- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2023-08-18T14:01:00
The Securities and Exchange Commission’s (SEC) two Republican commissioners dissented from an agency order against a Massachusetts-based transfer agent they deemed to be an example of regulation by enforcement.
DST Asset Manager Solutions was fined $500,000 as part of its settlement with the SEC announced Thursday, but Commissioners Hester Peirce and Mark Uyeda took issue with another undertaking: a requirement that DST “[r]equest that its mutual fund clients periodically send out notifications to their client shareholder base informing them of the risk of escheatment and educating them on steps to take to avoid dormancy, including updating their addresses and otherwise establishing contact with the funds or DST.”
The commissioners, in a dissenting statement, described the requirement as “an undertaking that effectively imposes a substantive new disclosure requirement on mutual funds.”
THIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.
News and analysis for the well-informed compliance or audit exec.
Annual Membership best value
Subscribe now for $365
Our lowest price ($1 per day) for one year.
A judge’s ruling the token XRP does not intrinsically possess the characteristics of a security that must be registered with the Securities and Exchange Commission has not cleared the uncertainty that remains around the regulation of digital assets, according to experts.
The convicted former chief compliance officer at an unnamed New York-based investment adviser was barred from working in the industry by the Securities and Exchange Commission.
To see a prominent representative from the CFTC accuse the SEC of “regulation by enforcement” might raise the eyebrow of some observers. But it shouldn’t—not when that’s the latter’s stated strategy.
Three former executives of Chicago-based Outcome Health, a healthcare technology company, were sentenced for misleading an auditor, clients, lenders, and investors about a scheme to sell $45 million in overbilled advertisements.
A home health company operating in Indiana, Ohio, and Texas agreed to pay nearly $4.5 million to settle allegations it filed false claims by giving sports tickets and other kickbacks to assisted living facilities in exchange for referrals.
Crypto-friendly Silvergate Bank will pay a total of $63 million penalties to California and the Federal Reserve Board to settle charges that its anti-money laundering program failed to properly monitor more than $1 trillion worth of customer transactions.
