SEC Fines Wedbush $2.4M in Market Access Case; FINRA Complaint on Deck
Los Angeles-based Wedbush Securities and two top officials agreed to settle a pending SEC case for market access violations.
Merrill to Pay FINRA $6 Million Over Reg SHO Violations
FINRA said Monday that it had fined Merrill's clearing and BD arms for not ensuring that fail-to-deliver positions in short sales were properly closed out.
Big Reg Charge Slashes LPL’s Q3 Earnings Forecast
One analyst says LPL's "inability to guide effectively on expenses," particularly regulatory ones, is a "recurring problem."
FINRA Charges Wedbush With Market Access Violations
Wedbush's lax supervision enabled customers to flood U.S. exchanges with thousands of potentially manipulative wash trades, FINRA says.
FINRA Fines TD Ameritrade Clearing $1.2M for Options Trading Violations
Timely and complete information "about large options positions is necessary to conduct market surveillance and to protect the integrity of the marketplace," FINRA says.
CCOs Under Fire: When Enforcers Get Burned by Regulators
While chief compliance officers are on the frontlines of catching wrongdoing, they can also become targets of regulators for their own misdeeds.
The Cost of a Fiduciary Standard
A uniform fiduciary standard implemented by the Securities and Exchange Commission would cost brokers a total of $8 million in new compliance costs: $3 million to update their up-front disclosure documents and another $5 million for the initial build-out of compliance systems and training, according to the Securities Industry and...
Brokers Willing to Pay Up for Fiduciary Standard: SIFMA
In a clash of studies, SIFMA put the compliance price tag at $8 million, while the Financial Planning Coalition said fiduciary accounts would be more boon than burden for brokers.
FINRA Slams Three Firms for Anti-Money Laundering Violations
FINRA announced Wednesday that it has fined three firms a total of $900,000 for failing to establish and implement adequate anti-money laundering programs and other supervisory systems to detect suspicious transactions.
Compliance Officers Behaving Badly
The law firm Sutherland found a bevy of violations during its annual look at SEC and FINRA disciplinary actions on chief compliance officers and in-house counsel for BDs and advisory firms.