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 SEC said the charged individuals worked in boiler rooms soliciting investors while they received commissions from sales of securities they were asked to promote.
Even as the Trump administration races to finalize a rule restricting ESG investments in retirement plans, there are still a number of ways in which a Democratic win next week could reverse the decision, according to a panelist at Money Management...
Panelists at a roundtable co-hosted by the SEC and FINRA spoke about their initial observations of how Regulation Best Interest compliance has gone since the rule's implementation earlier this year.
The proposed rules follow revisions made by the National Association of Insurance Commissioners to its model annuity suitability regulations, designed to align with the SEC's Reg BI standard. Critics say the rules aren't strict enough.
The SEC claimed Motty Mizrahi defrauded clients of more than $3 million over a number of years. Mizrahi and his brother also face criminal charges of wire fraud for the alleged scheme.
SEC Chairman Jay Clayton said he was 'cautiously satisfied' by Regulation Best Interest's rollout thus far and said that he was seeing harmonization in the customer experience in both brokerage and fee-for-service models.
Many regulatory analysts think it is unlikely that the SEC would undergo yet another rule-making process, especially considering how long it took to design and implement the current rule. But in a 'blue sweep,' Congress may act.
Co-founder Michael Kitces said the XY Planning Network was hiring Duane Thompson to help advocate for fiduciary standards on the state level after an appellate court ruled against its suit concerning Regulation Best Interest.
The SEC's guidance comes weeks after news reports indicating that many firms were failing to properly disclose prior issues and stresses that firms cannot omit the disciplinary section, regardless of the answer they give.
The proposed rule would enable individuals to solicit accredited investors on behalf of issuers. Supporters say it can help small businesses raise capital. Critics worry it will lead unprepared investors into less transparent markets.