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FINRA Set to Enhance Public Records Review

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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Friday, May 18 2018
Cyber Security

Cyber security, cyber security, cyber security. 10 years ago, it wasn’t even a thing. Now, it is one of the hottest topics in the financial services industry. Unfortunately, these days individuals trying to run a small one or two-person investment adviser have found themselves spending more time dealing with compliance than managing money. Doesn’t sound […]

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Sunday, May 13 2018
Failure to Seek Best Execution Leads to Large Fine

Last month, the Securities & Exchange Commission (“SEC” or the “Commission”) instituted cease and desist proceedings against PNC Investments LLC (PNCI), a registered investment adviser and broker-dealer, due to violations of the Investment Advisers Act of 1940 (“Advisers Act”) and the Securities Exchange Act of 1934 (“Exchange Act”). The Commission found that PNCI breached its […]

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Saturday, May 5 2018
Meet “SALI” – The SEC’s Additional Investor Protection Search Tool

On May 2, 2018 the Securities and Exchange Commission announced the launch of an additional online search feature that is designed to enable investors to research whether the person trying to sell them investments has a judgment or order entered against them in an enforcement action. The purpose of this tool is “to assist the […]

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Saturday, April 28 2018
Proposed Best Interest Regulation

In an April 18th Press Release from the Securities and Exchange Commission (SEC) they are seeking public comment (over the next 90 days following publication in the Federal Register) regarding two proposed rules and an interpretation to address retail investor confusion about the relationships that they have with investment professionals. Under proposed Regulation Best Interest, […]

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Saturday, April 21 2018
SEC Fines Investment Adviser for False/Misleading Advertising

Pursuant to an order issued April 16, 2018, the SEC (“Commission”) has fined registered Investment Adviser Arlington Capital Management, Inc. (“Arlington”) $125,000 for making false and misleading advertisements in violation the Investment Advisor’s Ac to 1940. During the time period at issue, Arlington utilized a variety of model portfolios under the banner of Arlington’s “Proactive […]

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Regulation Best Interest

This biggest issue with the financial services industry is the fact that investment advisers are required to operate at a disadvantage; advisers are defined as a fiduciary while broker dealers are not. In short, what this means is that investment advisers are expected to operate under high ethical standards, while broker dealers have the ability […]

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