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.
Speakers during the closing session of the group's Private Client Virtual Conference this week also detailed the legislative prospects for the PRO Act, which could limit IBDs' contractor status.
SEC Chair Gary Gensler told lawmakers that special purpose acquisition companies and digital coins posed significant policy and investor-protection questions.
Edward E. Matthes pleaded guilty to wire fraud charges last year; his 27 victims included many elderly investors as well as his parents, according to the Justice Department.
Regulators also detailed findings from examinations into how firms handled the initial implementation of Reg BI and Form CRS requirements during panels at FINRA's annual conference.
During a panel at FINRA's annual conference, Executive Vice President and Chief Legal Officer Bob Colby said the agency is speaking with SEC staff about the extension.
The new act would help victims of securities violations get some money when they have not received full payments, and includes higher awards for 'vulnerable persons.'
Frederick M. Stow pleaded guilty last year for stealing more than $930,000 in funds from two unnamed elderly investors, according to the Department of Justice.