Charles Schwab Virtual Educational Event – SEC Hot Topics
Schwab Compliance Web Event | March 31, 2022 | Speakers: Michelle L. Jacko
Policies and Procedures: 125 Million New Reasons to Revisit Books-and-Records Obligations
Regulators have sent a chilling message to the securities industry by imposing record fines for widespread and longstanding failures against J.P. Morgan Securities LLC, a subsidiary of JP Morgan Chase & Co., a multinational investment bank and financial services company. The … Read More
SEC Sues Investment Advisory Firm for Failure to Disclose Conflicts of Interest in its Wrap Fee Program
If your firm offers a wrap fee program to clients or recommends that clients participate in a wrap program, now is an opportune time to review your fee disclosures and billing practices and best execution protocols. In July 2021, the U.S. … Read More
A Reminder from the SEC Not to Use the Word “May” in Disclosures
A recent filing by the U.S. Securities and Exchange Commission (“SEC”) against a California-based advisory firm should serve as a cautionary tale for compliance officers. It provides keen insight into the SEC’s ongoing effort to seek enforcement action against firms … Read More
How a Combination of Asset Growth and a Remote Workforce Can Create a Crisis of Supervision
Market gains since the Great Recession have rewarded investment firms with record assets under management. And the challenges posed by the COVID-19 pandemic have changed the way many of us work, perhaps for a long time.
The SEC Waves a Cautionary Yellow Flag for Investment Advisers Associated with Wrap Fee Programs
The continued growth of investor assets participating in wrap fee programs has prompted regulators to maintain a sharp focus on the programs as part of an ongoing assessment of market-wide risks and matters of importance to retail investors saving for … Read More
SEC Enforcement Actions Send a Stark Message: The Transition Period for Form CRS Has Ended
If firms needed a resounding wake-up call regarding the importance of delivering newly required client relationship summaries (Form CRS) to retail investors in a timely manner, the U.S. Securities and Exchange Commission (SEC) has provided one.
The SEC’s $97 Million Fine of a TIAA Subsidiary Offers Valuable Reminders About Rollover Accounts
Failure to disclose conflicts of interest. Making misleading statements. Creating positive incentives and negative pressures for its sales force. Failure to adopt and implement written policies and procedures.
SEC Ponders the Possibility for More Change in Guidance and Rules Related to Proxy Voting Advice
U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler has directed the Commission to consider whether it should revisit 2019 guidance and 2020 rule amendments regarding proxy voting advice[1]. In a related move, the SEC has suspended enforcement of rules … Read More
Temperature Rising on the SEC to Address Climate Change Disclosure
A growing interest in funds focused on Environmental, Social, and Governance (ESG) assets has prompted the U.S. Securities and Exchange Commission (SEC) to see that investors are better informed regarding ESG-related risks. There just happens to be a difference in … Read More