Commentary by Dorothy Mehta and Steven Lofchie
A broker dealer settled FINRA charges for violating private placement offering rules. FINRA found that the firm did not establish pre-existing, substantive relationships with the investors needed to claim exemption from registration under the rules.
The SEC Division of Examinations observed deficiencies with respect to investment advisers' management of wrap fee accounts.
SEC Chair Gary Gensler addressed current SEC initiatives on security-based swaps, including reporting, clearing, swap execution facilities trading, and substituted compliance.
In remarks before the Brookings Institution, SEC Commissioner Hester M. Peirce argued that the SEC should not adopt disclosure requirements related to environmental, social and governance issues.
A firm and its former CEO settled SEC charges for accounting, reporting and internal control failures that resulted in a multi-year restatement of its financial statements.