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SEC orders Wells Fargo to pay $7 million for anti-money-laundering failures
The firm was more than five months late on average in filing suspicious activity reports involving wire transfers to and from foreign countries suspected of terrorism financing and other illegal money movements.
DOL continues to have qualms about Fidelity’s crypto 401(k) product
DOL acting assistant secretary Ali Khawar isn't reassured by the consumer safeguards included in Fidelity's Bitcoin offering for retirement plans.
Court ruling darkens constitutional cloud hanging over SEC judges
The Fifth Circuit Court of Appeals said the agency's house of in-house judges violated a hedge fund manager's constitutional right to a jury trial.
Consumer groups call for SEC probe of RIAs’ use of mandatory arbitration
RIAs aren't adequately disclosing arbitration clauses in client contracts and are forcing clients into expensive dispute forums, the groups said.
Big GPB fund reports — finally — and posts revenue and income growth
After the partnership missed its deadline to file audited financial statements in 2018 for its two largest private funds, the entire GPB enterprise struggled.
SEC pries into over 100 traders’, bankers’ phones in texting probe
The agency has been sending firms lists of key positions including heads of certain investment banking teams or trading desks.
Allianz to sell US fund management unit to Voya after SEC ban
Voya Investment Management will add about $120 billion of assets under management as well as some investment teams.
Smarsh acquires tech to help firms monitor messaging apps
The Telemessage technology, combined with existing services from Smarsh, will assist in the ongoing struggle to monitor private messaging apps used by employees at financial services firms.
Broker-dealers face risks aplenty, regulators warn
Firms should be watching out for employees chatting on WhatsApp, as well as brokers in need of heightened supervision and complex products being sold to retail customers.
Allianz unit to plead guilty, pay billions over hedge fund loss
The agreement calls for the firm to forfeit $463 million and pay $3.2 billion in restitution to victims of the fraud as well as a $2.3 billion penalty.
Judge strikes down California board gender quota law
A California law requiring that publicly held companies have a minimum number of women on their boards was struck down on May 13.
State auto-IRA initiatives flowering in May
California is looking to expand its auto-IRA program, while Missouri, Arizona and Hawaii are considering joining the club.
Gensler: Plenty of pitfalls for clients investing in crypto
'This space, crypto markets, is a highly speculative asset class,' the SEC chairman said Monday at Finra's annual meeting.
SEC obtains emergency relief against alleged Ponzi schemers
The defendants, including two who had been barred from the brokerage industry, pocketed more than $75 million.
Reg BI turns 2, but not everyone is celebrating
Over the years, some have become convinced Reg BI is a significant step up from brokers’ previous suitability standard. Others remain skeptical that it’s tough enough to curb broker conflicts.
SEC effort to give Reg BI more teeth has yet to bite
It’s not clear when the agency will announce its first major enforcement actions regarding recommendations brokers make to customers, the substantive heart of the regulation.
Customer wins more than $450,000 from TD Ameritrade over volatile investment
Ian Delahunty bought a leveraged exchange-traded note and owned it for 199 days rather than the day or two it was meant to be held.
SEC bars Michigan adviser who stole $314,000 from elderly client
Steven F. Muntin, 57, had his own independent RIA, Executive Asset Management Inc., which had $26 million in client assets, according to the SEC.
Financial industry worries about Finra’s next step on complex products
Brokerage and fund trade associations caution against limiting the market for retail customers. Consumer group and state regulators say more oversight is needed to protect investors.
Advisers caught between Fidelity, DOL on using crypto in 401(k)s
Fidelity wants to make it easier to allocate 401(k) assets into Bitcoin, while the Department of Labor is warning plan fiduciaries to be extremely careful about using crypto.
