On October 7, 2013, the North American Securities Administrators Association (NASAA) released a report summarizing the results of state investment adviser examinations performed by 44 state and provincial securities examiners over the last two years. The report noted the differences … Read More
The Securities and Exchange Commission (SEC)’s Division of Investment Management released detailed guidance this month responding to compliance oversight findings issued in a report by the SEC’s Office of the Inspector General (OIG). The original OIG report, released on June … Read More
The recent SEC release of exam priorities serves as a helpful reminder that broker-dealer (BD) and investment advisory (IA) firms should ensure they are prepared when the SEC comes knocking. Below are some steps that you may want to consider in … Read More
Over the last couple of years, FINRA has spent nearly $5 million lobbying to become the primary regulator for registered investment advisers (“RIA”). However, Richard G. Ketchum chief executive of FINRA has stated that FINRA will no longer aggressively seek … Read More
On January 11, 2013, the Financial Industry Regulatory Authority (FINRA) released its exam priorities list that it will focus on during its routine examinations this year. As investors continue to seek attractive returns, FINRA highlighted its intent to focus on … Read More
The U.S. Supreme Court recently decided to take up the case of SEC vs. Marc Gabelli and Bruce Alpert. At issue, in this case, is whether the SEC’s five-year statute of limitations to bring civil enforcement actions (cases where the … Read More
While examining a mutual fund that Peak Wealth Opportunities LLC advised, SEC examiners requested David W. Dube and Peak Wealth produce certain records to the SEC. Mr. Dube owns Peak Capital and its subsidiary businesses. Mr. Dube serves as the … Read More
U.S. Senators Chuck Grassley (R-IA), ranking member of the Senate Judiciary Committee, and Jack Reed (D-RI), chairman of the Senate Banking Subcommittee on Securities, Insurance and Investment, will introduce legislation intended to increase the SEC fines for securities violations. Currently, … Read More