Regulation And Legislation

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Influencers, crypto, and warnings from Finra's advertising conference
NEWS REGULATION AND LEGISLATION SEP 27, 2024
Influencers, crypto, and warnings from Finra's advertising conference

Panelists go over the challenges in hiring social media influencers and communicating about complex products.

SEC bars ex-LPL broker who stole $1.7 million from clients to buy house
NEWS REGULATION AND LEGISLATION SEP 25, 2024
SEC bars ex-LPL broker who stole $1.7 million from clients to buy house

The alleged fraud began in 2020, according to the SEC.

Merrill, Harvest to pay $9.3M for breaching limits on options strategy
NEWS REGULATION AND LEGISLATION SEP 25, 2024
Merrill, Harvest to pay $9.3M for breaching limits on options strategy

Firms let accounts go over designated exposure levels, which led to higher fees and losses for clients, according to the SEC.

SEC hits nearly a dozen firms with $88M in penalties in latest recordkeeping sweep
NEWS REGULATION AND LEGISLATION SEP 24, 2024
SEC hits nearly a dozen firms with $88M in penalties in latest recordkeeping sweep

One firm avoided penalties as it proactively self-reported and took compliance action, according to the regulator.

Best-interest annuity rule gains ground in Louisiana
NEWS RETIREMENT PLANNING SEP 23, 2024
Best-interest annuity rule gains ground in Louisiana

Industry groups hail the move in the Pelican State as another win for consumers in need of lifetime income.

Insurance money tapped out for lead seller of bankrupt GWG L bonds
NEWS REGULATION AND LEGISLATION SEP 20, 2024
Insurance money tapped out for lead seller of bankrupt GWG L bonds

“Insurance is paramount in the broker-dealer industry, but you have to have insurance that pays,” a plaintiff's attorney said.

More client complaints settled involving former Triad, now Osaic, broker
NEWS REGULATION AND LEGISLATION SEP 20, 2024
More client complaints settled involving former Triad, now Osaic, broker

"I reiterate that I disagree with the allegations made in these suits," says Jim Walesa.

GOP 'woke week' advances package of anti-ESG bills
NEWS REGULATION AND LEGISLATION SEP 20, 2024
GOP 'woke week' advances package of anti-ESG bills

House Republicans passed legislation this week that would potentially tamp down on sustainable investing options within retirement plans.

Macquarie RIA subsidiary faces $80M penalty to settle SEC fraud allegations
NEWS FIXED INCOME SEP 19, 2024
Macquarie RIA subsidiary faces $80M penalty to settle SEC fraud allegations

Firm attempted to minimize losses in thousands of "odd lot" positions by executing unfavorable cross trades with retail mutual funds and third-party broker-dealers, according to the regulator.

Convicted GPB executives want a get out of jail card
NEWS REGULATION AND LEGISLATION SEP 17, 2024
Convicted GPB executives want a get out of jail card

“It’s a bit ironic individuals can use the money taken from investors to pay for lawyers to keep them out of jail,” says one executive.

SEC orders firms to pay $3.4M in penalties over reporting failures
NEWS REGULATION AND LEGISLATION SEP 17, 2024
SEC orders firms to pay $3.4M in penalties over reporting failures

Nine out of the 11 firms charged by the federal regulator have agreed to pay civil penalties related to Form 13F and Form 13H violations.

SEC bars advisor who claimed he managed “trillions” for clients
NEWS REGULATION AND LEGISLATION SEP 13, 2024
SEC bars advisor who claimed he managed “trillions” for clients

In reality, the firm managed less than $25 million, according to the SEC.

Erisa at 50: Retirement leaders reflect on what it got right, and wrong
NEWS REGULATION AND LEGISLATION SEP 13, 2024
Erisa at 50: Retirement leaders reflect on what it got right, and wrong

Many workers still don't participate in plans or contribute enough to their accounts, and a former DOL leader says she wishes IRAs were looped into the Employee Retirement Income Security Act.

Trading platform eToro agrees to $1.5M penalty in SEC settlement
NEWS ALTERNATIVES SEP 12, 2024
Trading platform eToro agrees to $1.5M penalty in SEC settlement

The retail investing firm is scaling back its crypto offerings after allegedly crossing regulatory lines as an unregistered broker.

Wells Fargo slapped with $3M in sanctions for trading supervision shortfalls
NEWS REGULATION AND LEGISLATION SEP 12, 2024
Wells Fargo slapped with $3M in sanctions for trading supervision shortfalls

The Wall Street bank's main broker-dealer failed to adequately oversee reps who recommended losing short-term trades in closed-end funds, medium-term notes, and syndicate preferred stocks, according to Finra.

Faith-based advisor and minister defrauds clients in Tennessee, SEC charges
NEWS REGULATION AND LEGISLATION SEP 12, 2024
Faith-based advisor and minister defrauds clients in Tennessee, SEC charges

"There are many psychological factors that go into such a fraud,” attorney says.

Investors claiming "emotional distress damages" win lawsuit involving GWG bonds
NEWS FIXED INCOME SEP 10, 2024
Investors claiming "emotional distress damages" win lawsuit involving GWG bonds

"This is one of the largest emotional distress damages awarded in Finra’s history,” says attorney.

Gensler warns advisors and BDs about AI washing ... again
NEWS REGULATION AND LEGISLATION SEP 09, 2024
Gensler warns advisors and BDs about AI washing ... again

The SEC chair tells the financial services industry to be careful about describing artificial intelligence to clients and investors.

SEC hammers nine firms with $1.24m in penalties
NEWS PRACTICE MANAGEMENT SEP 09, 2024
SEC hammers nine firms with $1.24m in penalties

The regulator's marketing rule sweep found a raft of violations in the investment advisors' advertisements.

South Fla. B-D drops the ball on vetting clients from China: Finra
NEWS REGULATION AND LEGISLATION SEP 09, 2024
South Fla. B-D drops the ball on vetting clients from China: Finra

Firm agrees to pay six-figure penalty for its lack of compliance with anti-money laundering programs.