The Practice: Regulatory/legal issues

Sifma’s '23 Priorities: T+1 Implementation Date, Treasury Market Structure Reform

December 5, 2022No Comments

The industry group will also focus on digital asset regulation, according to president and chief executive officer Ken Bentsen.

Morgan Stanley to Pay $11.7M over Unauthorized Options Strategy

December 5, 2022No Comments

Finra arbitrators denied a request for sanctions against the wirehouse. They also rejected Morgan Stanley’s request for expungement of the matter from the records of a financial advisor who wasn’t named as a defendant in the claim.

SEC Chair Urges Crypto Intermediaries to Register with the Commission

December 5, 2022No Comments

Meanwhile, a bipartisan effort is under way to push forward crypto regulation before year's end in the wake of the FTX collapse.

BlackRock CEO: Most Crypto Firms Will Fail in Wake of FTX Collapse

December 2, 2022No Comments

BlackRock invested some $24 million in the cryptocurrency exchange, Larry Fink said, adding that he still believes in crypto’s underlying technology.

Finra Urges Firms to Address Red Flags in Opening of Options Accounts

December 2, 2022No Comments

The industry’s self-regulator says firms must address how they deal with red flags, such as inexperienced new investors applying for options trading.

Auto Enrollment May Become the Law for New 401(k)s

December 2, 2022No Comments

Secure 2.0 is still being hashed out, but it’s likely to include provisions that increase the number of plan sponsors that use auto enrollment. This would send more assets to target-date products.

Former Merrill Advisors Drop Discrimination Suit

December 1, 2022No Comments

The suit alleged that Black advisors were subjected to “unchecked race-based bias” resulting in disparate pay and fewer promotion opportunities than their white colleagues.

FTX Ties to U.S. Banks Point to Regulatory Shortfall: Reports

December 1, 2022No Comments

Former regulator staff, banks and trade groups say there’s a lack of clarity from regulators on how traditional financial institutions should engage with digital assets.

WhatsApp, Texting Fines Put Spotlight on Compliance Spending

November 30, 2022No Comments

As the SEC flexes more enforcement muscle, industry participants have increased spending on compliance, according to a recent survey.

Investor Advocate Slams Finra’s Proposed Rule on Residential Offices

November 30, 2022No Comments

The Public Investors Advocate Bar Association contends that a proposal to classify home offices as non-branch locations “leaves considerable opportunity for advisors working from home to skirt the rules.”