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.
With consumer advocates calling for the SEC to use new rule-making to change Reg BI, the advocacy organization will urge the commission to stick with the rule in the year to come.
The regulator “will closely review actions taken by regulated entities that may disadvantage investors or otherwise unduly inhibit their ability to trade certain securities.”
The pandemic has accelerated the spread of remote work so much that many firms have adopted digital communication and collaboration platforms without building out the necessary policies and procedures to prevent mistakes.
A new report from the Institute for the Fiduciary Standard urges the SEC to “rebrand Reg BI as a ‘New Suitability’ standard for broker/dealers” to clarify that brokers’ product recommendations are different from best interest fiduciary advice.
The looming threat for Gensler is that the good times could end on his watch, triggering a crash that hits retail investors who’ve contributed to the boom particularly hard.
The scrutiny stems from registered reps who obtained PPP loans through undisclosed outside business activities, but a letter to one such rep is not part of a targeted examination or ‘sweep,’ FINRA says.
Gary Wayne Hammond allegedly failed to inform his firm of transactions totaling more than $1.6 million, including significant investments in his half-brother's companies, which FINRA claims were Ponzi schemes.
The pardon of David Tamman was one of more than 140 pardons and commutations the outgoing president announced shortly before the end of his tenure and Joe Biden's inauguration.
