Comments on an SEC proposal to establish minimum standards for outsourcing investment advisory services and related form amendments are due by December 27, 2022.
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The SEC proposed a new rule establishing minimum standards that investment advisers would be required to meet prior to outsourcing certain services or functions.
An investment adviser settled SEC charges for failing to properly oversee a third-party contractor hired to remove, wipe and destroy decommissioned hardware containing customers' personal identifying information.
A broker-dealer settled FINRA charges for failing to (i) implement reasonably designed AML policies, (ii) identify and respond to potentially manipulative trading and (iii) establish sufficient market access controls and procedures.
The CFPB filed a Complaint against a payday lender, alleging that the company (i) concealed the option of a free repayment plan to consumers struggling to repay their short-term, high-cost loans and (ii) "made electronic withdrawals of consumers’ money without their authorization."