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 Morgan Stanley–recommended law firm that represented the transitioning advisors told them their nonsolicit agreements with Schwab were unenforceable, according to their lawsuit against the lawyers.
The SEC claims Ronald Frank Stevenson and Jason P. Wootten unlawfully sold securities in EquiAlt, which has been accused of operating a $170 million Ponzi scheme.
Additionally, Virginia closed its public comment period for its own regulation based on the National Association for Insurance Commissioners' model rule from last year.
Staff continue to incorporate Reg BI compliance into the SEC's examination and enforcement processes; Commissioner Caroline Crenshaw believes this data will illuminate whether the rule is working as promised, or whether changes may be required.
The Department of Labor also announced it would not enforce a rule concerning proxy voting, saying it had heard from stakeholders that the rules had a 'chilling effect on appropriate integration of ESG factors in investment decisions.'