Compliance

Displaying 1185 results

Topic

Ex-Cetera broker sentenced to 5 years in prison for fraud

The broker David A. Rockwell defrauded a bank when he applied for lines of credit in the names of two clients

Topic

Finra proposes annual regulatory education

The regulator's proposed rule would also allow brokers to leave the industry and maintain their registration longer if they complete continuing education, a move that could benefit women who step away to have families.

Topic

Wandering financial advisers must be corralled, but who will break them in?

The industry finally has the data about rogue brokers who take refuge in the land of insurance sales, and the picture is pretty ugly.

Topic

Gensler vows to ensure compliance with Reg BI ‘as written’

In his first appearance on Capitol Hill since being confirmed as SEC chair, Gensler also addressed ESG and the gamification of investing.

Topic

Modernizing regulations to keep pace with technology

Finra has allowed fully remote inspections during the pandemic, and the industry is now encouraging the regulator to make the temporary adjustments into long-term changes.

Topic

Ohio National broker pitched VA trades as ‘infinite banking’: Finra

The B-D's $1.3 million settlement with the regulator involves its failure to supervise adequately a complex series of transactions involving variable annuities and whole life insurance policies.

Topic

Finra bars ex-Goldman Sachs banker after expense report issues

Goldman had discharged Jared Ailstock in 2019 after he faced allegations of inaccurate business expenses reimbursement reports. Finra barred Ailstock for not appearing to testify in its investigation of the matter, according to the order.

Topic

Failure to overhaul cybersecurity for remote work creates regulatory risks

Firms scrambling to enhance their policies and procedures should focus on the three most common weaknesses — device security, software vulnerabilities and data privacy.

Topic

Roaring Kitty and phishing attacks expose cyber headaches for IBDs

Firm leaders understand the cybersecurity threat is real. But have broker-dealers taken appropriate precautions to protect advisers and their clients?

Topic

Ex-Principal broker faces stunning $39 million in investor complaints

Selling away charges are at the center of three large customer complaints against ex-broker John Krohn. In 2018, Finra reached a settlement with Krohn in which he was suspended from the industry for three months and paid a fine of $10,000.

Topic

Remote compliance mostly meets the challenge of working from home

But a stock market reaching record highs may be masking shortfalls, and a recent survey says firms aren't supervising conferencing platforms.

Topic

Cambridge Investment Research working on Finra settlement over alt fund sales

Finra's department of enforcement has investigated Cambridge's due diligence of the sale of the defunct LJM Preservation and Growth Fund.

Topic

Cetera pegs $4.2 million to cover SEC mutual fund investigation

The agency charged two Cetera broker-dealers with breaching fiduciary duty and defrauding retail advisory clients in connection with the sales of mutual funds.

Topic

Clock starts ticking on November 2022 compliance for SEC ad rule

The 430-page rule updates the agency's marketing oversight for the first time since 1961 and applies to social media communications.

Topic

SEC to emphasize climate risk in exams, step up Reg BI reviews

The agency is 'integrating climate and ESG considerations into [its] broader regulatory framework,' Acting Chair Allison Herren Lee says.

Topic

Pandemic prompts brokerages to seek relaxed in-person inspection requirements

Member firms and trade associations representing them told Finra their pandemic experience has shown that supervisors don’t need to look over the shoulders of registered reps physically to ensure they’re following the rules.

Topic

SEC empowers more staff to launch investigations

The change puts pressure on firms' compliance operations, experts say. Facilitating the ability of SEC staff to issue subpoenas and take testimony is expected to make enforcement more agile and effective.

Topic

Whistleblowers’ big bucks come with big risks for financial advisers

The SEC has awarded more than $738 million to 134 whistleblowers since 2012. But becoming a tipster could involve sacrifices.

Topic

Financial Services Institute defends Reg BI under new administration

Fiduciary advocates are pressing the Securities and Exchange Commission to overhaul the measure. FSI and other industry groups will lobby to keep it intact.

Topic

Finra zeroes in on online brokerage apps

The broker-dealer self-regulator cited a surge of new retail investors entering the markets via online platforms, which has led to a spike in more sophisticated kinds of trading, such as options.