SEC

The firm is facing a lawsuit on behalf of investors who lost money in a $350 million Ponzi scheme.

Careful steps need to be taken so FINRA won't consider it an outside business activity, says compliance expert Alan Foxman.

“The SEC is notorious for blowing through rule-making deadlines—both congressionally mandated and self-imposed, such as this,” says Micah Hauptman, financial services counsel at the Consumer Federation of America.

Commission staffers are probing how broker-dealers are handling ETFs and the extent to which investors understand the risks of the funds.

The new rules were developed in consultation with the SEC, the Labor secretary adds.

The Massachusetts-based planner, who allegedly told clients their money would be invested in a hedge fund, was also ordered to pay $1.89 million to victims.

Louis Martin Blazer III allegedly stole $2.35M from clients through his concierge firm Blazer Capital Management.

The SEC has yet to produce or even propose any binding rules regarding cybersecurity, but officials have been sending strong signals that they expect firms of all sizes to put in place policies and procedures to protect sensitive information.