SEC Announces Additional Delay on General Solicitation Rule Change
On Friday, August 17, 2012, it was reported that, in response to heavy criticism, the SEC would backtrack on its earlier plans to issue an interim rule lifting the ban on general solicitation and advertising of public offerings required by … Read More
Failing To Provide Records To SEC Examiners Can Lead To Severe Charges
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
DOL Inquiry Focuses on Financial Advisers at Breach under ERISA
The Department of Labor has brought an inquiry whether JPMorgan Chase & Co. committed a fiduciary breach under the Employee Retirement Income Security Act of 1974. The inquiry is related to a stable-value fund and could target financial advisors. The … Read More
Bipartisan Bill Increases SEC Fines for Violations
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
FINRA Rate Increases on the Horizon
In Regulatory Notice 12-32, the Financial Industry Regulatory Authority (“FINRA”) says it needs to increase its fees to cover the costs of regulating an increasingly complex industry. It plans to achieve this by raising the fees on a staggered schedule. … Read More