April 4, 2020
This Week’s Top: Ed Jones Freezes Client Associate Pay, SEC Stands Fast on Reg BI Deadline, and More
- Edward Jones Freezes Pay, Suspends Overtime, for Advisor Support Staff
Firm with more than 15,000 branch offices imposes a one-year pay freeze and suspends non-broker hiring through May for about 24,000 employees in the face of the coronavirus economy.
- 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 Suspends Ex-Morgan Stanley Broker for Expense Report Abuse
Washington State broker who was fired for clawing back part of an expense account-funded bonus to a sales associate draws a regulatory fine and suspension from her current post.
- Rockefeller Hires Former First Republic Recruiter Brian Riley
Riley, a former Merrill Lynch private banking executive who joined First Republic four years ago, will run Rockefeller’s San Francisco office.
- Regulators Watch Margin Call Explosion, Trading System Outages
State, federal and industry self-regulators say complaints from customers about the suitability of margin and securities-backed loans have risen as margin calls are proliferating.