Compliance

The top brass being unaware of this stuff happening on their watch doesn’t inspire confidence.

These shortcomings were primarily due to “systemic, longstanding, governance-level weaknesses,” a new report says.

"I don't mean to ruin your holidays, but ... " Regulators and industry insiders caution against delaying compliance efforts as the June deadline approaches.

While these 20 dizzying changes will throw some for a loop, financial advisors and their clients grow more powerful each year.

One size fits all? The single form for disclosure of client-advisor relationships applies even if firms offer multiple products and services.

The SEC says broker-dealers may treat investment advisors as if they were subject to the AML Rule — under certain conditions.

A former rep has drawn at least 30 claims after pleading guilty to fraud, while clients of another ex-LPL advisor are seeking damages five years after his initial arrest.

Not a great idea, says Alan Foxman, but if you’re determined, there may be a way.

The fact that it’s impossible to track the amount of revenue sharing kickbacks demonstrates the problem, says the research firm’s lead policy wonk.

An extension from the agency comes amid warnings from brokerages that breaking out stock and bond analysis would threaten their own research businesses.

With tens of thousands of certificants affiliated with giant BDs, the documents required by the new standards are making their conflicts of interest plain as day.

The regulator is doing more with less but also missing its own goals around how long an investigation takes to result in an enforcement case.

The regulator’s expanding number of share-class cases fill in the details it says have been missing from Form ADV disclosures about conflicts of interest.

The advisor advocate’s’ term, to begin in 2021, also will focus on increasing FPA membership.

The cases allege unsuitable recommendations of LPs issued by affiliates of GPB Capital, which faces multiple investigations.

In a little-noticed rule change, mutual funds no longer disclose their shrinking BD commission load-sharing payments.

Carolyn Clancy, head of the BD segment, says its 200 client firms need more tools and capabilities in a new era of wealth management.

Since this March, almost 100 firms have settled with the regulator for approximately $173 million. Other cases are still pending.

Deciding what does or doesn’t constitute a “material change” can be a tough call.

The employee and independent BD collected excess UIT commissions and failed to properly review inactive accounts, the regulator says.