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
Retrospective Rule Reviews Underway on Communications with the Public and Gifts and Gratuities Rules
On the heels of a wave of newly-launched regulatory Rules involving Supervision and other areas, the Financial Industry Regulatory Authority (“FINRA”) is taking a step back to reassess its process of reviewing past rules in a process called “retrospective rule … Read More
New Consolidated Supervision Rules, Part I: FINRA Rule 3110
The Securities and Exchange Commission (“SEC”) has recently approved the Financial Industry Regulatory Authority’s (“FINRA’s”) proposed new consolidated rules for Supervision and Supervisory Control Systems. These FINRA rules – issued as Rules 3110, 3120, 3150, and 3170, to replace regulatory … Read More
Data Collection of Sensitive Information Restricted by FINRA for CARDS Program
At the beginning of March 2014, the Financial Industry Regulatory Authority (“FINRA”) announced that they would amend their proposal, pursuant to Regulatory Notice 13-42, for a Comprehensive Automated Risk Data System (“CARDS”) to include restrictions on the amount of sensitive … Read More
