SEC
SEC Enforcement Chief Warns of Harsher Sanctions, Even for First Offenses
“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 to Consider New Rules for Leveraged and Inverse ETFs: Gensler
SEC Chief Gary Gensler said he has instructed staff to consider potential rule proposals to address risks associated with complex exchange-traded products.
Wall Street Breaks From Robinhood in Stock Settlement Lobbying
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.
SEC Approves Finra’s Deposit Requirement Rule for High-Risk Firms
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.
SEC Settles with 27 Firms Over Form CRS Lapses
The Commission said 21 investment advisors and 6 broker-dealers had failed to timely file or properly deliver Customer Relationship Summary forms as required under Regulation Best Interest.
Buoyed by $3-Mln Whistleblower Award, Ex-Merrill Duo Clears Their Record
The Brookfield, Wisconsin brokers alleged Merrill was to blame for issues with a proprietary structured note product, which also prompted the 10 customer complaints.
SEC Orders UBS to Pay $8 Million Over Brokers’ Sales of Volatility-Linked ETFs
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.
Biden SEC Doubles Down on Operational Resiliency amid Catastrophes
2021 firm examination priorities add array of climate-related and disclosure issues to traditional focus on sales practices involving high-risk securities.
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.
