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Private Firms, Funds Can Now Target Wealthy Investors With Ads, Cold Calls
SF Gate blog post by Kathleen Pender Accredited investors: Hold onto your wallet. The Securities and Exchange Commission this month issued a final rule lifting the 80-year-old ban that prohibited...
View ArticleFiduciary Standards For Advisors
Bank Investment Consultant article by Paul Werlin The distinction between the suitability standard under FINRA and the fiduciary responsibility under the SEC may sound like much ado about nothing. But...
View ArticleU.S. House Passes Bill to Delay Fiduciary Rules at SEC, Labor Dept
Reuters News by Sarah N. Lynch The U.S. House of Representatives passed a controversial bill on Tuesday that would delay two government regulators from adopting rules requiring stock brokers and...
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SEC Issues New Social Media Guidance For Financial Advisers
Reuters News by Suzanne Barlyn New guidance about social media from the U.S. Securities and Exchange Commission gives certain financial advisers some leeway to promote client reviews of their services...
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SEC Charges Utah-Based Retirement Fund With Fraud, Freezes Assets
Reuters news by Avik Das and Suzanne Barlyn U.S. securities regulators have charged a Utah-based retirement fund and its CEO with defrauding investors of millions of dollars and froze the fund’s...
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Mary Jo White, New SEC Chair, May Not Participate In Key Enforcement...
Wall Street has a new top watchdog, but it isn’t clear whether she will be in the room as her agency makes key decisions about whether to pursue some of the financial sector’s biggest stars. Mary Jo...
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Let Investors Sue Their Advisers: SEC’s Aguilar
In searching for a better way of policing Wall Street, SEC commissioner Luis Aguilar is onto something: Let investors sue their advisers the way they could sue their doctors for malpractice. SEC...
View ArticleSEC Charges California Wealth Manager With Insider Trading
From The Motly Fool by Rich Smith The Securities and Exchange Commission charged a South Pasadena, Calif.-based wealth-management company and its former fund manager with conducting a three-year-long...
View ArticleSEC to Seek Admissions in Some Settlements
Reuters article by Sarah N. Lynch SEC will use no admit, no deny settlements in most cases U.S. securities regulators will try to extract admissions of wrongdoing from defendants in some settlements,...
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Legg Mason Looks To Create New ETFs
Yahoo Finance article by Max Chen Legg Mason Inc. has moved closer toward the exchange traded fund arena, filing with the Securities and Exchange Commission to build index-based stock and bond ETFs....
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Elizabeth Warren: Steve Cohen Should Stay Out of the Industry, Blasts SEC
Lawmaker calls Stamford Harbor a `mockery’ of SEC’s mission. Massachusetts Democrat requests briefing from regulator. U.S. Senator Elizabeth Warren is taking the Securities and Exchange Commission to...
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Enforcement Action Against A Broker-Dealer For Weak Cybersecurity Controls By...
On April 12, 2016, the U.S. Securities and Exchange Commission (“SEC”) continued its enforcement of reasonable cybersecurity controls, announcing cease and desist proceedings against a broker-dealer...
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SEC: Brokerage Firm Charged With Anti-Money Laundering Failures
The Securities and Exchange Commission today charged a Wall Street-based brokerage firm with failing to sufficiently evaluate or monitor customers’ trading for suspicious activity as required under the...
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SEC Sanctions Broker-Dealer For Paper-Only AML Program
On June 1, 2016, the Securities and Exchange Commission (SEC) for the first time ever charged a broker-dealer in a stand-alone action for failing to file suspicious activity reports (SARs) as required...
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Morgan Stanley Pays $1 Million SEC Fine Over Stolen Customer Data
Morgan Stanley has agreed to pay a $1 million fine to settle U.S. Securities and Exchange Commission civil charges that security lapses at the Wall Street bank enabled a former financial adviser to tap...
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Broker-Dealers Will No Longer be Able to Offer Retail Forex
The SEC recently announced that the rule permitting broker-dealers to offer retail forex to their customers will not be renewed. Specifically, Rule 15b12-1, will expire on July 31, 2016. Following...
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Warren Attacks SEC Chief Over Corporate Disclosure Review
U.S. Senator Elizabeth Warren publicly rebuked Securities and Exchange Commission Chair Mary Jo White on Tuesday, accusing her of overseeing a corporate disclosure project that puts companies’...
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SEC: Adviser Scammed Millions From Pro Athletes
Denver Broncos quarterback Mark Sanchez and other professional athletes were scammed out of millions of dollars by an investment adviser who gained their trust by stressing his Christian faith and...
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Merrill Lynch To Pay $415 Million For Misusing Customer Cash: SEC
Bank of America Corp’s Merrill Lynch unit will pay $415 million in the largest customer protection settlement in the Securities and Exchange Commission’s history and admit to wrongdoing to settle...
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SEC Fine Against Morgan Stanley Underscores Focus On Cybersecurity
Morgan Stanley Smith Barney LLC recently agreed to pay a $1 million penalty to the U.S. Securities and Exchange Commission after a Morgan Stanley employee downloaded and exposed sensitive investor...
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