Investment advisors worried about what may be in store when the SEC knocks on their door received a fairly detailed preview from the agency Wednesday. The Securities and Exchange Commission outlined in a risk alert how it selects firms to examine, the areas it focuses on in the probes and...
The Securities and Exchange Commission is poised to impose new fees on brokers to help pay for an expansive market-surveillance system. The plan to fund the audit-trail system to track billions of daily equities and options trades faces stiff opposition from industry trade groups and heavyweight players including Citadel Securities...
Outsourcing. Custody. Cybersecurity. Data privacy. Private funds. Predictive data analytics. And much more. The SEC’s ambitious and fast-paced rulemaking agenda will have significant consequences — foreseen and unforeseen — for investment advisors, investors, service providers, and the markets more broadly. In just over 18 months, the SEC has proposed or...
Brokerages are doing a better job of complying with Regulation Best Interest but they have more work to do before they get it right, state securities regulators said Tuesday. Under Reg BI, the broker standard of conduct implemented in 2020 by the Securities and Exchange Commission, brokers are prohibited from...
Wells Fargo & Co.’s former head of retail banking should spend a year in prison for impeding a probe of the bank’s practice of opening millions of accounts for customers without their authorization, prosecutors said. Carrie L. Tolstedt, the only executive at the bank to be accused of criminal wrongdoing...
The Financial Industry Regulatory Authority Inc. has censured and fined a New Jersey-based broker-dealer and its chief compliance officer for allegedly violating the compliance and care obligations of Regulation Best Interest. From January 2016 to March 2022, Network 1 Financial Securities, a firm with 14 branch offices and approximately 100...
Bartlett Wealth Management celebrated its 125th anniversary this year. One of the firm’s core beliefs is caring for clients and developing deep, meaningful relationships with them. New advisor advertising rules that went into force last November create an avenue for Bartlett to tell its story through the investors it serves....
Over the last year or so, lawmakers and state regulators across the country have introduced a series of ESG-related proposals that could have profound ramifications for the industry. Not surprisingly, politics has been a driving force, with policymakers in blue states introducing measures promoting ESG investing and those in...
Citigroup Inc. will pay $2.9 million to settle Securities and Exchange Commission allegations that the bank’s broker had flawed processes in its accounting in underwriting of securities offerings. The SEC alleged Tuesday that the broker didn’t keep current records on the way it accounted for expenses charged in the underwriting...
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...