Results for "compliance"

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Finra hits State Street with $1.5 million fine for electronic record-keeping violations

July 12, 2017

The Financial Industry Regulatory Authority Inc. has censured State Street Global Markets and fined it $1.5 million for failing to maintain electronic brokerage records in a non-erasable and non-rewritable format, known as WORM, as required...

Seeking to protect client assets, SEC may have hurt the client

July 12, 2017

For many people, the term "inadvertent custody" might describe the feeling a parent has upon finding someone else's child in the family room a half hour after the birthday party has ended. In the world of investments, the term "inadvertent custody"...

Who the winners are in the implementation of the DOL fiduciary rule

July 5, 2017

I was helping my son with his homework last week, and we were talking about the meaning behind Robert Frost's "The Road Not Taken." It was fascinating and honestly refreshing to hear his interpretation of the poem's meaning — and the logic...

Are regulators equipped to monitor robo-advisers as fiduciaries?

June 30, 2017

Securities rules require robo-advisers to act as fiduciaries in providing investment advice to clients, but a new research paper calls into question whether regulators have the necessary tools to monitor these platforms to see if they really...

Supreme Court to consider role of Dodd-Frank provision in corporate whistle-blower case

June 26, 2017

The U.S. Supreme Court agreed to consider the reach of an anti-retaliation provision in the 2010 Dodd-Frank financial law in a case that could insulate publicly traded companies from some whistle-blower lawsuits. The justices will hear an appeal...

DOL rule poses problems for advisers' daily routines

June 22, 2017

The greatest difficulties in adjusting to the new DOL fiduciary standard for retirement accounts are found in financial advisers' daily routines, says a new report from Aite Group consultants. Aite's survey of 152 financial advisers who actively...

Driving clarity on Finra's rules on outside business activities

June 14, 2017

Independent financial advisers' ability to share their expertise in areas that are often outside the traditional role of a financial adviser — such as tax and accounting, insurance and even legal advice — is a crucial part of the value the...

SEC bars former Ameritas adviser after fraud trial finds him guilty

June 9, 2017

Responding to a jury that found Sheik F. Khan guilty of securities and investment adviser fraud, the Securities and Exchange Commission has barred the former Ameritas adviser from the securities industry. (More: DOL fiduciary rule takes effect,...

SEC charges Alpine Securities with failure to file suspicious activity reports

June 5, 2017

The Securities and Exchange Commission has charged a Salt Lake City-based brokerage firm, Alpine Securities, with securities law violations related to its alleged practice of clearing transactions for microcap stocks that were used in manipulative...

Finra censures and fines Sterne Agee for failing to supervise former CEO

June 1, 2017

The Financial Industry Regulatory Authority Inc. has censured Sterne, Agee & Leach Inc., and fined it $160,000 for failing to supervise the activities of its former CEO, James Holbrook, Jr. Between June 1, 2011 and May 23, 2014, the firm "did...

Are brokers really ready to be fiduciaries?

June 1, 2017

The Department of Labor's fiduciary rule for retirement accounts will take effect Friday, and advisers and their broker-dealers better get ready for a new wave of risk: lawsuits and legal complaints by investors who believe they have been harmed...

Finra slaps broker with six-month suspension for failing to report $1 million in tax liens

May 16, 2017

Former broker Kevin Richard Graetz has settled a Finra complaint alleging that he failed to report federal and state tax liens against him totaling more than $1 million over almost seven years. The Financial Industry Regulatory Authority Inc.'s...

States scoop up investment accounts as unclaimed property

May 12, 2017

Sometimes the investment adage "set it and forget it" can turn into "set it, forget it and lose it," depending on where an investor lives. Several states have become more aggressive in staking their claims on abandoned property, which can include...

Advisers getting left behind as broker-dealers respond to Finra priority letter

May 1, 2017

When the Financial Industry Regulatory Authority Inc. released their exam priority letter in January of this year, they made it very clear their target is on rogue or recidivist brokers and the broker-dealers that supervise them. By many accounts,...

Ask the Ethicist: What should an adviser do if their former firm violates a non-compete agreement?

April 28, 2017

Q: I'd like your opinion on something that happened to a friend of mine who recently left his position as a veteran adviser with a wirehouse to go independent. Before he left he mailed a "tombstone" letter to his clients so they were aware that...

Finra issues complaint against broker for unsuitable variable annuity sales

April 26, 2017

The Financial Industry Regulatory Authority Inc. has issued a disciplinary complaint against former broker Walter Marino for recommending exchanges of non-qualified variable annuities to two customers without having a reasonable basis for recommending...

Morgan Stanley reaches $1 million settlement with Massachusetts over high-pressure sales contest

April 12, 2017

Morgan Stanley agreed to pay $1 million to Massachusetts to settle a case involving a high-pressure sales contest among its financial advisers to encourage clients to borrow money against their brokerage accounts. From January 2014 until April...

Finra updates sanction guidelines to address financial exploitation of clients

April 10, 2017

Finra has revised its sanctioning guidelines to include consideration of whether a firm or an adviser exerted undue influence over vulnerable customers. All violations addressed by the Financial Industry Regulatory Authority Inc. now will require...

SEC explores ways to strengthen compliance of independent advisers

April 6, 2017

Financial advisers who are on the staff of an advisory firm are more likely to adhere to securities regulations than independent advisers, a Securities and Exchange Commission official said on Thursday. Peter Driscoll, acting director of the...

SEC bars ex-LPL broker already serving 12-year prison sentence

March 31, 2017

The Securities and Exchange Commission on Thursday filed an order to bar a former LPL Financial broker, Thomas Caniford, who pled guilty in state court in Canton, Ohio, in 2016 to 135 counts, including securities fraud, publishing false statements...

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