Finra said Monday that it appointed Bill St. Louis as head of enforcement, making him responsible for the agency’s 350 enforcement staffers in 11 offices across the United States. St. Louis succeeds Christopher Kelly, the deputy head of enforcement, who had served as acting head of enforcement since February, when...
To highlight the differences between ESG funds, it’s helpful to think about dogs. For those who don’t immediately conjure an image of a Golden Retriever, maybe a teacup Chihuahua comes to mind — or perhaps a St. Bernard. And there are far too many types in between to even consider...
When the SEC finalizes rule proposals, the countdown begins on compliance deadlines for investment advisors and brokers. But the agency faces its own ticking clock when it comes to final proposals, thanks to next year’s elections. Congress can kill regulations through a parliamentary procedure called the Congressional Review Act, or...
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...
The Securities and Exchange Commission is poised to allow the first exchange-traded funds based on Ether futures, a major win for several firms that long have sought to offer the products. The regulator isn’t likely to block the products, which would be based on futures contracts for the second-largest cryptocurrency,...
Finra arbitrators ordered a former financial advisor to pay more than $600,000 for recommending risky options strategies for a group of Alabama investors. The investors filed an arbitration claim in July 2021 against Norman Edgar McNeill and McNeill Financial Advisory. The causes of action included unsuitability; negligent misrepresentation and suppression;...
The enforcement division of the Securities and Exchange Commission has issued formal requests, including subpoenas, to a number of investment firms over their sustainable investment advertising practices. This escalation shows the SEC’s heightened scrutiny on environmental, social and governance funds. A significant point of concern for the SEC includes mainstream...
Attorneys who represent investors in actions against brokerages and registered representatives are hopeful that expungement reforms Finra enacted late last week will make it harder for reps to clear their records of disputes. The Financial Industry Regulatory Authority Inc. on Friday adopted amendments to its expungement procedures, which allow reps...
Bankers, money managers and other financial market participants are starting to loathe the label “ESG” — but they’re also sticking with the strategy, according to a Bloomberg survey. About two-thirds of respondents in a survey of roughly 300 Bloomberg terminal users said the anti-ESG movement that started in the U.S. last...
It’s been called the cradle of liberty, throws great parties (tea) and is the state with the nation’s third highest median income (if you include D.C.). And now? Now it’s decided to turn the screws on some of its biggest earners. Late last week Massachusetts Gov. Maura Healey ratified the fiscal...