Law and regulation

The Securities and Exchange Commission's enforcement action against 13 dealer firms Monday represents a broad commission effort to correct behavior that was probably due to mistakes by individual traders dealing with an unusual bond issuance, attorneys and market participants said Tuesday.

The Securities and Exchange Commission today sanctioned 13 firms for improperly selling Puerto Rico bonds in denominations below a $100,000 minimum denomination set in a $3.5 billion offering earlier this year.

In an exclusive interview, John Taft, CEO of RBC Wealth Management-U.S., expresses concern that looming regulation could hobble a wealth industry just as it finds its stride.

"We believe the things people do over 30 years speaks volumes, and mean more than rumor and innuendo," says Ed Cofrancesco, president of International Assets Advisory, the broker-dealer that hired Jeb Bashaw.

FINRA promotes Richard W. Berry to lead its arbitration unit.

After a FINRA arbitration panel reached a rare split decision in a contract dispute between Gary T. Padussis and UBS, he calls signing bonuses the ‘dark side of the brokerage industry.’

LPL spent $32 million on fines and restitution for the nine months ending Sept. 30 -- about twice the amount the firm spent on such expenses in the prior two years combined.

Over the summer, FINRA fined Merrill $8 million and ordered it to pay back $24.4 million for allegedly overcharging for mutual fund fees.

The “reverse churning” comes in when the client is in a wrap program, despite being a low-volume trader.

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Corporate tax reform is likely to be a priority for Congress and the Obama administration no matter which party has control of the Senate after the midterm elections, said tax experts and congressional observers who, nevertheless, differ on how this might impact municipal bonds.

With recent high profile data breaches fresh in mind, here are some best practices and tips to keep you and your clients safe from data threats.

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The nation's biggest independent B-D announced that it expects to incur greater-than-expected charges of $23 million in its third quarter due to regulatory matters.

FINRA's Enforcement Department alleges that the registered rep issued and distributed unauthorized ATM cards as part of a scheme to steal customer funds.

Agency secures $4 billion in penalties; expert says: “make sure that you have a robust and dynamic compliance program.”

CFP professionals overwhelmingly value the certification: 92% say they are very satisfied with their decision to pursue it, and 97% chose to retain their certification last year.

Ameriprise and one of its advisors were fined by FINRA after an investigation revealed the advisor doctored client documents and the firm kept quiet about the changes.

The SEC plans an enforcement action against a former Wells Fargo compliance officer for altering report.

UBS has agreed to compensate 34 Puerto Rico-based investors for their losses in investments in their municipal bond closed ended funds.