Compliance November 21st, 2023 Wealth Manager Fined More Than $800,000 for Reg BI Violations Of their advisers, 2 were also fined and 1 suspended for 6 months for account churning and excessive trading.
Compliance November 15th, 2023 EBSA Denies Comment Period Extension for Fiduciary Proposal The regulator pushed back on industry requests to extend comment time for the controversial proposal; the period will still end...
Compliance October 31st, 2023 DOL Publishes New Adviser Fiduciary Rule for Public Comment The proposal would make one-time advice for rollovers subject to ERISA.
October 31st, 2023 DOL Proposal Reactions Range From ‘Important Step’ to ‘Out of Touch’ Industry groups in the financial sector pushed back against the proposed amendments to fiduciary standards, while some championed it as...
Compliance October 16th, 2023 SEC Exam Priorities Require Advisers to Account for Client-Specific Needs in Recommendations The regulator also listed expensive, complicated and illiquid investment recommendations as coming under increased scrutiny in 2024.
Compliance September 19th, 2023 Scope of AI Conflicts Proposal Finds New Opponents on the Hill Members of both parties have criticized the SEC’s definition of ‘covered technology’ when it comes to using AI in financial...
Compliance July 7th, 2023 FINRA Expels Brokerage Firm Monmouth for Violating Reg BI Monmouth is the second firm to be expelled by FINRA for failing to supervise its representatives’ trading.
Compliance May 17th, 2023 Common Pitfalls in Reg BE, BI, According to FINRA, SEC Riskier and complicated assets require more due diligence, and regulatory officials laid out some practices for advisers to avoid.
Compliance May 16th, 2023 SEC Head Gensler Says Reg BI Not ‘Check the Box’ Exercise The SEC chairman made remarks about Reg BI, Reg BE and about AI’s role in the markets at FINRA’s annual...
Compliance May 12th, 2023 FINRA Expels Brokerage SW Financial for Misrepresenting Fees The brokerage and investment bank was expelled for misrepresenting its fee structure, churning accounts and failing to properly supervise and...
Compliance April 20th, 2023 SEC Updates Guidance on Adviser Investment Obligations The latest guidance adds teeth to initial Regulation Best Interest, passed in 2019.
Beyond 401(k) / 403(b) Plans Reg BI’s Impact on 403(b)s How the regulation applies can be nothing short of complicated
Compliance August 17th, 2022 SEC Flexes Regulatory Muscle with RIAs, Brokers in Focus The SEC is warning advisers and broker/dealers that it is time to tighten up policies around conflicts of interest and...
Compliance July 11th, 2022 Calls on Congress to Fully Fund Reg BI Implementation An open letter to two U.S. Senators emphasizes that the SEC must receive sufficient fiscal support to effectively oversee the...
Compliance June 17th, 2022 Broker/Dealer Charged in First SEC Reg BI Case The SEC says Western International Securities failed to act in the best interest of customers when the firm allegedly sold...
Compliance May 25th, 2022 SEC Names Director of Division of Examinations Leaders at the SEC say the role of the examinations program is critical for capital markets to function well and...
Compliance May 16th, 2022 24 States Have Now Adopted the NAIC Annuity Transaction Framework With South Carolina joining the party, nearly half of all states have now adopted enhanced consumer protections applying to the sale of annuities, as developed by the National...
Compliance April 8th, 2022 How Thoughts About the SEC’s Regulation Best Interest Have Evolved Nearly two years into the enforcement of Reg BI, debate continues about its influence on the advisory and brokerage industries.
ERISA vista An Objectivity Lesson The more objective the presentation, the less likely it will seem like advice.