The Securities and Exchange Commission on Monday requested a $1.66 billion budget for fiscal year 2019, a 3.5% increase over the agency’s 2018 request, which would allow the securities regulator to restore 100 positions lost during the 2017 hiring freeze. The agency’s annual appropriations has remained essentially flat from 2016 to 2018, at $1.6 billion. […]
Encourages IA Self-Reporting & the Prompt Return of Funds to Investors The SEC’s Division of Enforcement announced a self-reporting initiative that seeks to protect advisory clients from undisclosed conflicts of interest and return money to investors. Under the Share Class Selection Disclosure Initiative (SCSD Initiative), the Division will agree not to recommend financial penalties against […]
FINRA Releases Paper Providing Perspectives on Customer Recovery WASHINGTON — The Financial Industry Regulatory Authority (FINRA) today released a paper providing perspectives on customer recovery of judgments and awards in the financial services industry, with a particular focus on the arbitration forum operated by FINRA. The paper – FINRA Perspectives on Customer Recovery – is […]
Washington D.C., Feb. 7, 2018 — The Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE) today announced its 2018 examination priorities. OCIE publishes its exam priorities annually to improve compliance, prevent fraud, monitor risk, and inform policy. Of particular interest this year will be matters involving critical market infrastructure, duties to retail […]
With governments around the globe cracking down on all aspects of the cryptocurrency market, it seems like new regulatory risks arise every day. Add U.S. sanctions to that list. On Jan. 19, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), the primary sanctions enforcer in the U.S., announced that any U.S. […]
Washington D.C., Jan. 30, 2018 — The Securities and Exchange Commission obtained a court order halting an allegedly fraudulent initial coin offering (ICO) that targeted retail investors to fund what it claimed to be the world’s first “decentralized bank.” According to the SEC’s complaint, filed in federal district court in Dallas on Jan. 25 and […]
WASHINGTON — The Financial Industry Regulatory Authority (FINRA) announced today that it has fined Wedbush Securities Inc. $1.5 million for violating the Securities and Exchange Commission’s (SEC) Customer Protection and Net Capital Rules, and for related supervisory and books and records failures. The SEC Customer Protection Rule creates requirements to protect customers’ funds and securities. […]
HomeNewsroomNews Releases News Release For Release: Monday, February 5, 2018 Contact(s): Michelle Ong (202) 728-8464 Mike Rote (202) 728-6912 New FINRA Rules Take Effect to Protect Seniors and Vulnerable Adults from Financial Exploitation First Uniform, National Standards to Protect Senior Investors WASHINGTON — Two FINRA rule changes took effect today addressing the financial exploitation of […]
A lot of broker-dealers prefer to have their CCO and FINOP in-house, where they can keep their pulses on business activity and compliance. However, it is often easy to overlook the Risks involved in taking that approach: The Risks: The Way It’s Always Been Done: A lot of In-House CCOs and FINOPs use their experience […]
