- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2023-01-31T20:04:00
The Securities and Exchange Commission (SEC) on Monday issued a risk alert listing deficiencies its examiners found in broker-dealers’ compliance with Regulation Best Interest (Reg BI).
Under Reg BI, which took effect in 2020, financial professionals are obligated to act in the best interests of a customer when offering investment strategies involving securities.
Examiners at the SEC’s Division of Examinations found firms implemented generic policies and procedures for Reg BI compliance that were not tailored to their business model, according to the alert. In some cases, firms simply restated the rule’s requirements without offering any guidance or guidelines.
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A risk alert from the Securities and Exchange Commission listed top reasons why a registered broker-dealer might be the subject of an examination.
Staff at the Securities and Exchange Commission issued a bulletin addressing standards of conduct for broker-dealers and investment advisers in addressing their care obligations under Regulation Best Interest and the Investment Advisers Act.
Corvex Management agreed to pay $1 million to settle allegations it failed to disclose personnel ownership in certain sponsors of special purpose acquisition companies and didn’t have policies and procedures reasonably designed to thwart conflicts of interest.
President-elect Donald Trump announced he plans to appoint Cantor Fitzgerald President and CEO Howard Lutnick to lead the U.S. Commerce Department, as the incoming administration is expected to charge import tariffs against friends and foes.
If your business uses leather, rubber, wood, beef, palm oil, soy, or paper, then you may need to comply with the EU Deforestation Directive, a new rule intended to ensure that no goods traded in the EU contribute to global deforestation.
With the presidential election this week, one fear has remained on the minds of voters regardless of their political stripe–that artificial intelligence will be misused to change the outcome of the race.
