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.
If legislative action follows a blueprint established decades ago by the biotechnology industry, it can help fuel innovation and encourage continued adoption.
Eileen Cure was terminated by LPL last summer after accusations of racism against Black job applicants. Now, she's suing the firm for almost $100 million, claiming it stole her clients illegally.
The SEC staff bulletin detailed instances in which firms may be required to disclose, mitigate and, if necessary, eliminate conflicts of interest to comply with the Regulation Best Interest rule.
The court overturned a decision involving a FINRA arbitration ruling in favor of Wells Fargo, several months after the regulator commissioned a study to examine the case.
The New York State Department of Financial Services alleges Robinhood lacked sufficient staff and resources to ensure compliance with the Bank Secrecy Act and anti-money-laundering rules.
The SEC's settlement with Aegis Capital Corporation included a $2.3 million civil penalty; Commissioner Hester Peirce said the deal may lead to firms not giving clients the investment option at all even when it would be useful for them.
Advisors with histories of serious misconduct who exit the brokerage industry often continue to provide advice under state insurance regulations and are likely to reoffend in the future, according to a recent Stanford Law study.
One securities attorney said the $2 million in fines was minimal considering the size of the firms, an indication that the SEC wants the industry to take the issue seriously.
