FINRA published an FAQ concerning broker-dealer personnel hosting a virtual entertainment event or video meeting with employees of institutional customers or third-party broker-dealers where food and beverage will be provided.
The SEC charged an investment advisory firm and two of its investment advisers with violating their fiduciary duty and defrauding clients by failing to disclose significant financial conflicts of interest.
The Federal Reserve Board adopted final amendments for determining whether, under the Bank Holding Company Act and the Home Owners' Loan Act, a company has the ability to exercise a controlling influence on another company.
A broker-dealer and a registered representative settled FINRA charges for failing to establish and enforce procedures to record and review phone calls between the firm and existing or potential customers.
The American Banking Association, SIFMA and the Institute of International Bankers proposed revisions to a Federal Reserve Board proposal to modify its regulations for determining "whether a company has the ability to exercise a controlling influence" on another company.
A broker-dealer settled FINRA charges of failure to "establish, maintain and enforce a sufficient supervisory system ... reasonably designed to achieve compliance with applicable securities laws and regulations."