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.
According to FINRA, Merrill Lynch failed to properly supervise its thundering herd so that clients received sales charge waivers and fee rebates, impacting 13,000 accounts.
After the Office of Management and Budget reviews the proposal, it will be published and subject to a comment period, leaving the Trump administration with a tight window to implement it before the presidential election.
In a remote hearing before the U.S. Court of Appeals for the 2nd Circuit, XYPN attorneys argued the proposal would cause financial harm to financial planners.
The new rules will go into effect on June 30, the same day that the board will begin enforcing its Code of Ethics and Standards of Conduct, according to the board's general counsel.
Ritholtz Wealth Management was one of several firms to disclose it received a Paycheck Protection Program loan to help with expenses amid the coronavirus pandemic, according to Form ADVs submitted to the SEC.
Lakeview Capital Partners, which manages $3.3 billion in client assets, received $581,000 and intends to apply for forgiveness next month, according to a newly updated Form ADV.
NASAA told Congress to avoid proposals that would weaken securities laws, and that it should address unpaid arbitration awards and other investor protection issues.