SEC
SEC’s Clayton Plans to Step Down as Chairman at Year’s End
Jay Clayton, who has led the U.S. Securities and Exchange Commission for most of President Donald Trump’s term in office, said in a statement Monday that he will step down at the end of the year.
SEC Charges Former Wells Executives with Misleading Investors
Former CEO John Stumpf and retail banking head Carrie Tolstedt allegedly inflated cross-selling results, regulator charges in the latest fallout from Wells’ long-running fake-account scandal, regulator charges.
SEC Warns of Lax Branch Office Compliance as RIA Businesses Boom
As independent SEC-registered advisory practices grow bigger and open branches, the regulator warns of far-reaching compliance deficiencies in the branches.
Brokers Trail Investment Advisors in KYC, Sell More ‘Complex’ Products–Regulators
State regulators report notable differences between broker-dealers operating under a suitability standard and investment advisers operating under fiduciary duties as they evaluate firms’ readiness for Reg BI.
SEC Accuses Ex-LPL Connecticut Broker of Stealing $300K from Elderly Client
Regulator files emergency action to freeze assets of independent broker and advisor who allegedly stole more than $300,000 from elderly client with whom he had a joint bank account.
Interactive Brokers to Pay $38 Million for Money-Laundering Breaches
Interactive, the online trading firm that clears for more foreign financial firms than any broker-dealer, agrees to pay Finra, SEC and CFTC $38 million for “widespread failures” in its anti-money-laundering programs.
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.
