Independent broker-dealer denies failing to disclose to customers conflicts from funds and share classes that fueled $136 million in fees from National Financial Services.
For helping unregistered brokers pose as retail customers to get new-issue bonds they flipped, Chris Rosenthal will pay $374,000 and accept industry bar.
Asset growth awards are likely acceptable under forthcoming customer-care rules, SEC chairman tells Senate committee, even as he repeats his opposition to “high pressure, product-specific” sales contests.
New Jersey, Nevada and other states trying to raise customer-care standards for brokers should back off in favor of the SEC’s soon-to-be proposed rule package, said Sifma head Ken Bentsen.
Passive mutual funds often leave investors in the dark on corporate-governance issues, threatening their ability to gain information on proxy voting decisions, a top U.S. regulatory official said.
Scores of broker-dealers reported fund-sale violations in hopes of receiving cooperation credit, and more such programs may be offered, enforcement boss says.
Regulator says actions against investment advisors are up 31.7% in fiscal 2018 from 2017.
Securities and Exchange Commission Chairman Jay Clayton just tapped the brakes on President Donald Trump’s push to let U.S. companies report earnings less frequently.
The firm’s now-closed retail execution business improperly routed broker-dealer customers including Edward Jones and Raymond James in a way that in some cases resulted in worse pricing.
Hybrid broker and advisory firm that manages $1.5 billion agreed to pay $242,000 for putting advisory clients into 12b-1 share classes and for steering them to a custodian that was paying the firm for the referrals.
SEC sanctions firm, executives and a broker a combined $940,000 over leveraged ETN sales, and Finra levies $800,000 fine for failure to supervise variable annuity sales.