SEC Imposes $79M in Fines on Advisers for Recordkeeping Violations
Ten firms were fined for using unapproved off-channel devices for business related communications.
SEC Proposes New Rules for RILA Annuity Providers
The proposal directs RILA providers to use registration documents that better explain the annuity’s features and complexities.
SEC Would Suspend Rulemaking, Enforcement During Potential Shutdown
Comment periods would remain open for the AI and safeguarding proposals, but comments would not be reviewed in real time.
Fund Advisers Reject SEC Aiding and Abetting Charges
The adviser for a mutual fund argues against alleged Liquidity Rule violations because the company was not responsible for the fund’s liquidity status classifications.
Private Fund Adviser Fined $1.6M for Duty of Care Violations
The infrastructure fund allegedly did not disclose conflicts of interest and took actions without regard for their impact on investors.
Funds’ Portfolios Must Reflect Their Name, SEC Says
New rule means funds will have to derive 80% of their value from investments related to their official names.
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 services.
SEC’s Risk Alert Worth Close Look Amid ‘Bevy’ of New Rules, Charges
Compliance experts point to the regulator’s focus on third-party providers and its marketing rule stringency in the recent exam notice.
Congress, Industry Push Back on SEC’s AI, Safeguarding Rule Proposals
The proposal would require advisers to eliminate conflicts related to a wide range of computational technology.
SEC Makes 2nd Marketing Rule Charges Against 9 Investment Advisories
According to the regulator, a sweep into marketing rule violations led to $850,000 in total penalties.
SEC Charges 5 Advisory Firms for Custody Rule Violations
The rule violation announcement is the second the regulator has issued in a ‘targeted’ effort, even as it seeks public comment on a proposed broadening of the custody rule.
Complying With SEC’s Hypothetical Performance Marketing Rules
Advisers should use a process that makes it tough to fall out of compliance, not look for ways to dodge it on a technicality, according to experts.
Wells Fargo Agrees to Pay $35 Million for Overcharging Advisory Accounts
The registered investment adviser overbilled clients with custom rates by maintaining inadequate procedures, the SEC said.
SEC Reopens Comment Period for RIA Investment Custody Rule
The regulator also announced a new proposal to increase transparency and disclosures for private fund managers such as private equity and hedge funds.
SEC Fines Fintech Advisory Titan in 1st Marketing Rule Charge
The regulator calls the charges a ‘warning’ to investment advisers about how they can market offerings.
New SEC Cybersecurity Rule a ‘Business Problem,’ Not Just IT or Legal, According to Experts
The new disclosure requirements for public companies will require time and resources to meet cybersecurity needs.
SEC Charges Wells, BNP, Others With Electronic Communications Misuse
11 Wall Street firms admit wrongdoing and agree to pay $289 million in fees for improperly using messaging systems like WhatsApp for business.
Florida Man Buys Massive Black Diamond with Ill-Gotten Crypto Gains, SEC Says
The SEC alleges that Richard Heart offered unregistered cryptocurrency and spent investor assets on personal luxury goods.
SEC Proposal Would Require Elimination of Conflicts When Using AI and Similar Technology
The proposal applies to the use of wide range of technologies, including predictive analytics, that might put the firm’s interests over the client.
SEC Proposes Restricting Internet Adviser Exemption
The proposal would require online financial advisers registered with the SEC to conduct business solely through their respective websites, as opposed to offering a mix of in-person and digital.