A dual-registered broker-dealer and adviser, along with its employees, agreed to settle SEC charges for supervisory failures regarding recommendations to customers to purchase and hold "non-traditional ETFs."
A U.S. broker-dealer agreed to pay restitution to settle FINRA charges of making unsuitable recommendations in connection with volatility-linked exchange-traded products. FINRA reminded firms of sales practice obligations for such products.
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 and FINRA settled charges that a financial services firm failed to adequately disclose certain regularly occurring fees and commissions in the offering materials the firm provided to retail investors.