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SEC Fines Investment Adviser for False/Misleading Advertising

 
Thursday, August 23 2018
SEC Denies Bitcoin ETF Proposal For The Second Time

Submitted by: Joshua Kelly, Compliance Consultant, Red Oak Compliance Solutions On July 26, the price of Bitcoin fell 3 percent after the SEC rejected an attempt to create the first cryptocurrency-based ETF. This was the second time that the SEC rejected a bitcoin ETF application by Cameron and Tyler Winklevoss, the founders of the crypto […]

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Wednesday, August 22 2018
Why Competent Selection of Outside Advertising Professionals is Critical to Ensuring Your Firms Compliance

Submitted by: Brian Mills, Compliance Consultant, Red Oak Compliance Solutions The Securities and Exchange Commission recently instituted five separate settled proceedings against two SEC-registered investment advisers, three investment adviser representatives, and a marketing consultant who committed and/or caused violations of the Testimonial Rule under the Investment Advisers Act of 1940 through their use of social […]

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Thursday, August 9 2018
Investment Adviser Fined for Insufficient Conflict of Interest Disclosures

Submitted by: Scotty Franks, Senior Compliance Consultant, Red Oak Compliance Solutions The Securities and Exchange Commission (“Commission”) fined deVere USA, Inc. (‘DVU”) $8 million for failure to stay in compliance with SEC Rules that require full and fair disclosure to clients and prospective clients of material conflicts of interest regarding compensation obtained from third-party product […]

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Tuesday, August 7 2018
Crypto Crackdown

  Submitted by: Joshua Kelly, Compliance Consultant, Red Oak Compliance Solutions In recent months, the Texas State Securities Board (TSSB) has taken a hardline stance against the blockchain-based online transaction systems known as cryptocurrencies. During the past year, popular cryptocurrencies such Bitcoin, Ripple, and Ethereum experienced tremendous growth (as much as 231% in a little over […]

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Thursday, July 26 2018
Simplifying Compliance for Investment Advisors – An Interview with Cathy Vasilev, Senior Vice President, Red Oak Compliance Solutions

By Matthew Edward Regulations present wealth managers, stockbrokers, and other financial professionals with a complex minefield of rules to maneuver through if they want to properly serve investors. Fortunately, regulatory requirements can be simplified by a good compliance consultant, one who understands that service providers want to spend less time on rules and red-tape, and […]

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Saturday, July 21 2018
Resources

A common complaint from individuals working in the financial services industry is the lack of resources and guidance from the regulatory industry. To most it feels like the regulators do nothing but impose rule after rule after rule and just expect service providers to figure it out. In most cases, that is true. But, there […]

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Sunday, July 8 2018
FINRA Set to Enhance Public Records Review

Beginning July 9th, FINRA will be launching an enhanced disclosure review process for public financial records of individuals seeking registration with a brokerage firm. This review will be performed with 15 calendar days after application. This review is designed to enhance the quality of information about individual brokers available to investors and reduce costs for […]

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Saturday, June 23 2018
Crypto Investment – Many Questions Remain

With the rapid growth of the crypto currency industry, many questions remain. One primary concern is just how are coins/tokens being issued, distributed and sold and how are federal securities laws being applied to these asset transactions? William Hinman, the SEC’s Director of Division of Corporation Finance recently addressed this in his remarks at the […]

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Saturday, June 16 2018
LPL Settles with State Securities Regulators for $26 Million

State securities regulators in Alabama and Massachusetts led an investigation into LPL Financial LLC’s (“LPL”) failure to establish and maintain policies and procedures to prevent the sale of unregistered, non-exempt securities. The regulators determined “that LPL offered and sold unregistered, non-exempt securities and failed to reasonably supervise the flow of information to ensure full and […]

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Saturday, June 2 2018
SEC Launches Sample ICO Website

The world of cryptocurrencies is wrought by “a persistently expanding exploitation of the crypto ecosystem by fraudsters.” So much so that the North American Securities Administrators Association (NASAA) recently announced one of the largest coordinated series of enforcement actions by state and provincial securities regulators in the United States and Canada to crack down on […]

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