The Alternative Investment Management Association, the Managed Funds Association and the National Association of Private Fund Managers filed a Complaint against the SEC to vacate the agency's recently adopted rule to change the definitions of "dealer" and "government securities dealer.”
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A firm settled FINRA charges for failing to supervise the transmittal of customer funds by representatives with power of attorney and for failing to respond to red flags involving unsuitable trading recommendations.
In an administrative ruling, FinCEN clarified that broker-dealers were required to collect information when opening new accounts for customers who receive assets as the beneficiary of an estate.
Two affiliated broker-dealers settled FINRA charges for lacking reasonable cybersecurity controls at branch offices. The failures resulted in multiple incidents that exposed thousands of customers' personal information.
A firm settled FINRA charges for improperly programming trading algorithms, which resulted in orders being improperly sent to the market.