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 association's new model rule would require investment advisor representatives to complete continuing education, but some legal experts worry about a 'patchwork' of mandates.
The regulatory agency originally planned to resume arbitration and mediation proceedings at the end of January, but they can now proceed only via Zoom or teleconferencing.
The proposal is based on the NAIC's model regulation intended to align with Reg BI. But if a Biden administration urges changes to the SEC rule, how will states approach amending their own annuity regulations?
The SEC claims that Eugenio Garcia Jimenez Jr., an unregistered investment advisor, misappropriated $7.1 million of funds belonging to the Municipality of Mayagüez, Puerto Rico.
Thomas A. Sporkin will join the board in January as the managing director, enforcement, and will be tasked with modernizing the board's detection, investigation and prosecution processes.
The SEC said Anson Jean-Pierre told investors the funds would be used to develop projects in Haiti, but he actually spent some of the money on things like retail and travel purchases.
The states are the two latest to create their own regulations based off the model passed by the National Association of Insurance Commissioners earlier this year.
The Office of the Comptroller of the Currency found the bank had deficient risk-management practices and lacked appropriate checks on conflicts of interest.
