Examinations covered 15% of registered investment advisers last year, but 35% have never been examined, according to SEC’s fiscal 2019 budget proposal.
Digital currencies just got name-checked by a group that many of their boosters would probably rather avoid: Securities and Exchange Commission inspectors.
Los Angeles-based firm was charged with failing to segregate customer funds, wrongly calculating reserve requirements (including failing to properly account for a parent company and an executive spouse’s accounts) and being short of capital.
The U.S. Securities and Exchange Commission obtained a court order freezing the assets of a Texas-based initial coin offering that claimed to have raised more than $600 million.
Finra attributes problems in part to firm’s decision to subordinate its retail monitoring system to Bank of America’s broader system.
Mary Jo White says her inability to pass a uniform fiduciary standard remains the biggest disappointment of her tenure and warns that the 12% annual exam rate of registered investment advisers is a time-bomb.
Defending Trump administration’s pared-down budget request, new regulator says it can increase exams of rapidly growing number of registered investment advisers by 5% in coming fiscal year.
New SEC boss Jay Clayton says regulator wants to “simplify and enhance tools…to help investors conduct background searches on their investment professionals.”
Settlement tied to former U.S. wealth unit includes $30 million fine and $50 million in disgorgement.
Founder of Source Financial Advisors, a specialist in helping divorced women, also falsely filed documents about her college education, regulator says.