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Tag Archives: SIFMA

Ketchum Shares Bon Mots with BD Industry at SIFMA Meeting

Posted in Broker-Dealer Regulation, Enforcement, FINRA Enforcement

At this week’s Annual SIFMA Law and Compliance meeting, FINRA CEO Rick Ketchum provided a number of candid and pointed comments in a wide-ranging and no-holds-barred interview conducted by long-time senior compliance official Dave DeMuro. The interview’s headline topic was FINRA’s concept proposal issued late last year regarding the Comprehensive Automated Risk Data System, or… Read More

AML Enforcement Focuses on BDs Doing Business in Mexico

Posted in Anti-Money Laundering, Broker-Dealer Regulation, FINRA Enforcement

FINRA recently took formal disciplinary action against a New York-based broker-dealer that is affiliated with a Mexican broker-dealer and with a Mexican bank for inadequate anti-money laundering (AML) systems and procedures. FINRA also found that the broker-dealer failed to register 200 to 400 foreign finders who functioned as the firm’s primary points of contact with… Read More

Uniform Fiduciary Standard Still a Priority, But No Timeline Yet

Posted in Broker-Dealer Regulation, Investment Adviser Regulation

Both the SEC and FINRA believe that the question of whether a uniform fiduciary standard should be imposed on broker-dealers and investment advisers needs to be resolved.  The problem is, neither one seems to have a view about when that might happen. On Wall Street reported that SEC Chair Mary Jo White told the delegates… Read More