A dually-registered broker-dealer and investment adviser settled SEC charges for providing unsuitable recommendation on complex variable interest rate structured products to investors nearing retirement age.
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A broker-dealer settled SEC charges related to unsuitable recommendations, material misstatements, and misrepresentations to retail customers involving highly complex variable interest rate structured products.
SEC Director Peter Driscoll described the regulatory and operational challenges of delivering financial services during the pandemic, the issuance of alerts on pandemic and emergent risks (including on cybersecurity), and the roll out of Regulation Best Interest.
Three investment advisory firms and two dually registered broker-dealer and advisory firms settled SEC charges for improper sales of volatility-linked exchange-traded products.
SEC Chair Jay Clayton, Division of Investment Management Director Dalia Blass, Division of Corporation Finance William Hinman and Division of Trading and Markets Brett Redfearn directed staff "to review the effectiveness of the existing regulatory requirements in protecting investors ... who invest in leveraged/inverse products and other complex products."