On November 22, 2019, the Securities and Exchange Commission ("SEC") ordered Channing Capital Management, LLC ("Channing"), a registered investment adviser located in Illinois, to pay a $50,000 civil penalty for failure to enforce its own written policies and procedures. This specific case underscores the importance of following the safeguards you put in place to protect all clients at all times.
The Securities and Exchange Commission ("SEC") announced it had settled charges against State Street Bank and Trust for overbilling mutual funds and other investment company clients by more than $170 million over a 17-year period.
The North American Securities Administrators Association (NASAA) has released its 2018 Enforcement Report (the Report) that says 2017 was the first year on record in which enforcement actions against registered investment advisors (RIAs) has outnumbered enforcements against broker-dealers and...
Intentional and unintentional conflicts of interest are nothing new in the world of finance, but a recent instance of alleged fraud serves to underscore how damaging these cases can ultimately. In this particular case, Mario Hinojosa and his wholly-owned...
Proper disclosure of the costs of investing, including disclosure of all fees and their potential effects on the value of investments, is critical for all firms. However, despite a focus, for years now, on this issue by the SEC, FINRA...
Growing older is something that every single one of us does. It's a simple fact of life that we will all age with time. Those who advise aging clients may be among those that are the most acutely aware...
On the surface, a Form U5 seems straightforward. Direct from FINRA's general instructions, it's the uniform termination notice for securities industry registration. A firm must file a Form U5 anytime one of its registered employees leaves the firm. The...
With 2017 coming to a close, it's time to start looking at what you'll need to prepare in the first quarter for 2018. One of the major priorities for early in the year is Form ADV. If your fiscal...
Early in October, at the National Association of Municipal Advisors Conference, two attorneys with the Office of Compliance Inspections and Examinations ("OCIE") told the municipal advisors in attendance that many need to work on improving compliance procedures. To ensure...
Announced October 11th, 2017, FINRA is restructuring its representative level qualification exam program. It will be creating the Securities Industry Essentials ("SIE") exam, while also revising the representative-level qualification exams (i.e. Series 6 & 7). The goal of restructuring...
- Inside the SEC’s Proposed New Rules for Financial Advisor Advertising
- A Costly Failure to Follow Written Policies and Procedures
- California Governor Signs CCPA Amendments, Privacy Related Bills into Law
- SEC Proposes Exemptions to Application Procedures
- SEC Requests Proposals to Innovate Markets for Thinly Traded Securities
- PricewaterhouseCoopers LLP pays $7.9 to Settle SEC Improper Professional Conduct, Auditor Independence Charges
- HCR Advisors Settles SEC Charges on Failure to Supervise and Implement Compliance-Related Policies and Procedures
- Amadeus Wealth Advisors, Three Bridge Wealth Advisors Settle SEC Unlawful Proxy Charges
- Charging Fees for Inactive Accounts can be as Problematic as Churning
- SEC: Prudential Failed to Disclose Conflicts of Interest to Fund Boards
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