SEC to RIAs: Beware the Ides of ‘May’
Recent SEC enforcement actions should prompt advisors to review their Form ADV for a potentially dangerous word—“may”—relating to compensation and conflicts of interest.
SEC’s Ability to Deliver True Fiduciary Standard in Doubt: Report
Institute for the Fiduciary Standard says the SEC believes "conflicts are routine and acceptable — not inherently inconsistent with providing objective advice.”
SEC Fines KBR for Rules Stifling Whistleblowers
KBR Inc. violated the whistleblower protection rule by using "improperly restrictive language" in its confidentiality agreements, the SEC says.
SEC Gives First Whistleblower Award to Former Company Officer
The ex-officer was eligible for the award because the compliance department failed to address company fraud.
New Hire Roundup: SEC Names Schneider Associate Regional Director for Pacific Northwest
Meanwhile, Advisor Software announced that Erik Jepson has joined as chief customer officer.
Oppenheimer & Co. Fined $20M Over Penny Stocks, AML Violations
Oppenheimer & Co. agreed Tuesday to pay $10 million to Treasury and $10 million to the SEC for penny-stock related misconduct.
UBS Securities to Pay $14M to SEC Over Dark Pool Violations
“Today’s charges are notable for their breadth," says SEC's enforcement chief.
SEC Fines EDGA, EDGX Exchanges $14M
The penalty is the SEC’s largest against a national securities exchange, and the case is the SEC’s first principally focusing on stock-exchange order types.
F-Squared Pays SEC $35M Fine to SEC for Misleading Performance Advertising
SEC says F-Squared's AlphaSector used back-tested performance data that mistakenly inflated results by 350%, not actual performance numbers.
Enforcement: Nationwide to Pay $140M in 13-Year ERISA Settlement
In another action, the SEC charged the owner of a home restoration business with securities fraud for selling unsecured notes to investors.