An investment adviser settled SEC charges for failing to adopt reasonably designed policies with respect to the holding period for a volatility-linked exchange-traded product held in advisory clients' accounts.
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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.
IOSCO examined members regulators' progress toward implementing suitability standards designed to prevent the mis-selling of complex financial products.
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.