The Securities and Exchange Commission, through the Office of Compliance Inspections and Examinations (OCIE), has announced and issued a staff report aimed at aiding broker-dealers in safeguarding confidential information from misuse. Taken from examinations of broker-dealers conducted by the SEC, FINRA, and the NYSE’s Division of Market Regulation, the report reflects strengths and weaknesses OCIE identified in examining how broker-dealers handle material nonpublic information to prevent … Read more

Using results from problems found during a nationwide examinations of broker-dealers conducted by state securities examiners from 24 North American Securities Administrators Association (NASAA) jurisdictions that revealed significant problems, NASAA  has identified what it believes are top compliance violations and made recommendations to solve them. With the 2012 Coordinated Broker-Dealer Examinations Project, NASAA addresses problem areas while offering 10 recommended best practices that broker-dealers should consider to improve their compliance practices … Read more

Investment advisers and broker-dealer should be aware that SEC through its Asset Management Unit has commenced an initiative aimed at shedding more light on revenue-sharing arrangements between investment advisers and brokers. The SEC has announced that it will continue to focus enforcement and examination efforts on uncovering arrangements between advisers and broker-dealers where advisers receive undisclosed compensation and conceal such conflicts of … Read more

SEC Issues New Alert on Political Contributions

Political contributions continue to be a primary source of concern for regulators like the SEC and the Municipal Securities Rulemaking Board……. The SEC has recently issued another Risk Alert concerning Municipal Securities Rulemaking Board’s Rule G-37,  a rule that limits political contributions by municipal securities professionals to campaigns of public officials of issuers whom they do or seek to do … Read more