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.
An administrative order from the SEC alleged clients at a Nebraska-based broker had their assets placed in higher-cost mutual fund share classes when lower-cost options were available.
In a virtual 'State of the Industry' briefing, CEO Ken Bentsen said he also hoped the SEC would look at how e-delivery of documents has increased during the COVID-19 pandemic.
The fine pertained to excessive and unauthorized trading and overcharged commissions, and the harmed investor was former Gov. Craig Benson, according to CNBC.
Martin Ray Evans had approval from customers to transfer their accounts to his new firm, but he didn't have all the information he needed. So he impersonated them on the phone to get it, according to the regulatory agency, and was terminated.
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.