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 Labor Department's final rule creating an exemption for fiduciaries on certain prohibited transactions under ERISA will go into effect after the start of the new administration.
The new rule allows fiduciaries in retirement plans to be exempt from certain prohibited transactions provided they adhere to a number of 'impartial conduct standards.'
Redfearn, who led the SEC’s Division of Trading and Markets, which was responsible for ensuring firms remain in compliance with Reg BI, will leave the agency by year’s end.
Speaking at the Consumer Federation of America's Financial Services Conference, the commissioner also said more Reg BI data is needed to gauge its effectiveness, but a strong fiduciary standard was critical.
Stephanie Avakian has served as the head of the division for four years, and oversaw investigations into Wells Fargo's supervision of investment advisors as well as the Share Class Selection Disclosure Initiative.
An administrative order from the SEC alleged clients at a Nebraska-based broker had their assets placed in higher-cost mutual fund share classes when lower-cost options were available.
In a virtual 'State of the Industry' briefing, CEO Ken Bentsen said he also hoped the SEC would look at how e-delivery of documents has increased during the COVID-19 pandemic.
The fine pertained to excessive and unauthorized trading and overcharged commissions, and the harmed investor was former Gov. Craig Benson, according to CNBC.
Martin Ray Evans had approval from customers to transfer their accounts to his new firm, but he didn't have all the information he needed. So he impersonated them on the phone to get it, according to the regulatory agency, and was terminated.
