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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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.
In its 2023 Annual Report, the SEC Office of the Investor Advocate detailed its Fiscal Year 2023 efforts on investor outreach, responding to investor inquiries, and engaging in substantive research on (i) registered index-linked annuities and (ii) mandatory arbitration clauses in investment advisory agreements.
A broker-dealer settled charges with the SEC for failing to ensure that the firm's representatives were providing suitable recommendations.