Results for "compliance"

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Thorough internal investigations of sexual harassment claims are critical for advisory firms in the wake of #MeToo

January 8, 2019

Financial institutions conducting sexual harassment investigations in the wake of the #MeToo movement need to proceed cautiously. As Wall Street has come under scrutiny on how it handles complaints of sexual misconduct, compliance and human...

SEC exams to focus on investor fees, adviser conflicts of interest in 2019

December 20, 2018

The Securities and Exchange Commission will target disclosures of fees and expenses to retail investors as well conflicts of interest in its 2019 examinations of investment advisers and brokers, the agency said Thursday. The SEC's Office of...

Why Laurie Nardone Chose Independence

December 17, 2018

In this final installment, InvestmentNews Content Strategy Studio discusses the journey to becoming an independent Registered Investment Advisor (RIA) through the lens of three advisors' unique experiences. Below, Laurie Nardone, CFP® and managing...

Finra publishes list of brokers, firms responsible for unpaid arbitration

December 4, 2018

It's only three weeks until Christmas, but the Financial Industry Regulatory Authority Inc. is already showing who is on its naughty list. Finra is publishing the names of every firm and individual responsible for unpaid customer arbitration...

What's at stake with a branch audit?

October 1, 2018

Each year, or every couple of years at offices on a lighter schedule, your home office (or branch manager/office of supervisory jurisdiction) sends out an auditor to go over all of your files. Typically, the auditor is friendly and seems quite...

Jay Clayton rejects Trump tweet calling for less frequent earnings reports

October 11, 2018

Securities and Exchange Commission chairman Jay Clayton just tapped the brakes on President Donald J. Trump's push to let U.S. companies report earnings less frequently. "I don't think quarterly reporting is going to change for our top names...

What Elon Musk can teach advisers about social media

October 15, 2018

Social media is hard, and success requires patience, dedication and a lot of work. There's no definite "right way" to use Facebook, Twitter, LinkedIn or any other platform. There's no handbook for advisers on how to attract a million followers...

Voya pays $1 million to settle SEC charges over cybersecurity breach

September 26, 2018

Voya Financial Advisors will pay $1 million to settle Securities and Exchange Commission charges regarding a data security breach that compromised the personal information of thousands of customers. An SEC order says that over a period of six...

Can investment advisers disclose away all conflicts? Can brokers?

October 16, 2018

With the release of its regulatory package on April 18, the Securities and Exchange Commission drew an important distinction between disclosure obligations for investment advisers versus those for brokers. Even as the greater fiduciary debate...

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,...

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"...

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...

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...

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...

Finra bars rep under investigation for client forgery

June 4, 2018

The Financial Industry Regulatory Authority Inc. has barred former Northwestern Mutual Life Insurance Co. representative Donnell Noah Bowen for failing to provide requested information and for failing to appear at a Finra hearing. (More: NY...

LPL providing credit monitoring, identity protection to investors exposed by data breach

November 14, 2018

LPL Financial is taking steps to safeguard financial advisers and their clients whose names, addresses, account numbers and Social Security numbers were exposed in a recent data breach. According to LPL spokesman Jeff Mochal, the broker-dealer...

Are you serious, Wall Street? A response to the #MeToo 'advice' of men

December 5, 2018

This open letter is a response to a Bloomberg article​ InvestmentNews ran Tuesday about some male Wall Street executives whose concerns about #MeToo accusations have led them to limit the ways in which they work with female colleagues, for...

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...

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