The U.S. House Committee on Financial Services considered testimony from CFPB Director Kathleen L. Kraninger on the Bureau's Spring 2020 Semi-Annual Report.
The U.S. Senate Committee on Banking, Housing and Urban Affairs considered testimony from CFPB Director Kathleen L. Kraninger on the Bureau's Spring 2020 Semi-Annual Report.
The SEC Staff Standards of Conduct Implementation Committee concluded that broker-dealers and investment advisers are complying with content and format requirements on Customer Relationship Summaries.
A broker-dealer settled FINRA charges for failing to supervise one of its former registered representatives, who allowed her then-husband to engage in securities business with the broker-dealer's customers.
The North American Securities Administrators Association requested input on a proposal that would provide funding to victims of securities law violations that result in a loss of funds.
The U.S. Court of Appeals for the Second Circuit denied a petition filed by several attorneys general and investment advisers challenging the legality of the SEC's adoption of Regulation Best Interest.
A broker-dealer settled FINRA charges for failing to implement a supervisory system designed to protect customers in connection with the sale of "volatility-linked exchange-traded products."
The U.S. House Financial Services Subcommittee on National Security, International Development and Monetary Policy considered legislative proposals aimed at addressing fraud and cybersecurity vulnerabilities.
SEC Chair Jay Clayton asserted that the "effects of the COVID-19 pandemic weigh substantially in favor of implementing the Reg BI and Form CRS requirements as soon as practicable."
A broker-dealer settled FINRA charges for failing to supervise the suitability of its representatives' recommendations to customers on early rollovers of Unit Investment Trusts.
A broker-dealer agreed to settle FINRA charges for supervisory violations in connection with recommendations of potentially unsuitable early rollovers of investments in Unit Investment Trusts.
The Managed Funds Association and the Alternative Investment Management Association recommended modifications to the SEC's proposal on the use of derivatives by registered investment companies and business development companies.
A broker-dealer settled FINRA charges for failing to establish and maintain a supervisory system concerning (i) the qualitative suitability of products deemed high-risk and (ii) manipulative trading practices.
FINRA highlighted recent initiatives aimed at protecting senior investors and addressing related risks, to mark the fifth anniversary of the launch of its Securities Helpline for Seniors.
FINRA Head of Enforcement Jessica Hopper warned firms to scrutinize broker requests "to be named a customer’s beneficiary, executor or trustee or to hold a power of attorney for a customer."
The SEC Office of Compliance Inspections and Examinations described the scope and content of initial examinations for Regulation Best Interest and Form CRS .
SEC Chair Jay Clayton announced that the SEC will not delay the June 30, 2020 compliance date for Regulation Best Interest despite the COVID-19 pandemic.
The Congressional Research Service addressed whether individuals enrolled in Social Security and supplemental security income services will receive recovery rebates under the Coronavirus Aid, Relief and Economic Security Act.
A FINRA proposal to modify its suitability requirements and rules governing non-cash compensation to conform to the stricter standards of Regulation Best Interest was published in the Federal Register.
