The SEC will zero in on investment advisors’ compliance with the marketing rule, their compensation arrangements and their recommendations of illiquid or difficult-to-value assets in its examinations in 2024. The Securities and Exchange Commission also will place “particular examination focus” on how advisors protect clients’ personal information and the accuracy...
The Securities and Exchange Commission won’t ask a federal appeals court to reconsider a decision that paves the way for Grayscale Investments to launch a spot Bitcoin exchange-traded fund, according to a person familiar with the matter. In August, the DC Circuit Court of Appeals overturned the SEC’s rejection of...
A top House Republican is threatening to subpoena the Securities and Exchange Commission for any documents about U.S. involvement in crafting European Union environmental, social and governance regulations that GOP lawmakers say harm American businesses. House Oversight Committee Chairman James Comer expressed concern to SEC Chairman Gary Gensler in a...
As artificial intelligence makes advances in all industries, one company has announced a flagship AI-driven product that will help financial firms with compliance protocols. Surge Ventures, a Menlo Park, California-based fintech company, Thursday announced the launch of its inaugural venture, RegVerse, which focuses on advancing regulatory technology, or regtech. Along with...
The SEC ordered a Delaware investment advisory firm to pay $1.3 million to settle charges that it placed clients in expensive mutual fund share classes without disclosing related conflicts of interest. In an order posted Tuesday, the Securities and Exchange Commission said Wilmington Trust Investment Management offered a wrap program...
A federal judge last week denied a broker’s effort to stop Finra from disciplining him. Eugene H. Kim filed a lawsuit in a Washington, D.C., federal court against the Financial Industry Regulatory Authority in August challenging its enforcement authority. In July, the broker-dealer self-regulator alleged that Kim misused customer funds...
The Financial Industry Regulatory Authority Inc. has penalized plenty of broker-dealers over sales of private placements manufactured by GPB Private Holdings, typically for selling the high-risk securities in 2018, when GPB had failed to file required audited financial statements for two of its biggest limited partnerships with the Securities...
A financial industry group Monday called on the SEC to withdraw a proposal targeting potential conflicts of interest related to the use of artificial intelligence by financial professionals because the regulation could harm retirement savers. Under the rule proposal the Securities and Exchange Commission released in August, investment advisors and...
Europe’s banks need to stop complaining that a new ESG rule will make them “look bad” and accept that they’ll need to start reporting additional data in a few months, European Banking Authority Chairman Jose Manuel Campa said. The metric in question is the green asset ratio, with mandatory disclosure...
Lucy Chua and John Byrnes didn’t just lose their Finra arbitration claim against several financial firms and advisors for allegedly fraudulent sales of private corporate bonds — they’re on the hook for more than $2 million in attorneys’ fees and costs incurred by the winning side. Chua and Byrnes are...