Regulation and Compliance issues for Wealth Professionals can be challenging to navigate especially when the SEC is involved. Catch the latest news and analysis on compliance updates that impact financial advisors.
April 24 is the new deadline to submit comment letters on several pending rules, including the agency's proposal to expand the accredited investor definition.
Both comment letters criticized the SEC's proposal to change which investors can access private offerings, arguing there was a danger that retail investors could suffer heavy losses as a result.
The SEC will give advisors an extra month to file their Form ADV, both parts 1 and 2, in light of the business disruptions caused by the coronavirus pandemic, and left open the possibility of further postponement.
Broker/dealer trade groups, including the Financial Services Institute and the Securities Industry and Financial Markets Association, argue in support of the SEC's proposed rule in an amicus brief this week.
The agency made the decision due to the spread of the coronavirus, one day after the SEC encouraged employees at its Washington, D.C. headquarters to work from home.
A commission spokesperson said that teleworking would not diminish the SEC's capability to continuing monitoring market function and working with other regulators.
In a report released Thursday, Democratic lawmakers criticized not just Wells Fargo but its regulators' responses to the megabank's predatory practices.
