By Sarah N. Lynch
WASHINGTON (Reuters) - An official at the U.S. Securities and Exchange Commission (SEC) broke ranks with other commissioners, and voted against granting BNP Paribas a critical waiver to continue operating several investment advisory units in the United States.
Kara Stein, a Democratic SEC commissioner who has recently demanded more accountability for big banks who break the law, was the sole dissenting vote on Monday on the temporary waiver, according to a document made public this week.
BNP's application was granted the same day that BNP, France's largest bank, pleaded guilty to criminal charges it violated U.S. sanctions.
The temporary waiver will become permanent, unless an "interested person" in the matter is granted a hearing. The deadline for requesting a hearing is July 25.
The SEC rarely denies such waivers because such a move risks destabilizing financial firms.
The New York state banking regulator on Monday separately decided not to pull BNP's banking license in the state, despite a criminal guilty plea, because of the risk it could put BNP out of business.
(Reporting by Sarah N. Lynch; Editing by Karey Van Hall and John Pickering)
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