Regulatory reform

Also this month in our disciplinary digest, a frequent CNBC analyst is sentenced to five years in prison for defrauding investors, and a former Fidelity advisor faced charges after borrowing millions from clients.

As head of the SEC's enforcement division, Margaret Ryan is expected to pursue the administration's priority on fighting fraud and insider-trading cases, while taking a lighter touch than her precessor with the crypto industry.

A proposed "model rule" would give state regulators laws they could adopt to bring their marketing regulations for investment advisors in line with the SEC's.

The industry watchdog is walking away from more than a dozen regulatory reforms that had drawn staunch opposition from advisors and industry groups.

An advisory panel has recommended changes that would bring arbitration rules for RIAs into line with those now governing FINRA proceedings for broker-dealers. The proposal still has to get through the SEC.

Amid a broad deregulatory push, industry watchdogs are seeking to lower barriers that now limit many alternative investment products to so-called accredited investors.

Investor advocates and others worry that recent changes to who can serve on FINRA panels will exclude arbitrators most likely to be sympathetic to ordinary investors.

Industry groups argue a new rule under consideration would give brokerage firms new oversight responsibilities over unaffiliated RIAs — a contention FINRA denies.

Regulators say they are seeking fairness, noting that firms that reached deals with the SEC before the start of the year are under fewer regulatory mandates.

A judge found that the alleged victims of a scam run by a now-disgraced representative of Oppenheimer furnished no evidence of having direct ties to the firm.