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.
The Treasury Department and the Internal Revenue Service are likely to push off a January date for the firms to begin tracking data such as customers’ capital gains and losses.
Patrick Egan’s interim suspension went into effect on June 21. Egan is a representative with the California-based firm Western International Securities, which was also named in the SEC's complaint.
The program is an integrated part of the company’s existing platform to assist IARs in the states with rules on the books based on NASAA’s template for CE requirements.
The Aloha State is the 27th to enact a rule or law based upon the model passed by the National Association of Insurance Commissioners, intended to align state regs for annuity sales with the SEC’s Regulation Best Interest.
According to the commission, Western International Securities and several of its reps ran afoul of the rule by recommending and selling $13.3 million in high-risk L Bonds.
According to the commission, A.G. Morgan Financial Advisors failed to disclose that it owed $750,000 to Par Funding, the company connected to the offering.
