Results for "compliance"

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Adviser barred from industry, must pay $577K for concealing referral fee

January 9, 2017

A Connecticut investment adviser has been barred from the industry by the Securities and Exchange Commission and will pay $577,297 in penalties for concealing a referral fee from a client and then trying to undermine the agency's investigation....

Titles advisers use to play a bigger role in fiduciary regulation

January 6, 2017

Traditionally, regulation has focused on the functional definition of fiduciary. That is, fiduciary status is triggered by what you do, not what you call yourself. While that is largely true of the Department of Labor's conflict-of-interest...

Finra outlines new examination priorities for 2017

January 5, 2017

In its Annual Regulatory and Examination Priorities Letter, the Financial Industry Regulatory Authority Inc. outlined some new steps it is taking in exam administration as it continues to focus on high-risk brokers, senior investor abuse, brokers’...

SEC clarifies how funds should disclose fee changes to comply with DOL fiduciary rule

January 3, 2017

Mutual funds that modify their fees and offer new share classes to comply with a Department of Labor investment advice rule must clearly highlight the moves and can outline them in a prospectus appendix, according to the Securities and Exchange...

Ameriprise adviser's data breach offers cybersecurity lesson

December 20, 2016

Ameriprise Financial shut down the internet-connected backup drive its adviser was using to synchronize files from his office to his home as soon as it discovered client data was at risk earlier this month. The Minneapolis-based firm, which...

Morgan Stanley fined more than $10 million for violating customer protection rule

December 20, 2016

Morgan Stanley was fined and penalized more than $10 million Tuesday for trading errors involving customer cash and margin securities. The Securities and Exchange Commission announced that the firm had agreed to pay $7.5 million to settle charges...

Finra slaps Allstate Financial with $1 million fine for array of fumbles

December 16, 2016

Citing a broad breakdown with the firm's failures to supervise client and adviser information, the Financial Industry Regulatory Authority Inc. on Thursday slapped a $1 million fine on Allstate Financial Services, the broker-dealer arm of insurance...

Finra enforcement chief Brad Bennett to resign

December 15, 2016

Finra pursued broad, sweeping cases and also ramped up its crackdown on smaller violations during the six-year tenure of J. Bradley Bennett as the organization's chief of enforcement. The Financial Industry Regulatory Authority Inc., the broker-dealer...

Advisers' most outlandish regulatory blunders of 2016

December 14, 2016

This year was certainly not lacking for regulatory and other blunders made by brokers and advisers. Following are some of the stand-outs that had readers talking.

SEC to have skeleton crew in first half of 2017

December 13, 2016

A Securities and Exchange Commission in flux for several months to start 2017 will probably avoid controversial rulemakings and enforcement cases, according to experts. The Senate adjourned its lame-duck session over the weekend without confirming...

Finra bars former JP Morgan, RBC brokers

December 12, 2016

Finra on Friday barred two former brokers for violating firm policies, one from RBC Capital Markets and one from J.P. Morgan Securities. John Simpson, who has been registered with Finra since 1980 and worked at RBC from March 2009 to February...

Two traders accused of $26M stock manipulation

December 12, 2016

Two New Jersey traders were arrested on federal charges that they cheated investors out of $26 million by using dozens of accounts at brokerage firms to artificially move stock prices in lightly traded securities. Joseph Taub, 37, and Elazar...

Ex-J.P. Turner broker accused of excessive trading in elderly client's account barred by Finra

December 9, 2016

The Financial Industry Regulatory Authority Inc. has barred a former J.P. Turner & Co. broker who allegedly churned an elderly customer's account. From 2011 to 2013, the broker, Anthony Mastroianni Jr., “engaged in excessive trading or churning...

Broker-dealers are failing to supervise rogue brokers, says Massachusetts regulator William Galvin

December 8, 2016

Broker-dealers that hire rogue brokers — those with checkered disciplinary records — are failing to properly supervise them, and could be hurting investors because of their lax self-policing standards, according to findings from a recent...

Finra slaps Credit Suisse unit with $16.5 million fine for anti-money-laundering failures

December 5, 2016

Finra hit Credit Suisse Securities (USA) LLC with a $16.5 million fine on Monday for failure to monitor and detect suspicious trading and money movements. The broker-dealer did not provide adequate review or supervision of trades from January...

LPL sued by Galvin over top producer's alleged variable annuity abuses

December 1, 2016

Citing “paper-thin compliance,” Secretary of the Commonwealth of Massachusetts William Galvin on Thursday charged LPL Financial with a failure to supervise a top-producing broker who allegedly committed fraud in selling unsuitable variable...

Advisers plan to spend more for compliance and tech in 2017

November 29, 2016

Many financial advisory firms are set to spend more on compliance, technology and marketing next year. Financial advice firms are planning to increase spending next year on compliance and technology, with about 53% of advisers indicating that...

Technology at the core of reinvention

November 29, 2016

Earlier this year after many months of planning and research, our team began the process of reinventing our advice firm by drawing up a wish list of enhancements. Technology is the core component of our reinvention. We feel a robust technology...

Ask the Ethicist: How to make a U-turn after retirement

November 21, 2016

This month's question concerns a woman who worked for many years in wealth management before retiring to an hourly consulting practice. Now she's thinking of returning to the workforce at a registered investment adviser firm. Q: I worked for...

JPMorgan settles China hiring charges for $264 million

November 18, 2016

JPMorgan Chase has agreed to pay $264 million to settle charges that the bank hired relatives of Chinese officials as a way to secure banking business. The settlement is divided among the SEC, Department of Justice and Federal Reserve. Another...

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