Sue Gardiner quit her position as a financial advisor about a year ago to tend to some family matters. She was only gone a couple of months, but she could hear the clock ticking on her industry licenses. Advisors used to be able to retain their qualifications from passing broker...
Financial advisors should wait for regulations to emerge around crypto assets called non-fungible tokens before recommending them to clients, experts said following the SEC’s first enforcement action involving NFTs. The Securities and Exchange Commission ordered Impact Theory, a Los Angeles media and entertainment company, to pay $6,103,913 to settle charges...
A discussion of the “elephant not in the room,” in the words of one of the moderators of last Wednesday’s Republican presidential candidate debate, didn’t come until about one hour into the jousting. The elephant, of course, was frequently indicted former President Donald Trump. Most of the candidates tiptoed around...
A Washington, D.C., federal court this week prevented Finra from expelling a brokerage it found to have harmed customers, but the regulator is confident it can defend its enforcement authority in that case and a separate one that was filed earlier this month. Tuesday, the U.S. Court of Appeals for...
The highest court in Massachusetts upheld the state’s investment advice standard that imposes fiduciary duty on brokers, dealing a setback to online brokerage Robinhood’s effort to kill the regulation. The Massachusetts Supreme Judicial Court ruled Friday that the state’s top securities regulator, Secretary of the Commonwealth William Galvin, acted within...
Buried deep within a regulation that increases scrutiny of private-fund advisors is a rule that applies to all investment advisors and requires that advisors document their annual compliance review. The provision can be found on page 302 of the final private-fund-advisor rule and was approved Wednesday by the SEC, 3-2,...
An SEC split along party lines approved rules Wednesday to increase the transparency and oversight of private funds, a move that could make it more expensive for investment advisors who manage such funds. In a 3-2 vote, the Securities and Exchange Commission adopted regulations designed to better illuminate the inner...
Finra arbitrators ordered Morgan Stanley to pay a senior investor $1.8 million for weighting too much of her portfolio in a single stock — WisdomTree Investments Inc. From August 2011 to July 2020, Karen Busch worked with Morgan Stanley broker Todd Wachsman in the firm’s Garden City, New York, office....
An SEC enforcement action against Titan Global Capital Management USA highlights the dangers investment advisors face when using hypothetical returns in their advertising, compliance experts said Monday. The Securities and Exchange Commission ordered robo-advisor Titan to pay $1,042,454 to settle charges that it violated the agency’s marketing rule when it...
Many investment advisors broke out in a cold sweat when the SEC announced in May 2021 that the landmark marketing rule the agency had approved the previous December would go into force on Nov. 4, 2022. The 18-month implementation deadline provided little comfort to registered investment advisors as they considered...