“We must design penalties that actually deter and reduce violations, and are not seen as an acceptable cost of doing business,” Gurbir Grewal said at a legal conference.
SEC Chief Gary Gensler said he has instructed staff to consider potential rule proposals to address risks associated with complex exchange-traded products.
Robinhood Markets Inc.’s Vlad Tenev’s effort to get brokerages and investment firms to settle stock trades in real time isn’t winning over Wall Street.
But broker-dealers and brokers engaged in misconduct will often uncover ways, despite the new rule, to avoid the regulators’ grasp, a former enforcement lawyer predicted.
Brokers had “flawed understanding” of the product and improperly guided clients to hold the ETFs, which are meant for short-term trading, according to a settlement announced Monday.
2021 firm examination priorities add array of climate-related and disclosure issues to traditional focus on sales practices involving high-risk securities.
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.
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.