRANTED OR MISLEADING; AND FAILED TO RESPOND 
                            TO NASD REQUESTS FOR DOCUMENTS AND INFORMATION.               
         
          Current Status:   On Appeal
         
          Appeal Details:   DECISION APPEALED TO THE NAC ON FEBRUARY 2, 2005.
         
          Resolution:       Decision
         
          Resolution Date:  01/04/2005
         
          Sanctions
          Ordered:            
         
          Resolution
          Details:          HEARING PANEL DECISION RENDERED JANUARY 4, 2005 WHEREIN
                            RESPONDENT IS BARRED FROM ASSOCIATING WITH ANY MEMBER FIRM IN 
                            ANY CAPACITY FOR HIS FAILURE TO PROVIDE INFORMATION REQUESTED 
                            BY NASD STAFF
PURSUANT TO NASD PROCEDURAL RULE 8210. IN       
                            ADDITION, THE RESPONDENT IS JOINTLY AND SEVERALLY ORDERED TO  
                            PAY COSTS IN THE AMOUNT OF $3,147.16, WHICH INCLUDES AN       
                            ADMINISTRATIVE FEE OF $750 AND TRANSCRIPT COSTS OF $2,397.16. 
         
          Summary:          COMPLT FILED 2/02/04 - NASD RULES 2110, 2210(D)(1)(B), 2711,
                            8210 - RESPONDENT FAILED TO DEFINE THE MEANING OF EACH RATING 
                            USED IN THE FIRM'S RATING SYSTEM IN RESEARCH REPORTS ABOUT A  
                            SECURITIES ISSUER AND FAILED TO DISCLOSE THE PERCENTAGE OF    
                            'BUY," "HOLD/NEUTRAL," OR "SELL" RATINGS ASSIGNED BY HIS FIRM 
                            IN RESEARCH REPORTS; PUBLISHED RESEARCH REPORTS THAT FAILED TO
                            INCORPORATE A LINE GRAPH PRICE CHART SHOWING THE DATES ON     
                            WHICH IT MADE RECOMMENDATIONS ON THE SECURITY AND THE PRICE   
                            CHANGES RELATIVE TO THE FIRM'S RECOMMENDATIONS; DISCLOSURES OF
                            STOCK OWNERSHIP WERE NOT CLEAR AND COMPREHENSIVE IN RESEARCH  
                            REPORTS; STATEMENTS IN RESEARCH REPORTS WERE UNWARRANTED OR   
                            MISLEADING; AND FAILED TO RESPOND TO NASD REQUESTS FOR        
                            DOCUMENTS AND INFORMATION.