'[Thomas] Brenner used the funds for his benefit, including to make large race car-related purchases, and to pay back tax debts,' according to the U.S. Attorney's Office for the Northern District of Ohio.
'Firms should continue with rigor and diligence to operate their ESG risk and compliance programs,' a compliance expert says.
The setup can result in larger firms offering customers better transaction prices than smaller ones, SEC Chair Gary Gensler said.
For years, investors in mutual funds and ETFs have been investing in products whose actual portfolio holdings can stray dramatically from what's implied by the name of the fund.
'We are trying to protect retirement savers,' says DOL assistant secretary Lisa Gomez. 'This is a new approach. Stay tuned.'
The federal regulation governing telephone marketing also covers texting, and now many states have put in place their own versions of the regulation, with different terms and definitions.
'What they’re seeing is a need for increased disclosures and transparency to the investors,' a compliance expert says.
The prospect of Grayscale converting its bitcoin trust into an ETF is seen as more likely after the SEC declined to appeal a court ruling in Grayscale's favor.
The federal appeals court ruling in August was heralded by crypto advocates as a watershed moment for the industry.
House Oversight Committee Chairman James Comer wants to know about US involvement in crafting EU ESG regulations.
Avery will track firmwide compliance protocols for RIAs, broker-dealers and banks.
'If you’re an investment advisor and you’re not putting your clients in the lowest-cost share class, then you’re running the risk of a fiduciary failure,' an expert says.
'If Finra doesn’t have the ability to enforce its own rules and discipline its members, then chaos will reign,' says PIABA President Hugh Berkson.
"It’s frustrating to see Finra charging brokers after the nail is in the coffin of [clients'] portfolios," one attorney says.
Some trade associations want the SEC to withdraw the measure. 'There is nothing for the chairman to do other than throw it in the garbage,' says the head of the American Securities Association.
European banks are facing new reporting requirements starting in 2024.
'That is about as cataclysmic an outcome as a claimant can have in a Finra arbitration,' says an attorney not involved in the case.
But those who showed objective knowledge paid less, research shows.
An advocate questions whether the CFP credential's fiduciary obligation can apply in a firm where advisors are dually registered.
'This is a transition of leadership,' says a former Democratic Senate staffer. 'It's business as usual with respect to oversight of the SEC.'
