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          • June 23, 2022

            Brokerage Firm Settles FINRA Charges for Attempting to Artificially Influence Market Prices

            A broker-dealer settled FINRA charges for attempting to influence the market for securities offered by the firm’s corporate affiliates and investment banking clients.
          • June 23, 2022

            Broker-Dealer Settles FINRA Charges for Private Placement Offering Violations

            A broker-dealer settled FINRA charges for failing to conduct reasonable due diligence in connection with a private-placement offering and for failing to maintain the minimum net capital required to operate as a securities business.
          • June 21, 2022

            Comment Deadline Set for CFPB RFI on Customer Service at Big Banks

            Comments are due by July 21, 2022 on a CFPB Request for Information concerning the quality of customer service at big banks. The notice was published in the Federal Register.
          • June 16, 2022

            SEC Charges Broker-Dealer for Reg BI Violations

            The SEC charged a broker-dealer and five of its principals for failing to conduct proper due diligence prior to recommending an investment, and failing to act in customers' best interests when recommending investments to retirees and other retail investors.
            Steven.Lofchie@friedfrank.com's picture
            Commentary by Steven Lofchie
          • June 15, 2022

            CFPB Requests Public Input on Quality of Customer Service at Big Banks

            The CFPB requested data and customer input regarding obstacles that may prevent consumers from receiving (i) high levels of customer service and (ii) high-quality interaction with large depository institutions.
            ilan.graff@friedfrank.com's picture
            Commentary by Ilan T. Graff
          • June 07, 2022

            Investment Fund Settles SEC Charges for Supervisory Failures Relating to Bond Valuation

            A registered investment fund settled SEC charges for failing to implement its policies and procedures relating to the valuation of securities prices that the company delegated to its investment adviser.
          • June 02, 2022

            Dual Registrant Settles Best Execution and Mutual Fund Share Class Selection Violations

            A dually-registered investment adviser and broker-dealer settled SEC charges for failing to disclose conflicts of interest in connection with sources of third-party compensation received through revenue sharing cash sweep payments.
          • May 23, 2022

            FDIC Adopts Rule on False Advertising and Misrepresentations

            The FDIC adopted a rule establishing a process to identify and investigate potential misrepresentations of FDIC deposit insurance or misuse of the agency's name or logo. The CFPB issued related guidance.
          • May 17, 2022

            SEC Chair Argues for Expanding Scope of Regulation Best Interest in Light of Emerging Technologies

            In an address before the North American Securities Administrators Association, SEC Chair Gary Gensler reviewed the evolution of broker-dealer and investment adviser best interest practices over time, and how those practices should account for issues raised by the new "digital age" of finance.
            Steven.Lofchie@friedfrank.com's picture
            Commentary by Steven Lofchie
          • May 16, 2022

            Broker-Dealer Settles FINRA Charges for Inadequate Supervision of OBAs and PSTs

            A California-based broker-dealer settled FINRA charges for failing to maintain adequate supervisory protocols regarding outside business activities and private securities transactions and for failing to comply with a FinCEN mandated audit.
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