All broker-dealers articles
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News BriefSEC fines First Horizon $325K for RegBI violations caused by merger
First Horizon Advisors will pay a $325,000 fine to settle allegations from the Securities and Exchange Commission that it violated Regulation Best Interest in part due to issues with incorporating a merged firms’ accounts into its systems.
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News Brief‘Why us?’ SEC lists reasons it conducts examinations of broker-dealers
A risk alert from the Securities and Exchange Commission listed top reasons why a registered broker-dealer might be the subject of an examination.
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News BriefSEC amends Reg S-P to require data breach notification within 30 days
The Securities and Exchange Commission will require broker-dealers and registered investment advisers to adopt written policies and procedures for handling data breaches of customer data and notify affected customers within 30 days.
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ArticleMassMutual $4M fine a lesson in trader conduct oversight
A subsidiary of Massachusetts Mutual Life Insurance agreed to pay $4 million after apparently missing nearly two years’ worth of red flags by one of its broker-dealers that turned out to be a driving force behind the GameStop stock trading craze.
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ArticlePCAOB study: Improved quality control needed in broker-dealer audits
Modest improvements in the audits of broker-dealers do little to absolve the need for firms to evaluate how they can enhance their systems of quality control, according to the latest figures from the PCAOB.
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ArticleTwo broker-dealers to pay $4.65M for providing deficient ‘blue sheet data’
Two broker-dealers must pay a combined $4.65 million in penalties for providing incomplete and inaccurate securities trading information to the SEC. Prudent compliance officers might want to take a page from their remedial efforts.
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Blog
SEC rule adds new customer disclosures for brokers
The SEC has advanced new rules and amendments that that will require broker-dealers to disclose to investors “new and enhanced information about the way they handle investors’ orders.”
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Article
Public comments on SEC’s ‘best interest’ rule hit a deadline
The general public, ahead of Tuesday’s deadline for public comment, has offered constructive criticism of the SEC’s Regulation Best Interest.
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Blog
SEC proposes safe harbor for broker-dealer research reports
The SEC has proposed new rules that offer safe harbor protections for research broker-dealers who provide research reports on mutual funds, ETFs, registered closed-end funds, and business development companies.
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Blog
SEC sets date to debate its own fiduciary duty rule
After months of parsing through comment letters and collecting financial industry feedback, the SEC is ready to inject itself in the controversial effort to create a fiduciary duty regulation for broker-dealers and investment advisers. The Commission has scheduled an open meeting on Wednesday, April 18, to debate a potential rule ...
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Blog
AxiomSL launches regulatory education program for asset managers, broker-dealers
AxiomSL, a global provider of regulatory reporting, risk, and data management solutions, recently announced the launch of a program designed to assist asset management firms and broker-dealers clarify issues related to the shifting regulatory environment.
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Article
SEC’s consolidated audit trail at risk again, this time by funding
Developed as a database to monitor markets and prevent flash crashes, the SEC’s consolidated audit trail has a big, new roadblock.
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Blog
House bill is latest effort to rewrite fiduciary rule
While the Department of Labor sputters along with efforts to rescind its fiduciary duty rule for brokers, House Republicans are taking matters into their own hands.
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Blog
Government takes break from trying to kill fiduciary rule to defend it
The Labor Department has found itself in the awkward position of defending the controversial “fiduciary rule” in court while a series of repeal-minded efforts are underway.
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Article
SEC ponders public comments as fiduciary rule takes root with overseers
While the Labor Department and SEC are headed for a showdown over a fiduciary duty rule, another player has entered the mix: the CFP Board.
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Blog
SEC charges brokerage firm with AML failures
The SEC has charged a Utah-based brokerage because it "routinely and systematically failed to file Suspicious Activity reports for stock transactions that it flagged as suspicious."
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Blog
SEC initiates comment period on fiduciary rule
Critics of the Department of Labor’s controversial “fiduciary rule” say it should instead be promulgated by the SEC. Now, for the first time in years, the Commission has launched a public comment process on the matter.
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Blog
SEC adopts T+2 settlement cycle for securities transactions
The SEC has approved reducing the settlement cycle for most broker-dealer securities transactions by one day. It will also evaluate the possibility of end-of-the-day settlement cycles.
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Blog
SEC charges two firms with compliance failures in wrap fee programs
Two investment advisory firm—Raymond James & Associates and Robert W. Baird & Co.—settled charges with the SEC related to compliance failures within their wrap fee programs. Jaclyn Jaeger has more.
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Blog
SEC proposes new disclosure rules for broker-dealers
The Securities and Exchange Commission was busy this week: disclosure rules for broker-dealers; simplification of disclosure requirements; changes to administrative proceedings … Jaclyn Jaeger has the Commission rundown.