‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInSEC assigns ‘duty of loyalty’ for financial advisers | Employee Benefit News
The rules, as they pertain to RIAs, are essentially a reaffirmation of behavior that already is acknowledged in the industry plus a few clarifications, says Jim Lundy, a partner in Drinker Biddle & Reath LLP’s Chicago office and a securities lawyer. “The takeaway is this is not new guidance,” he says. It reaffirms aspects of […]
SEC Adds Fuel to the Best-Interest Fire
This is potentially a major change to how the SEC thinks about regulating the conduct of financial advisors. The rule aims to hold financial professionals to higher standards of conduct, even if they are registered as broker/dealers rather than as advisers. Although the SEC has had the authority to write these kinds of regulations since […]
What’s in a Broker’s Name? SEC to Address Titles Used When Advising Investors – WSJ
Speaking at a conference in Washington, Securities and Exchange Commission Chairman Jay Clayton said a regulation requiring brokers to act in the best interest of clients would address the ability of brokers to use titles such as “financial adviser.” Some investor advocates say the title misleads clients into thinking that brokers have the same legal […]
Former MF Global CEO Corzine sued by trustee — Reuters
Jon Corzine was sued by the bankruptcy trustee liquidating MF Global Holdings Ltd, who accused the former chief executive of negligently pursuing a high-risk business strategy that culminated in the commodities brokerage’s destruction. The trustee, Louis Freeh, said in the lawsuit that Corzine and two top deputies overhauled MF Global’s business without addressing “systemic weaknesses” […]
Archived Version and Materials for June 13 Webcast: What Every Fiduciary Needs to Know About How to Mitigate Investment Fraud Risk
Dr. Susan Mangiero, Jonathan Morris, Brian Ong, and Karen Tyler joined us for this webcast.
Australia: Landmark ASIC Case Against Entire James Hardie Board and Executives Begins on Monday
In a landmark legal action, the Australian Securities and Investments Commission is pursuing civil penalties against the entire 2001 board of directors of James Hardie as well as three former executives, alleging that the defendants misled investors over James Hardie’s asbestos-related compensation payouts. Among the defendants are the former CEO Peter Macdonald, former CFO Peter […]