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.
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.
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.
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.
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.
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.
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.
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.