Over the past year, there has been an increased focus on Broker-Dealer Anti-Money Laundering (“AML”) programs. Last month, Kevin Goodman, National Associate Director of the Broker-Dealer Examination Program in the Office of Compliance Inspections and Examinations (“OCIE”), spoke at the … Read More
Last week the Securities and Exchange Commission (“SEC”) charged KBR, Inc., a Houston-based technology and engineering firm with violating whistleblower protection Rule 21F-17 enacted under the Dodd-Frank Act. According to the SEC, KBR used “improperly restrictive language in confidentiality agreements … Read More
On October 15 The Securities and Exchange Commission (“SEC”) reported enforcement against a former Wells Fargo Advisors’ (“Wells Fargo”) compliance officer. Purportedly, Judy K. Wolf altered a document before submitting it to the SEC during an investigation. The SEC’s order … Read More
On September 23, 2014, the Securities and Exchange Commission (“SEC”) charged Barclays Capital Inc. (“Barclays”), a global banking services firm, with “failing to maintain an adequate internal compliance system.” After acquiring Lehman Brothers, a financial services firm that filed for … Read More
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
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
As increasing consideration is given to the use of social media in the financial industry, the Securities and Exchange Commission (“SEC”) continues to follow in step with evaluating new developments and concerns in its March 2014 Investment Management (IM) Guidance, … Read More
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
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
