SEC

The SEC claims Schwab failed to file reports on suspicious transactions by independent advisors.

Company policies were not reasonably designed to detect and prevent misconduct, the SEC claims after one advisor allegedly misappropriated more than $5 million from client accounts.

DaRayl Davis spent client funds on a luxury mansion, theater tickets and car rentals, federal prosecutors say.

The funds, which account for roughly 1% of the $3.5 trillion of assets in ETPs, “pose real risks to American families.”

If approved, the funds will exclude investments in alcohol, tobacco, weapons, fossil fuels and nuclear power.

The framework targets so-called plain vanilla funds, yet leaves in place a more laborious path for firms wishing to list complex products.

Six fiduciary groups call on advisors press SEC to clarify the differences between advisory and brokerage business models.

The only other fund of its kind has $269 million in assets, a figure that’s ballooned roughly 1,700% this year.

The banker was accused of directing a scheme that tacked hidden fees onto billions of dollars’ worth of trades by sovereign funds and other investors.

The lawsuit follows a complaint by the SEC alleging that five men and three companies defrauded more than 600 investors.

Advisors recommended that clients sell positions in complex structured products to rack up fees, says the regulator.

Can an RIA take the first bite of the apple when it comes to a dually registered rep’s brokerage commissions?

Technology advancements aside, navigating the new regulatory requirements still takes work.

The reforms could serve as a checklist for firms looking to enhance their own cybersecurity posture in light of the regulator’s increased scrutiny.

Lawmakers praise the spirit of the rule, but want to see a true uniform fiduciary standard.

Issuers want the regulator to go further and make it easier for managers to choose the securities they add or subtract when they issue and redeem shares.

The court said the in-house SEC judge who handled Raymond Lucia’s case was a constitutional "officer," meaning he should have been directly appointed by the SEC.

The firm agreed to settle and admitted wrongdoing, according to the regulator.

Some of the proceeds went to commission a song with the lyrics: “Pop champagne in L.A., New York to Florida; buy another bottle just to spray it all over ya,” says the SEC.

Disparate voices in the fiduciary debate agree that Form CRS might be too dense and complex to achieve meaningful disclosure.