Compliance - FA Magazine

Compliance

Thursday, 02 September 2010
A New Jersey-based investment advisor has been charged by the SEC with stealing $11 million from clients through a Ponzi scheme she ran over the past 13 years.

NY Advisors In Examination No-Man's Land

Monday, 30 August 2010
The Securities and Exchange Commission could be stuck with policing hundreds of New York-based advisors for longer than Congress envisioned when it passed financial reform earlier this year.

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Investors: Watch For Next SEC 'Fund Czar'

Monday, 23 August 2010
The appointment of a new mutual fund "czar" could influence key issues in the fund industry.

Brokers, Advisors Spar Over Fiduciary Standard

Tuesday, 17 August 2010
Stockbrokers and investment advisors are nervous about looming changes to rules that shape how they give advice to their customers.

Advisory Groups To Hold Fiduciary Forum

Wednesday, 11 August 2010
A group of four financial advisor organizations, along with the Committee for the Fiduciary Standard, will jointly sponsor a forum on the fiduciary standard on September 24 in Washington.

Distancing Firms From Employees' Misdeeds

Monday, 09 August 2010
The most thorough compliance programs can't provide iron-clad protection from employees who are crooks, but they can help a company remain in good standing with regulators when trouble erupts.

Auction-Rate Case Is Lesson In Liquidity For Advisors

Friday, 06 August 2010
An $81 million ruling against UBS AG's brokerage provides an indirect message for all advisors to heed in terms of safeguarding client liquidity.

UBS Must Pay Investor $81 Mln In Auction Rate Case

Wednesday, 04 August 2010
UBS Financial Services Inc. must pay nearly $81 million to an investor, Kajeet Inc., for damages related to auction rate securities, according to a recent ruling.

SEC's Plain-English Rule Will Cost Advisors

Wednesday, 04 August 2010
The SEC wants registered investment advisors to describe themselves to clients and prospects in plain English, something likely to require significant time and money.

Calling Custodians Early May Shorten Exams

Thursday, 29 July 2010
Many advisors wait until the last minute to sign authorizations that allow third-party custodians to share clients' positions with the SEC. That could hold up an SEC examination for months.

Tell The SEC What You Think On Fiduciary Standards

Tuesday, 27 July 2010
The SEC today posted a form for people to comment as part of its study of obligations and standards that should apply to broker-dealers and registered investment advisors.

Raymond James Ordered To Buy Back $2.5M in Auction-Rates

Tuesday, 27 July 2010
An arbitration panel ordered two units of Raymond James Financial Inc. (RJF) to buy back $2.5 million in auction rate securities from an investor.

Concerns Raised About FINRA Proposals On Arbitration

Friday, 23 July 2010
FINRA is taking another crack at the touchy question of how much financial information investors and brokerages have to exchange when a dispute goes into arbitration.

SEC To Revamp Form ADV Part 2

Wednesday, 21 July 2010
The SEC unanimously voted to make Form ADV Part 2 a "plain English" document.

SEC To Change ADV Reporting, Group Says

Tuesday, 20 July 2010
State securities regulators are upset over what they say is a plan by the SEC to drop a shared system that has gathered information on RIAs and made it available to the public.

FINRA Panel Fines J.P. Morgan For Not Turning Over E-Mail

Monday, 19 July 2010
A securities arbitration panel ordered J.P. Morgan Securities to pay a customer more than $2 million, including sanctions, for allegedly failing to adequately respond to the customer's requests for certain documents.

Advisors Gear Up To Shape Financial Overhaul

Monday, 19 July 2010
Broker-dealers and financial advisors say they're satisfied for the most part with the overhaul bill passed by the Senate and are now gearing up to help shape the changes.

SEC Approves Finra Plan to Widen Arbitrator Pool

Tuesday, 13 July 2010
The SEC has approved a plan to widen the pool of candidates that potentially could hear an arbitration proceeding.

Who Is A Fiduciary? Clients—And Advisors—Unclear

Tuesday, 29 June 2010
It's not just clients who don't understand what people who hold themselves out as financial advisors are obligated to do for them. A new survey shows that many advisors are confused, too.

Fund Manager Charged In $105 Million Ponzi Scheme

Monday, 28 June 2010
A fund manager based in the U.S. Virgin Islands operated a $105 million foreign currency Ponzi scheme that involved 400 investors, the SEC charges.


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