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 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.
According to the SEC complaint, the famous computer programmer failed to disclose that he was being compensated for touting certain offerings to his hundreds of thousands of Twitter followers.
