Auditors are the Focus of SEC Scrutiny
On October 24, The Securities and Exchange Commission (“SEC”) sanctioned a south-Florida auditing firm for violating federal laws and regulations requiring lead audit partners to periodically rotate off their audit engagements with a publicly-traded company in order to preserve the … Read More
FINRA Expungement Rule Approved by SEC
This week Financial Industry Regulatory Authority’s (“FINRA’s”) Rule 2081 (“the Rule”) was approved by the Securities and Exchange Commission (“SEC”). The Rule will prohibit the expungement of customer complaints, due to agreed-upon settlements with customers, through the Central Registration Depository … Read More
SEC Issues FAQs on Proxy Voting
Last week the Securities and Exchange Commission’s (“SEC”) Division of Investment Management issued new guidance on proxy voting in the form of a Legal Bulletin (the “Bulletin”) containing, thirteen (13) frequently asked questions. The guidance reiterates the importance of an … Read More
CCO Under Fire for Supervisory Failures in Insider Trading Scheme
Thomas Meade (“Meade”), the Chief Compliance Officer (“CCO”) of Denver- based Private Capital Management, Inc. (“PCM, Inc.”), is facing charges stemming from his lack of proper supervision and failure to prevent, detect or respond to an internal insider trading scheme … Read More
Merrill Lynch to Pay $32 Million for Unwaived Sales Fees
The Financial Industry Regulatory Authority (“FINRA”) has pressed charges against Merrill Lynch in a case of excessive mutual fund sales charges to certain small business and charity client accounts. A payout of $32 million – including an $8 million fine … Read More
“Restoring Trust in the Securities Market”: FINRA’s Outlook on CARDS & Data Collection
On May 19, 2014, the Financial Industry Regulatory Authority’s (“FINRA’s”) Chairman and CEO Rick Ketchum made his opening remarks to the assembly of financial professionals at FINRA’s Annual Conference in Washington D.C. The centerpiece of Ketchum’s speech was “restoring trust … Read More
