A broker-dealer settled SEC charges for failing to comply with Regulation Best Interest in connection with recommendations to retail brokerage customers purchasing mutual fund shares in their IRAs.
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FINRA proposed rule amendments to strengthen the general prohibition against borrowing and lending arrangements with customers, narrow certain exceptions to those prohibitions and enhance the notification requirements for approval of such arrangements.
A firm settled FINRA charges for placing transactions for customers directly with product sponsors, without recording such transactions in the firm's records or supervising their suitability.
Director of the SEC Office of Municipal Securities Dave A. Sanchez raised supervisory concerns over evolving deal structures amid low issuance in the municipal securities market.
SEC Chair Gary Gensler argued that a recent SEC proposal requiring firms to eliminate conflicts arising from the use of predictive data analytics in investor interactions, is consistent with the existing standards of Regulation Best Interest.