In 13 years acting as an auditor in the securities regulation industry it was surprising to find out how few in the industry conducted, and documented, due diligence of the products being purchased for clients. In this industry, conducting and…
FINRA is requesting comments on a proposed new rule for outside business activities and private securities transactions of registered persons. This proposed rule would replace FINRA Rule 3270 (Outside Business Activities (OBAs) of Registered Persons) and FINRA Rule 3280 (Private…
The Securities & Exchange Commission (“SEC” or the “Commission”) instituted cease and desist proceedings against Financial Fiduciaries, LLC, (“Financial Fiduciaries”) a registered investment adviser located in Wausau, Wisconsin, and Thomas Batterman, the principal of the adviser. The SEC alleged that…
Thomas Buck, a dually registered Investment Adviser Representative who worked at Merrill Lynch for 33 years prior to being terminated in 2015, now faces prison following his guilty plea on one count of securities fraud. According to the SEC, Buck’s…
The Securities and Exchange Commission (“SEC”) has announced, under a new Share Class Selection Disclosure Initiative (“SCSD Initiative”), that it will not seek civil penalties against eligible investment advisers who self-report violations of share class selection disclosure requirements and promptly…
The US Securities and Exchange Commission (SEC) has issued an “Operations Plan Under a Lapse in Appropriations and Government Shutdown” (“Operations Plan”), which describes how the SEC will operate in the event of a government shutdown. While it is not…