Morgan Stanley Smith Barney, LLC agreed to pay an $8 million penalty to settle SEC charges alleging that the firm, which was dually registered as an investment advisor and broker-dealer, had failed to implement written compliance policies and procedures.
The SEC requested comments on a FINRA proposal to transfer NASD Rules on Investment Company Securities to the FINRA Rulebook, and to make only "non-substantive, technical changes to the text." The request for comments was published in the Federal Register.
The SEC settled charges against a firm that provides administrative services to private funds. The agency found that the firm failed to respond to red flags and correct faulty accounting related to two clients.