Compliance

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.

NASAA’s annual survey of regulators sheds light on legal proceedings against BDs, RIAs and unregistered firms that often go unnoticed in the wider industry.

They’re grinding forward with changes, even as complicating factors emerge ahead of when the rule takes effect next year.

Even though many of its members weren’t satisfied by the SEC’s rule, NASAA praises the inclusion of a requirement to consider costs in a recommendation.

The IBD trade group launched a public campaign after more than 80 cases this year alleging inadequate disclosure of mutual fund fees and compensation.