UBS Pays $8M Fine to Settle SEC’s Short-Sale Case
The SEC charged UBS Securities Thursday with faulty record-keeping practices related to short sales, and UBS agreed to pay an $8 million penalty to settle the enforcement action.
New Hire Roundup: Reinhart Joins Wealthcare Capital, Bowden Goes to SEC
This week in new hires, Len Reinhart joined Wealthcare Capital’s board, Andrew J. Bowden was appointed the SEC’s new associate director of advisor exams, and the Senate confirmed Luis Aguilar and Daniel Gallagher as SEC commissioners.
Citigroup to Pay $285 Million to Settle SEC Charges on CDO Deal
The SEC charged Citigroup’s principal U.S. broker-dealer subsidiary with betting against clients who invested in the CDO as the housing market showed signs of distress.
SEC May Seek Legal Action Against S&P
An issue over the rating of a collateralized debt obligation from 2007 prompted the SEC Thursday to send a so-called “Wells notice” to McGraw-Hill, the parent company of Standard and Poor’s.
Fannie, Freddie Subprime Settlement Could Say Mea Culpa
The Securities and Exchange Commission may be close to a settlement with Fannie Mae and Freddie Mac over their descent into subprime housing loans and lack of disclosure surrounding them, but the path to resolution is not smooth.
SEC Dropping ‘Proxy Access’ Appeal
The Securities and Exchange Commission announced late Tuesday that it would not seek an appeal of a decision by the U.S. Court of Appeals in Washington, D.C., over its so-called “proxy access” rule.
SEC Launches Whistleblower Webpage to Report Violations
With the official launch of its Whistleblower office on Friday, the SEC also launched a webpage that allows individuals to report a violation of the federal securities laws and apply for a financial award.
SEC Cracks Down on RIA, BD Compliance Officers--Compliance Watch
Two recent SEC cases signal, says a former examiner, that CCOs and their firms are unaware of their vulnerability and liability.
Advisors Beware, Client Testimonials on Social Media = Advertising—Compliance Watch
Steps that social-media using advisors should take to avoid getting dinged by SEC examiners: focus on testimonials and file retention on LinkedIn and Facebook.