SEC
UBS to Offer “Free” SMAs from Third-Party Asset Managers
Wirehouse is expanding its list of separately managed accounts that waive management fees from UBS-managed accounts to 18 equity and fixed income strategies from outside asset managers.
Supreme Court Narrows Power of SEC to Recoup Illegal Gains
(Bloomberg) — The U.S. Supreme Court limited the power of the Securities and Exchange Commission to recoup illegal profits from…
J.P. Morgan Securities Unfurls New Comp Plan on Eve of Reg BI
Adopts single payout (at top current grid rate) for all in its traditional (Bear Stearns) brokerage channel, makes more trades eligible for comp and caps fees on fund and annuities sales, effective July 1.
SEC Will Watch Wall Street From Home at Least Through Mid-July
U.S. Securities and Exchange Commission employees will have to stay away from the agency’s offices for at least two more months as Wall Street’s main regulator continues conducting much of its work remotely during the coronavirus pandemic.
Finra Fines SunTrust for Unsuitable ETF Sales Practices
Bank-owned broker dealer agrees to $634,000 settlement Finra over failure to supervise sale of non-traditional Exchange Traded Funds meant to be held no longer than a single day.
Morgan Stanley to Pay $5 Million for Failing to Disclose SMA Execution Costs
Wirehouse marketed wrap program to retail investors as having a single all-in cost without disclosing that third-party managers sometimes passed along execution costs charged by other broker-dealers, SEC said.
SEC’s New Reg BI Care Standard Challenges Asset Management Platforms
TAMPs that service independent brokers will have to compete much more aggressively on end-investor experience, says AssetMark CEO Charles Goldman.
Merrill Unveils Reg BI Policy Changes, Including “C” Share Sale Restrictions
Firm also will cap front-end fund loads, restrict buyers of structured notes and market-linked products and create uniform commissions by fund styles.
SEC Stands Fast on Reg BI and Disclosure Form Deadline
Regulator won’t delay June 30 compliance date for the investor protection rule, despite the coronavirus disruption, because most firms are well along in preparing for the changes, says SEC Chair Jay Clayton.
Finra Postpones In-Person Arbitration Hearings Until May 1
The regulator updated earlier guidance from a week ago that had allowed cases to proceed on an ad hoc basis.
SEC Offers Disclosure Filing ‘Relief’ Due to Coronavirus
Clayton reminds companies to provide investors insight on assessment and plans for addressing material risks to their businesses as a result of the pandemic.
