Posts tagged SEC.
ICO To Return $25 Million to Investors

On May 28, 2020, the Securities and Exchange Commission (“SEC”) announced that San Jose-based block chain services firm BitClave PTE Ltd. (“BitClave”) agreed to settle charges related to an unregistered initial coin offering (“ICO”) of digital asset securities.

How To Start: Are You Evaluating Your Firm’s Whistleblower Policies?

On April 28, 2020, the Securities and Exchange Commission (“SEC”) announced an award of $18 million dollars to a whistleblower for providing the SEC with crucial information that was used as part of an enforcement action against a firm found to be in violation of federal securities laws.

Three Firms’ Failure to Disclose Conflicts of Interest Lead to Almost $1 Million in Disgorgement, Interest

The U.S. Securities and Exchange Commission (“SEC”) recently announced settled charges against two advisers that self-reported conflicts of interest as a part of the Share Class Selection Disclosure Initiative.

OCIE Risk Alert—Examinations Focused on Initial Compliance With Regulation Best Interest

As firms work to prepare their updated disclosures and move toward compliance by June 30, 2020 with the new Regulation Best Interest (“Reg BI”), the Securities and Exchange Commission (“SEC”) made two important announcements.  As a reminder, Reg BI establishes a new standard of conduct for broker-dealers and their associated persons when making a recommendation of any securities transaction or investment strategy involving securities (including account recommendations) to a retail customer.

Lone Star Value Management Firm and Founder Pay to Settle SEC Disclosure Charges

Lone Star Value Management LLC (“Lone Star”) and its owner Jeffrey Eberwein settled with the Securities and Exchange Commission (“SEC”) over charges that it executed 21 trades without disclosing they were principal trades.

SEC Grants Regulatory Relief for Firms Affected by COVID-19

The Securities and Exchange Commission (“SEC”) has announced that it will provide conditional regulatory relief for companies affected by the novel coronavirus (COVID-19).

SEC Updates its Public Alert Website, Adding Entities and Enhancing Capabilities

The Securities and Exchange Commission (SEC) recently upgraded its Public Alert: Unregistered Soliciting Entities (PAUSE) website adding 25 soliciting entities and four false regulators and enhancing its accessibility for Main Street investors.

SEC Examination Focus: Four Considerations for Vendor Relationships Within Your Business Continuity Plans (BCP)

Dedicated to investor protection and still fully operational nationwide, the SEC’s Office of Compliance Inspections Examinations (“OCIE”) announced that examinations will continue via online and virtual correspondence, in their most recent updated announcement on March 23, 2020.

Amadeus Wealth Advisors, Three Bridge Wealth Advisors Settle SEC Unlawful Proxy Charges

The Securities and Exchange Commission (“SEC”) has spent time and energy focused on proxy voting matters in the recent months. In August 2019, the SEC provided guidance (discussed below) to assist investment advisers fulfilling their proxy voting responsibilities. It also appears to have increased its attention toward regulatory actions involving proxy voting on behalf of clients. 

Charging Fees for Inactive Accounts can be as Problematic as Churning

In a noteworthy action resulting from a lack of action in monitoring client accounts, the U.S. Securities and Exchange Commission ("SEC") fined three Raymond James entities $15 million for failing to conduct promised suitability reviews for certain advisory accounts invested in unit investment trusts ("UITs").

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