SEC
Firms Diverge in Disclosing Signing Bonus Conflicts in New Disclosures
The short “relationship summaries” customers are receiving to comply with the Regulation Best Interest complex of rules that become effective today vary in mentioning whether brokers receive bonuses for moving assets from their former firms.
SEC Sues Commonwealth over Revenue-Sharing from Fidelity Unit
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.
SEC Bars Ex-UBS Broker in Ohio for Muni Allocation Fraud
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.
Bonuses for Growing Assets ‘OK’ Under Reg BI–SEC’s Clayton
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.
Industry Leader Swings Against State Fiduciary Proposals
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.
SEC Official Warns Passive Funds May Pose Threat to Investors
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.
SEC Back-Pats Its Share-Class Disclosure Initiative
Scores of broker-dealers reported fund-sale violations in hopes of receiving cooperation credit, and more such programs may be offered, enforcement boss says.
SEC Enforcement Actions Rise, with Focus on Main Street Investors
Regulator says actions against investment advisors are up 31.7% in fiscal 2018 from 2017.
Trump Push for Fewer Company Profit Reports Tempered by SEC
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.
Credit Suisse to Pay $10 Million for Mishandling Retail Trades
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.
SEC Fines Wisconsin RIA for Failing to Disclose Fee Conflicts
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.
