Newswire

SEC Statement on Cybersecurity Reveals EDGAR System Hacked

September 21st, 2017

The SEC announced that its EDGAR system for storing documents filed by publicly traded companies was hacked last year.  The SEC further admitted that the information, which included filings that had not yet been made public, may have been used to trade on inside information.  The information about the hack was buried in an eight […]

Muddy disclosures continue to attract the wrong kind of attention

September 19th, 2017

Disclosure of conflicts of interest has long been an area of enforcement emphasis by the SEC.  Last year, Julie Riewe, Co-Chief of the Asset Management Unit within the Division of Enforcement stated: In nearly every ongoing matter in the Asset Management Unit, we are examining, at least in part, whether the adviser in question has […]

Muddy disclosures continue to attract the wrong kind of attention

September 19th, 2017

Disclosure of conflicts of interest has long been an area of enforcement emphasis by the SEC.  Last year, Julie Riewe, Co-Chief of the Asset Management Unit within the Division of Enforcement stated: In nearly every ongoing matter in the Asset Management Unit, we are examining, at least in part, whether the adviser in question has […]

Muddy disclosures continue to attract the wrong kind of attention

September 19th, 2017

Disclosure of conflicts of interest has long been an area of enforcement emphasis by the SEC.  Last year, Julie Riewe, Co-Chief of the Asset Management Unit within the Division of Enforcement stated: In nearly every ongoing matter in the Asset Management Unit, we are examining, at least in part, whether the adviser in question has […]

Muddy disclosures continue to attract the wrong kind of attention

September 19th, 2017

Disclosure of conflicts of interest has long been an area of enforcement emphasis by the SEC.  Last year, Julie Riewe, Co-Chief of the Asset Management Unit within the Division of Enforcement stated: In nearly every ongoing matter in the Asset Management Unit, we are examining, at least in part, whether the adviser in question has […]

“Investors have been very apathetic [about] the distinction between advisors and brokers and so long as that’s the case…” @HDelux @finplan

September 11th, 2017

Fee-only advisors often struggle to impress upon investors the fundamental differences between their fiduciary business model and that of, say, a commission-drive brokerage shop operating under the suitability standard.  “Investors have historically been very apathetic about really entrenching themselves with regards to the distinction between advisors and brokers, and so long as that’s the case, […]

“The SEC may have permitted this practice to proliferate, but it was the private sector that continued to allow this,” @HDelux @wealth_mgmt

September 11th, 2017

Brian Hamburger, president and CEO of MarketCounsel, joined Former SEC Commissioner Aguilar on a webinar sponsored by TD Ameritrade Institutional. Aguilar called it an “embarrassment” that the SEC still hasn’t come out with a uniform fiduciary standard. He blamed politics and a bandwidth issue. Hamburger, however, believes it’s unfair to blame just the SEC.  “[The SEC] may have […]

Don’t let the numbers fool you, @WSJ, @jeaneaglesham, and davidamichaels.

August 29th, 2017

A recent study conducted by the Wall Street Journal has found a significant reduction in the amount of penalties assessed by financial regulators for the first six months of 2017 as compared to the first six months of 2016 (Regulators’ Penalties Against Wall Street Are Down Sharply in 2017).  Citing a combination of change of […]

New Trend Toward Transparency in Expungement Awards

August 29th, 2017

CRD records are like credit reports – you want them to be as clean as possible, and at least where there is derogatory information reported, it needs to be accurate to avoid doing unnecessary harm.   As FINRA continues to push for widespread use of its BrokerCheck database and pressure for increased disclosures continues to build, […]

The Value of Greater Transparency in FINRA Expungement Awards @newsfromIN @MarkSchoeff

August 22nd, 2017

CRD records are like credit reports for financial advisors – you want them to be as clean as possible, and at least where there is derogatory information reported, it needs to be accurate to avoid doing unnecessary harm.   As FINRA continues to push for widespread use of its BrokerCheck tool to background check brokers, and […]