Core Compliance Blog Spotlight
Core Compliance Blog Spotlight
KPMG Agrees to $50 million penalty for SEC Charges
KPMG agreed to pay a $50 million penalty and review its ethics and integrity controls as a settlement with the Securities and Exchange Commission (SEC) for charges that the firm altered past audit work papers after illegally obtaining information from the Public Company Accounting Oversight Board... Read MoreSEC Approves Four-Part Rules Package
July 23, 2019
On June 5, 2019, the Securities and Exchange Commission (SEC) approved a four-part investment advice reform package containing new rules that govern conduct, forms, and interpretations for investment advisers and broker-dealers.
Read MoreImproper Billing Practices Draw SEC Fraud Charges
July 19, 2019
“An adviser that fails to adhere to the terms of these agreements and disclosures, or otherwise engages in inappropriate fee billing and expense practices, may violate the Investment Advisers Act of 1940, and the rules promulgated thereunder, including the antifraud provisions.”
This stern...
Read MoreThe Town of Oyster Bay Settles SEC Fraud Charges
July 17, 2019
In early June, the town of Oyster Bay New York settled 2017 charges issued by the Securities and Exchange Commission (SEC) that it committed fraud related to Municipal Bond Securities it sold investors while failing to disclose the nature and potential impact of side deals with a local food...
Read MoreOCIE Identifies Compliance Shortcomings Regarding Privacy Notices and Safeguard Policies (Regulation S-P)
June 18, 2019
Through their examination process, the Office of Compliance Inspections and Examinations (OCIE) has uncovered a number of compliance concerns pertaining to Regulation S-P, the Securities and Exchange Commission (SEC) regulation that defines requirements for privacy notices and safeguard policies...
Read MoreIn early May, the Financial Industry Regulatory Authority (FINRA) announced fines levied against AXA Advisors, LLC (AXA), a company that sells and services group annuity contracts for employer-sponsored 401(k) retirement plans through an affiliated life insurance company.
Read MoreApart from the traditional sources of information investors use to gather information about their own investment decisions, such as analyst estimates, news stories, and other indicators of market volatility, investors lately have been utilizing social sentiment tools.
Read MoreThe Federal Trade Commission (FTC) has voted to propose alterations to two rules governing the protection of privacy and security of customer information in possession of financial institutions, the Safeguards Rule and the Privacy Rule under the Gramm-Leach-Bliley Act, specifically.
Read MoreOn March 7, 2019 the Securities and Exchange Commission (SEC) filed a cease-and-desist order against Ascension Asset Management and its sole proprietor, Grenville M. Gooder, Jr. for numerous violations related to:
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