Results for "compliance"

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The Rising Cost of Risk

May 2, 2018

As increasing regulations continue to strain resources, entrepreneurs who once viewed an independent RIA as a path to greater independence are discovering the costs and risks can often outweigh the rewards. After seeing a continually growing...

Finra institutes disciplinary proceedings against broker over alleged improper variable annuity sales

April 3, 2018

The Financial Industry Regulatory Authority Inc. has instituted disciplinary proceedings against Frederick David Holloway, the owner of Holloway & Associates Inc., to disgorge alleged ill-gotten gains from recommendations he made to clients...

SEC blasts Wedbush for ongoing failure to supervise

March 27, 2018

The Securities and Exchange Commission has charged Wedbush Securities Inc. with failing to supervise a broker and ignoring "numerous red flags" that she was involved in a long-running pump-and-dump scheme. In a release, the SEC said its action...

Finra bars former Morgan Stanley rep for unauthorized trades

March 20, 2018

The Financial Industry Regulatory Authority Inc. has barred former Morgan Stanley rep Thomas Alan Meier for engaging in unauthorized trades in his customers' accounts. Mr. Meier resigned from Morgan Stanley March 15, 2016 while the firm was...

Fiduciary rule shifts power to broker-dealer compliance departments

March 14, 2018

The DOL fiduciary rule was a wake-up call for many broker-dealers, some of which had paid little attention to defined contribution plans like 401(k)s in the past. Even broker-dealers that had focused on DC plans have made significant changes...

CAT implementation uncertainty gives broker-dealers strategic options

March 8, 2018

Broker-dealers have been encouraged by the efforts of CAT NMS — a consortium of 22 self-regulatory organizations — to extend the effective date for implementation of the SEC's Rule 613 consolidated audit trail reporting. By replacing a variety...

Finra releases proposal to relieve broker-dealers of supervision of unaffiliated RIAs

February 28, 2018

Brokerage firms would not have to supervise work their registered representatives do for unaffiliated registered investment advisers under a Finra proposal released this week. The rule would streamline brokerages' obligations for monitoring...

SEC bars former Merrill rep Thomas J. Buck over commissions

February 12, 2018

The Securities and Exchange Commission has barred former Merrill Lynch broker Thomas J. Buck from the brokerage and investment advisory businesses. Last October, Mr. Buck pleaded guilty to overcharging clients by millions of dollars. He also...

SEC offers advisers amnesty to move clients out of high-fee mutual fund share classes

February 12, 2018

The Securities and Exchange Commission on Monday launched an initiative to waive fines against investment advisers who come forward and admit that they had been putting clients into high-fee mutual fund classes and agree to reimburse those clients....

Finra expands crackdown on rogue brokers

January 31, 2018

In its ongoing effort to crack down on rogue brokers, the Financial Industry Regulatory Authority Inc. said it will now expand its focus to brokers who have worked with or associated with high-risk brokers. Last year, Finra said it had created...

How to balance marketing and compliance

December 1, 2017

As InvestmentNews noted in its Sept. 14 article, the Securities and Exchange Commission issued a risk alert based on the results of a 2016 exam (The Touting Initiative) that focused on common marketing and compliance missteps. The findings prompt...

Former Valic broker Craig Edward Lewis barred for no-show

November 30, 2017

The Financial Industry Regulatory Authority Inc. barred former Valic broker Craig Edward Lewis for not appearing at a hearing called to look into his sales activities. After he provided initial testimony, Finra discovered additional evidence...

J.P. Morgan Securities fined $1.25 million by Finra

November 21, 2017

The Financial Industry Regulatory Authority has fined J.P. Morgan Securities $1.25 million for failing to conduct timely or adequate background checks on approximately 8,600, or 95%, of its non-registered personnel. The lapse in oversight occurred...

'Affiliation arbitrage' is a bad reason to go RIA

November 16, 2017

The past several years have witnessed a surge in the number of independent financial advisers who have established their own RIAs – often motivated by the desire to achieve a form of "affiliation arbitrage." By sidestepping broker-dealer and...

Ex-Merrill rep suspended, fined $10,000 over expense reports

November 9, 2017

The Financial Industry Regulatory Authority has fined former Merrill Lynch representative Sandy Galuppo $10,000 and suspended him for one year for submitting dozens of business expense reimbursement requests that were not compliant with the...

IBDs can protect good advisers from bad recruits

November 3, 2017

I recently had lunch with an independent adviser affiliated with a firm that had acquired a smaller broker-dealer and most of its reps some time ago. Since then, highly anticipated platform enhancements the acquirer had planned to make that...

Finra flags two ex-Ameriprise reps over margin snafus

October 10, 2017

Two brokers formerly registered with Ameriprise Financial Services Inc. were fined and suspended Monday by the Financial Industry Regulatory Authority Inc., in part due to securities industry rule violations involving customer transactions using...

Finra's Focus on UITs

October 10, 2017

In recent years, the Financial Industry Regulatory Authority, Inc. has been scrutinizing its member broker-dealers' sales, recommendations and procedures relating to investments in unit investment trusts (UITs). Its 2017 Regulatory and Examination...

9 ways advisers may have custody without knowing it

October 5, 2017

As complexity in the financial advice business goes, there is nothing quite like the infamous custody rule, which includes a gauntlet of trigger points that can deem a registered investment adviser as having custody. According to SEC filings,...

DOL fiduciary rule: Challenges for RIAs under the BICE

September 29, 2017

On Aug. 31, the Department of Labor proposed to extend the applicability date for the full best-interest contract exemption to July 1, 2019. In all likelihood, that proposal will be finalized before the end of the year. With that in mind, what...

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