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 director of investor protection at the Consumer Federation of America will focus on 'retail investor protection, including matters relating to policy, broker-dealer oversight, investment adviser oversight, and examinations,' according to the SEC.
According to the commission, Robert J. Mueller used investors' funds for numerous personal expenses and also used clients' funds to pay previous investors.
For the first time in 60 years, the SEC is overhauling advertising rules that will allow advisors to use endorsements and testimonials in online marketing. This flowchart will help advisors keep ads in compliance.
In a statement before the Senate Finance Committee, XYPN co-founders Michael Kitces and Alan Moore said a provision in the Retirement Security and Savings Act would unfairly benefit record-keepers and could result in conflicted advice.
Connecticut is now the 16th state to pass legislation based on the National Association for Insurance Commissioners' model rule, which intended to align state annuity rules with Reg BI.
The SEC argued that ISC, with more than $1 billion AUM, also failed to self-report during the SEC's Share Class Selection Disclosure Initiative even though it was eligible to do so.
Marcus Boggs pleaded guilty earlier this year for swindling clients, including one man who had received a large civil settlement from a wrongful murder conviction. Boggs was sentenced to more than three years in prison.